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Pakistan Water and Power Development Authority’s (WAPDA) Issuer Default Rating (IDR) reflects ���������ֳ�’ definition of a low margin for safety, given the high reliance on government-supported funding. We believe that an extraordinary support from Pakistan to WAPDA would be 'Virtually Certain' in case of need, reflecting a maximum support score of 60 under our Government-Related Entities Rating Criteria. This reflects a combination of responsibility to support and incentive to support. WAPDA operates under strong government oversight, with the government approving projects, funding plans, and appointing management. The WAPDA Act mandates government approval for schemes and annual audits. The government provides substantial financial support, including guarantees on part of WAPDA's debt and re-lending facilities. Many projects depend on government funding, with government-related loans.

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