CPHGC assigned long-term AA rating

KARACHI: China Power Hub Generation Company (Pvt) Ltd (CPHGC) has been assigned a long-term AA rating by the Pakistan Credit Rating Agency Limited, a statement said on Tuesday.

The 1320MW, $2 billion power project under the China Pakistan Economic Corridor developed in Lasbela, Balochistan has also been given a short-term A1+ rating and a stable outlook, it added.

CPHGC is a joint venture company between China Power International (Pakistan) Investment Limited (CPIPIL) of China and the Hub Power Holdings Company (HPHL) of Pakistan.

The rating encompasses the strong business profile, timely commissioning of the plant achieved on August 17, 2019 within the approved tariff limit and commencement of billing / receipts mechanism. CPHGC’s both units have been successfully connected and are providing electricity to the national grid. The company has successfully provided 153GWh to the grid from COD till end-October 2019, it added.