VIS removes Rating Watch on KAPCO, assigns stable outlook

VIS Credit Rating Company has kept Kot Addu Power Company Limited’s ratings at A+/A1 and removed the Rating Watch, assigning a stable outlook to its medium- to long-term rating, Mettis Global reported on November 11, 2026. VIS said the ratings reflect adequate credit protection and strong short-term repayment capacity, supported by liquidity.

The agency cited KAPCO’s role in the power system, its black-start capability and operations under a revised three-year TPPA. Liquid assets and manageable leverage also support the ratings, while the company’s investment in Attock Cement Pakistan is part of its effort to diversify earnings beyond thermal power. VIS said the outcome will depend on the new investments’ performance and cash generation, as well as the durability of the core power business.