The Pakistan Credit Rating Agency Limited
30-Nov-23
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Independent Power Producer Rating | Jul-23
- Methodology | Rating Modifiers | Apr-23
- Methodology | Debt Instrument Rating | Aug-23
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA withdraws the Rating of China Power Hub Generation Company (Pvt.) Limited | PPSTS-3 | PKR 7bln | Mar-23 | Redeemed
| Issuer | China Power Hub Generation Company (Pvt.) Limited |
| Instrument | PPSTS-3 |
| Amount | PKR 7000 mln |
| Issuance Date | 29-Mar-23 |
| Tenor | 0.5 Years |
| Redemption Date | 29-Sep-23 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (30-Nov-23 ) |
Previous (02-Jun-23 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA+ |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
China Power Hub Generation Company Limited issued a rated, Privately Placed Privately Placed Sukuk (PPSTS-3) of PKR 7,000mln on 29-Mar-23. The tenor of the instrument was 6 months and carried a profit rate of 6MK+70bps. The instrument has been repaid, and hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on 29-Sep-23.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of China Power Hub Generation Company (Pvt.) Limited | PPSTS-3 | PKR 7bln | Mar-23
About
the Entity
In 2015, a 1320MW coal-fired power plant was setup at Hub, Baluchistan. State Power Investment Company owns 52.5% whereas Hub Power Company owns 47.5% of shareholding of CPHGC. The BoD comprises of seven members, four members represent China Power International (Pakistan) Investment Limited, while three represents Hub Power Holdings Limited. The management team is led by Mr. Ren Lihui, appointed as CEO. He is accompanied by a team of qualified and experienced Chinese and Pakistani individuals.