Press Release

VIS Reaffirms Entity Rating of Tower Power (Pvt) Limited

Karachi, April 30, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Tower Power (Private) Limited (‘TPL’ or the ‘Company’) at ‘A-/A2’ (Single A minus/ A two). Medium to long term rating of 'A-' indicates Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of 'A2' indicates Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on assigned ratings remains ‘Stable’. Previous Rating action was announced on April 24, 2025.

Incorporated in 2019, Tower Power (Pvt) Limited is a wholly owned subsidiary of Associated Technologies (Pvt) Limited and operates within the TowerCo sector. TPL’s main business activity is to own, maintain and lease telecom towers to Mobile Network Operators (MNOs).

The assigned ratings incorporate the medium to low business risk profile of the TowerCo sector, characterized by its capital-intensive nature, long-term contract lock-in periods with low termination risk, and built-in escalation mechanisms in Infrastructure Provisioning Fees (IPF). The sector remains moderately concentrated with a limited number of key players, while growth prospects are expected to remain strong, driven by rising data consumption and the gradual rollout of 5G technology.

During the period under review, TPL’s financial performance has improved driven by expansion in its tower portfolio, higher tenancy ratios, and periodic escalation in IPF. The Company’s capitalization profile remains balanced, alongside a healthy liquidity position, reflected in a strong current ratio and growing funds from operations (FFO), which in turn supports robust debt service coverage metrics. Going forward, further improvement in net margins and the maintenance of a balanced capital structure will remain key rating considerations.

For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.








Applicable Rating Criteria:

VIS Rating Criteria: Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright April 30, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.