Moody’s Investors Service - one of the top three global credit rating agencies - has assigned B3 rating to Pakistan Water and Power Development Authority (Wapda) ahead of the authority’s move to float an international bond to raise financing for its upcoming projects. “Moody’s Investors Service has assigned a first-time corporate family rating (CFR) of B3 to Pakistan Water and Power Development Authority. Earlier, the authority planned to raise debt of up to $500 million from the international market to finance its upcoming projects. Moody’s has assigned the same rating to state-owned Wapda that it earlier issued for the government of Pakistan - B3 with a stable rating outlook. Although there is no explicit uplift incorporated in the rating, the very high likelihood of extraordinary support indicates the resilience of Wapda’s B3 rating, even if the company’s BCA is lowered, assuming no material change in the underlying creditworthiness of Wapda.

Source: The Express Tribune October 28, 2020 03:00 UTC