The authority engaged three major credit rating agencies — Fitch, S&P and Moody's and JP Morgan — with the HBL providing financial advisory services for the process on pro-bono basis. The rating agencies gave their ratings keeping in view Wapda's autonomous status, business model, financial profile and its importance in realising the government's goal of minimising dependence on imported fuel for energy generation, according to the Wapda document. This was followed by a rigorous exercise from credit quality perspective, including evaluation of financial position, financial forecasts, impact of socio-political factors, and the authority's corporate governance and regulatory framework to gauge strengths and potential risks. "The outcome of the credit ratings and issuance of bonds would bolster Wapda's credibility with a direct bearing on the pricing when we raise foreign financing from other avenues like Syndicate loans and Export Credit Agencies," the document said.