The Pakistan Credit Rating Agency Limited
22-Jul-23
Analyst
Muhammad Mubashir Nazir
mubashir.nazir@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
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 Entity ratings of Tapal Energy (Pvt.) Limited.
| Rating Type | Entity | |
|
Current (22-Jul-23 ) |
Previous (13-Sep-22 ) |
|
| Action | Withdraw | Initial |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Developing | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the entity ratings of Tapal Energy (Pvt.) Limited, PACRA withdraws the entity ratings of Tapal Energy (Pvt.) Limited with immediate effect
.
About
the Entity
Tapal Energy Limited (TEL) is a 126 MW RFO-based private power project, constructed on a Build, Own, Operate (BOO) basis. It commences its Commercial operation on June 20, 1997. TEL is 50% owned by Sithe Mauritius Limited (a fully owned subsidiary of Marubeni Corporation of Japan), remaining 50% owned by the Tapal Family. BoD comprises eight members including the Chief Executive Officer, four of them belong to Tapal Family and four directors are nominees of Sithe Mauritius. Mr. Tabish Tapal is the CEO of the company and has over four decades of experience.