KARACHI:VIS Credit Rating Company Limited has upgraded entity ratings of Artistic Wind Power (Pvt.) Limited from single A minus/A-two to single A/A-two.
Long term rating of ‘A’ indicates good credit quality; adequate protection factors. Risk factors may vary with possible changes in the economy. Short term rating of ‘A-2’ denotes good certainty of timely payment; sound liquidity factors and company fundamentals, said release on Monday. Access to capital markets is good. Risk factors are small. Outlook on the assigned ratings is stable. Previous rating action was announced on March 16, 2021.
AWPPL is a 50MW wind power plant situated in Jhimpir, District Thatta, Sindh. It is a wholly owned subsidiary of Artistic Milliners (Pvt.) Limited (AMPL). The assigned ratings incorporate sound financial profile of sponsor.
The total cost of the Project, estimated at $66.2m, has been financed through a debt to equity ratio of 80:20 where debt component comprises an equal (50:50) mix of local and foreign lenders.
The financial close for the project was achieved in November 2019 .
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