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The Pakistan Credit Rating Agency Limited
Press Release

Date
17-Dec-21

Analyst
Muhammad Zain Ayaz
zain.ayaz@pacra.com
+92-42-35869504
www.pacra.com

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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 rating of WAPDA | PPTFC | Sep-13 | PKR 9,327mln

Issuer The Pakistan Water and Power Development Authority
Instrument PPTFC
Amount PKR 9327 mln
Issuance Date 27-Sep-13
Tenor 8 Years
Redemption Date 27-Sep-21
Outstanding Amount -

Rating Type Debt Instrument
Current
(17-Dec-21 )
Previous
(02-Feb-21 )
Action Redeem Maintain
Long Term - AAA
Short Term - -
Outlook Stable
Rating Watch - Yes

WAPDA issued privately placed Term Finance Certificates in Sep-13 of PKR 9,327mln for the period of 8 years. The repayment was made through cashflows of WAPDA Hydro Electric (WHE) wing. The instrument is redeemed in 14 equal semiannual installments. Profit was paid semiannually in arrears at 6M Kibor + 175bps with rebate of 75bps. WHE has paid off all sixteen markup installments and entire outstanding principal of the PPTFC in a timely manner. WHE has availed early payment rebate on all instances. The PPTFC has been matured on Sep'21.
Subsequent to the redemption of PPTFC, he Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of WAPDA | PPTFC | Sep-13 | PKR 9,327mln.

About the Entity
The Pakistan Water and Power Development Authority (WAPDA) hydro electric (WHE) was established through an act of parliament in February 1958 (WAPDA Act 1958) for development and maintenance of water and power resources. WHE has 19 projects with total hydel generation capacity of 8,420MW.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.