Moody's projects WAPDA's funds from operations (FFO) to debt ratio will remain weak at around 2%-4% over the next one to two years, driven by the company's sizeable capital spending plans to expand its hydropower capacity and the continued delay in collecting electricity revenue, which puts pressure on the company's working capital. That said, such a ratio level is still within Moody's expectation for WAPDA's b3 BCA.