VIS Reaffirms Ratings Of FWEL

VIS reaffirms ratings of FWEL

KARACHI, (UrduPoint / Pakistan Point News - 14th Oct, 2020 ) :VIS Credit Rating Company Limited has reaffirmed the entity ratings of Foundation Wind Energy-I Limited at single A-Plus/A-One.

The long-term rating of 'A+' signifies good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of 'A-1' denotes high certainty of timely payment. The liquidity factors are excellent and supported by good fundamental protection factors. Risk factors are minor. Outlook on the assigned ratings is stable. The previous rating action was announced on June 28, 2019, said a press release on Wednesday.

The assigned ratings of FWEL-I incorporate its strong ownership profile vested with Fauji Group, through Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, holding major stake in the company. IIF Wind One Limited (CapAsia) is the other sponsor of the company.

Given the project is established under the Policy for Development of Renewable Energy for Power Generation-2006, the ratings derive strength from guaranteed internal rate of return, cost indexation and pass-through tariff structure.