The Pakistan Credit Rating Agency Limited
11-Feb-26
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
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PACRA Withdraws the Entity Ratings of Sapphire Electric Company Limited
| Rating Type | Entity | |
|
Current (11-Feb-26 ) |
Previous (19-Feb-25 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | AA- |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Following management’s decision to discontinue the entity ratings of Sapphire Electric Company Limited, PACRA has withdrawn the Company’s entity ratings with immediate effect.
.
About
the Entity
Sapphire Electric was incorporated in 2005 as an independent power producer (IPP) with a gross capacity of 225 MW under the Power Policy 2002 and achieved commercial operations in October 2010. The Company is majority owned by the Sapphire Group, which holds an aggregate 70% stake. The project was financed with a capital structure comprising 25% equity and 75% debt. Governance is exercised through a seven-member Board of Directors, including the Chief Executive Officer, with the majority of directors representing the sponsoring group. Mr. Shahid Abdullah serves as the Chief Executive Officer and provides strategic leadership, supported by a seasoned and competent management team.