The Pakistan Credit Rating Agency Limited
31-Jul-19
Analyst
Faizan Arif
faizan.sufi@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | IPP | Jun-19
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-19
- Criteria | Rating Modifier | Jun-19
Related Research
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PACRA Withdraws Entity Ratings of Chiniot Power Limited
| Rating Type | Entity | |
|
Current (31-Jul-19 ) |
Previous (15-Feb-19 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | - | Negative |
| Rating Watch | - | - |
PACRA withdraws the entity ratings of Chiniot Power Limited with immediate effect, on account of non-availability of requisite information for review of Chiniot Power's ratings on a semi-annual basis under Credit Rating Companies Regulation, 2016.
About
the Entity
Chiniot Power Limited (CPL) incorporated in August 2014, is a Renewable Energy Independent Power Producer (RE IPP) with the capacity of 62.4 MW bagasse based co-generative power plant. It is situated adjacent to Ramzan Sugar Mills Limited (associate of the company), at Jhang Road near Chiniot. Mr. Suleman Shehbaz Sharif, Chairman, and CEO of Chiniot Power has 94% shareholding in the company. Chiniot Power is a part of Sharif Group.