S&P rates Pakistan Water bonds B-

S&P said it assigned its B- long-term issue rating to Pakistan Water and Power Development Authority's planned offering of up to $500 million of senior unsecured notes.

The authority intends to use the proceeds to partly refinance debt at the company and to fund capital spending for its hydroelectric power plants under construction,

“We equalize the rating on Wapda's proposed senior unsecured notes with the issuer credit rating on the company. This is because we do not view Wapda's capital structure as having material structural or contractual subordination risks,” S&P said in a press release.

The outlook is stable.

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