Karachi: VIS Credit Rating Company Limited has upgraded the credit ratings of PGP Consortium Limited from ‘A-/A-2’ to ‘A/A-2’, reflecting improved creditworthiness based on strong operational foundations and stable financial metrics.

According to VIS Credit Rating Company Limited, the upgrade acknowledges the company’s solid operational achievements and financial stability, driven by its role in operating Pakistan’s largest LNG terminal under a secure long-term agreement with Pakistan LNG Limited. This agreement ensures steady revenue streams backed by a revolving Standby Letter of Credit, supporting the company’s liquidity and debt servicing capabilities.

PGP Consortium, a subsidiary of Pakistan GasPort Limited, benefits from an established market position with low competition due to high entry barriers in the energy sector. The stability of gas demand, affected only by seasonal fluctuations, further supports the company’s operational success. Financially, PGP Consortium has shown marked improvement in profitability and capitalization, expected to continue benefiting from favorable contractual terms and economic conditions.