The Pakistan Credit Rating Agency Limited
28-Oct-22
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-22
- Methodology | Rating Modifiers | Jun-22
- Methodology | Independent Power Producer Rating | Jun-22
Related Research
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PACRA Withdraws the Rating of China Power Hub Generation Company (Pvt.) Limited | PPCP | Apr-22
| Issuer | China Power Hub Generation Company (Pvt.) Limited |
| Instrument | PPCP |
| Amount | PKR 5000 mln |
| Issuance Date | 12-Apr-22 |
| Tenor | 0.6 Years |
| Redemption Date | 09-Oct-22 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (28-Oct-22 ) |
Previous (29-Apr-22 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA+ |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
China Power Hub Generation Company (Pvt.) Limited (the "Company" or "CPHGC") issued an unsecured, privately placed, commercial paper China Power Hub Generation Company (Pvt.) Limited | PPCP | Apr-22 (or "PPCP") of PKR 5,000mln on April 15, 2022. The purpose of the instrument was to finance the Company's working capital requirement. The tenor of the instrument was 6 months and carried a profit rate of 6MK+100bps. The Company has paid in full, all markup and outstanding principal amount in a timely manner. The PPCP has been redeemed on October 09, 2022.
Subsequent to the redemption of the PPCP, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of China Power Hub Generation Company (Pvt.) Limited | PPCP | Apr-22.
About
the Entity
China Power Hub Generation Company (Pvt.) Limited (CPHGC), incorporated in 2015. CPHGC has been established as a Joint Venture Agreement (JVA) between China Power International Holding Limited (CPIHL) and the Hub Power Company (HUBCO). As per JVA, CPIHL through its wholly owned subsidiary China Power International (Pakistan) Investment Limited (CPIPIL) and HUBCO through its wholly owned subsidiary Hub Power Holdings Limited (HPHL) owns 52.5% and 47.5% respectively. The BoD comprises seven members, including the CEO. 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, CEO. He is supported by a team of experienced professionals from both Chinese and Pakistani team members