Analyst
Muhammad Zain Ayaz
zain.ayaz@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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Subsequent to the redemption of PPTFC, he Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of WAPDA | PPTFC | Sep-13 | PKR 9,327mln.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.