The Pakistan Credit Rating Agency Limited
01-Nov-22
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 | Jun-22
- Methodology | Rating Modifiers | Jun-22
- Methodology | Independent Power Producer Rating | Jun-22
Related Research
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PACRA Withdraws Entity Ratings of Habibullah Coastal Power Company (Pvt) Limited
| Rating Type | Entity | |
|
Current (01-Nov-22 ) |
Previous (01-Nov-21 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Developing | |
| Rating Watch | - | Yes |
Habibullah Coastal Power Company (Pvt) Limited Gas Supply Agreement (GSA) with Sui Southern Gas Company Limited (SSGCL), expired in Sep 2019. The Company has applied for the renewal of GSA, although the final approval is still pending with Government of Pakistan and no final decision has been made in this regard.
Therefore, as per the managements consent, PACRA withdraws entity ratings of Habibullah Coastal Power Company (Pvt) Limited with immediate effect.
About
the Entity
Habibullah Coastal Power Company (Pvt) Limited (HCPC) was established in 1995 as an independent power producer. The company is operating a combined cycle power plant with gross capacity of 140MW (Net Capacity: 129.5MW). HCPC plant commenced operations in 1999. The ultimate parent of the company is AB Investments LLC, a UAE entity holding 92.5% ownership interest in the company through its wholly owned subsidiaries. AB Investments is owned by Mr. Ali Jehangir Siddiqui who has the experience of working on key positions in different sectors. The company awaits the final approval regarding renewal of GSA from the Economic Coordination Committee (ECC) to resume operations of the plant. Habibullah Coastal is governed by a five-member board. All board members are qualified individuals with relevant experience of working in the Energy Sector.