Regulatory Alerts2026-07-31
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Methodology | Independent Power Producer Rating
The Pakistan Credit Rating Agency outlines its credit rating criteria for Independent Power Producers in Pakistan, covering thermal and renewable energy facilities. The methodology evaluates risks across the project lifecycle, including completion risk for pre-Commercial Operation Date projects and performance risk for operational plants, alongside financial and qualitative factors such as ownership and governance. It incorporates the impact of revised Power Purchase Agreements that transition mechanisms from take-or-pay to take-and-pay, reduce internal rates of return, and adjust debt tenures. The framework assesses contractual structures, regulatory policies, and the specific terms of Implementation Agreements and Power Purchase Agreements to determine credit quality.
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