The Pakistan Credit Rating Agency Limited
28-Oct-25
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 | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Independent Power Producer Rating | Jul-25
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 Chanar Energy Limited
| Rating Type | Entity | |
|
Current (28-Oct-25 ) |
Previous (16-May-25 ) |
|
| Action | Withdraw | Downgrade |
| Long Term | - | BB |
| Short Term | - | A3 |
| Outlook | Stable | |
| Rating Watch | - | Yes |
Following the management’s decision to discontinue the company ratings of Chanar Energy Limited, PACRA has withdrawn the company ratings with immediate effect.
.
About
the Entity
Chanar Energy was incorporated in 2014 as an Independent Power Producer (IPP). The Energy Purchase Agreement (EPA) between the Company and the Power Purchaser was executed in April 2017, with a term based on the plant’s expected useful life of 30 years from its Commercial Operations Date (COD). The plant achieved COD in February 2019. The Company is primarily owned by Mr. Javed Ahmad Kayani and his family. Its Board of Directors comprises four members, all belonging to the Kayani family. Mr. Javed Ahmad Kayani serves as both the Chairman of the Board and Chief Executive Officer (CEO), providing overall leadership to the Company.