Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
ABA Ali Habib Securities (Pvt) Limited 4/13/2022 BFR BFR3+ Stable Initial
Adam Securities Limited 2/7/2022 BMR BMR2+ Stable Upgrade
Adam Securities Limited 10/12/2021 BFR BFR3++ Stable Initial
Adam Securities Limited 9/21/2021 Entity A- A-2 Stable Reaffirmed
AKD Securities Limited 7/4/2022 Entity A+ A-1 Rating Watch - Positive Update
AKD Securities Limited 7/4/2022 BFR BFR2++ Rating Watch - Positive Update
AKD Securities Limited 7/4/2022 BMR BMR1 Rating Watch - Positive Update
AKIK Capital (Pvt) Ltd 9/29/2021 BMR BMR3 Stable Initial
AKIK Capital (Pvt) Ltd 4/18/2022 BFR BFR3 Stable Initial
Alpha Capital (Pvt) Limited (Formerly: Alfa Adhi Securities (Pvt) Ltd) 12/13/2021 BMR BMR3+ Stable Initial
Arif Habib Limited 3/9/2022 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 8/3/2022 Entity A- A-2 Rating Watch - Developing Update
BIPL Securities Limited 8/3/2022 BFR BFR3++ Rating Watch - Developing Update
BIPL Securities Limited 8/3/2022 BMR BMR2+ Rating Watch - Developing Update
BMA Capital Management Limited 5/13/2022 BFR BFR3+ Stable Initial
BMA Capital Management Limited 10/15/2021 Entity A- A-2 Stable Reaffirmed
BMA Capital Management Limited 5/21/2021 BMR BMR2+ Stable Reaffirmed
Darson Securities Limited 12/1/2021 Entity BBB+ A-2 Stable Initial
Darson Securities Limited 4/13/2022 BMR BMR2 Stable Reaffirmed
DJM Securities Limited 9/24/2021 BMR BMR3+ Stable Initial
DJM Securities Limited 9/24/2021 BFR BFR3 Stable Initial
Fawad Yusuf Securities (Pvt) Ltd 5/18/2022 Entity Suspended
FDM Capital Securities (Pvt) Ltd 8/5/2021 BFR BFR3 Stable Initial
FDM Capital Securities (Pvt) Ltd 11/29/2021 BMR BMR3++ Stable Initial
Fortune Securities Limited 10/12/2021 BMR BMR2 Stable Initial
Fortune Securities Limited 9/30/2021 BFR BFR3 Stable Initial
Foundation Securities (Pvt) Limited 2/22/2022 BFR BFR3+ Rating Watch - Developing Initial On Rating Watch
Foundation Securities (Pvt) Limited 7/7/2022 BMR BMR2 Rating Watch - Developing Maintained
Foundation Securities (Pvt) Limited 1/24/2022 Entity A- A-2 Rating Watch - Developing Maintained
Growth Securities (Pvt) Limited 5/10/2022 Entity A- A-2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 9/28/2021 BMR BMR2 Stable Initial
Insight Securities (Pvt) Ltd 3/16/2022 Entity BBB+ A-2 Stable Initial
Integrated Equities Limited 2/11/2022 BMR BMR2+ Stable Upgrade
Integrated Equities Limited 2/23/2022 BFR BFR3++ Stable Initial
Intermarket Securities Limited 6/22/2022 BMR BMR2+ Stable Reaffirmed
Intermarket Securities Limited 11/17/2021 Entity A- A-2 Positive Maintained
Investment Managers Securities Private Limited 2/11/2022 BMR BMR3 Stable Initial
KTRADE Securities Limited 7/16/2021 BMR BMR2 Stable Initial
MRA Securities Limited 10/18/2021 Entity A- A-2 Stable Reaffirmed
MRA Securities Limited 10/18/2021 BFR BFR3+ Stable Initial
MRA Securities Limited 8/3/2022 BMR BMR2+ Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/19/2021 BFR BFR2 Stable Initial
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 8/17/2021 Entity A- A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 4/7/2021 BMR BMR2 Stable Reaffirmed
Multiline Securities Limited 4/14/2022 Entity A- A-2 Stable Reaffirmed
Multiline Securities Limited 5/25/2022 BMR BMR3++ Stable Upgrade
Next Capital Limited 5/18/2022 BFR BFR2 Stable Initial
Next Capital Limited 6/21/2022 BMR BMR2++ Stable Reaffirmed
Next Capital Limited 8/3/2022 Entity A- A-2 Stable Reaffirmed
Pearl Securities Limited 4/5/2021 BMR BMR2 Stable Reaffirmed
Standard Capital Securities (Private) Limited 12/3/2021 BMR BMR2 Stable Initial
Taurus Securities Limited 9/15/2021 BFR BFR3 Stable Initial
Taurus Securities Limited 9/15/2021 BMR BMR2+ Stable Initial
Taurus Securities Limited 3/24/2022 Entity A A-2 Stable Reaffirmed
Topline Securities Limited 4/12/2022 Entity A A-1 Stable Upgrade
Topline Securities Limited 6/24/2021 BMR BMR2+ Stable Reaffirmed
Topline Securities Limited 9/27/2021 BFR BFR2 Stable Initial

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/29/2022 Sukuk 2 A Stable Final
Al Baraka Bank (Pakistan) Limited 6/29/2022 Sukuk 1 A Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/29/2022 Entity A+ A-1 Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/29/2022 Sukuk 2 A+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/29/2022 Entity AA A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/29/2022 Sukuk 1 AA- Stable Reaffirmed
Faysal Bank Limited 6/30/2022 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/29/2022 TFC-2 AA+ Stable Reaffirmed
Habib Bank Limited 6/29/2022 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 2 AA+ Stable Reaffirmed
National Bank of Pakistan 6/27/2022 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/30/2022 Entity AA A-1 Stable Maintained
Silk Bank Limited 12/23/2021 Entity A- A-2 Rating Watch - Negative Note
Silk Bank Limited 12/23/2021 TFC-1 BBB+ Rating Watch - Negative Note
Sindh Bank Ltd 6/28/2022 Entity A+ A-1 Stable Reaffirmed
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
Summit Bank Limited 6/30/2021 Entity Note
The Bank of Khyber 6/30/2022 Entity A+ A-1 Stable Reaffirmed
United Bank Limited 6/30/2022 TFC-5 AA+ Stable Reaffirmed
United Bank Limited 6/30/2022 Entity AAA A-1+ Stable Reaffirmed

DFIs

Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 6/30/2022 Entity A A-1 Positive Maintained
Pak Brunei Investment Company Limited 6/28/2022 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/23/2022 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/28/2022 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/12/2022 Entity AAA A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/28/2022 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/30/2022 Entity AAA A-1+ Stable Maintained

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Allianz EFU Health Insurance Limited 4/20/2022 IFS A+ (IFS) Stable Reaffirmed
Alpha Insurance Company Limited 3/31/2022 IFS A+ (IFS) Stable Harmonised
Askari General Insurance Company Limited 3/31/2022 IFS AA+ (IFS) Stable Harmonised
Century Insurance Company Limited 3/31/2022 IFS AA (IFS) Stable Harmonised
Chubb Insurance Pakistan Limited (ACE Insurance Limited) 3/31/2022 IFS AA+ (IFS) Stable Harmonised
EFU General Insurance Limited 3/31/2022 IFS AA++ (IFS) Stable Harmonised
EFU Life Assurance Limited 3/31/2022 IFS AA++ (IFS) Stable Harmonised
IGI General Insurance Limited 3/31/2022 IFS AA+ (IFS) Stable Harmonised
Jubilee General Insurance Company Limited 3/31/2022 IFS AA++ (IFS) Stable Harmonised
Jubilee Life Insurance Company Limited 3/31/2022 IFS AA++ (IFS) Stable Harmonised
Pak-Qatar Family Takaful Limited 6/29/2022 IFS A++ (IFS) Stable Reaffirmed
Pak-Qatar General Takaful Limited 3/31/2022 IFS A (IFS) Stable Harmonised
Pakistan Reinsurance Company Limited 3/31/2022 IFS AA+ (IFS) Positive Harmonised
Reliance Insurance Company Limited 3/31/2022 IFS A+ (IFS) Stable Harmonised
Security General Insurance Company Limited 3/31/2022 IFS AA+ (IFS) Stable Harmonised
The Co-operative Insurance Society of Pakistan Limited 3/31/2022 IFS BB+ (IFS) Stable Harmonised
The United Insurance Company of Pakistan Limited 3/31/2022 IFS AA+ (IFS) Stable Harmonised
UBL Insurers Limited 3/31/2022 IFS AA+ (IFS) Stable Harmonised

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/31/2021 Entity A A-2 Stable Upgrade
Security Investment Bank Limited 9/1/2021 Entity A- A-2 Stable Initial

Leasing

Name Date Rating Type Long Term Short Term Outlook Action
Pak-Gulf Leasing Company Limited 5/16/2022 Entity A- A-2 Stable Maintained
Primus Leasing Limited 12/16/2021 Entity A+ A-1 Stable Initial

Micro Finance

Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/29/2022 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 4/29/2022 Entity BBB+ A-3 Stable Reaffirmed
FINCA Microfinance Bank Limited 4/30/2022 Entity A A-1 Negative Maintained
HBL Microfinance Bank Limited (Formerly:The First MicroFinanceBank Limited) 4/30/2022 Entity A+ A-1 Stable Maintained
Khushhali Microfinance Bank Limited 4/29/2022 Entity A+ A-1 Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/29/2022 TFC-1 A Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/29/2022 TFC-2 A Rating Watch - Developing Reaffirmed
NRSP Micro Finance Bank Ltd 4/29/2022 Entity A- A-1 Negative Downgrade
Pak Oman Microfinance Bank Limited 4/30/2022 Entity A- A-2 Stable Maintained
Rural Community Development Programs 4/29/2022 Entity BBB A-3 Stable Maintained
Telenor Microfinance Bank Limited 4/30/2022 Entity A A-1 Stable Maintained
U Microfinance Bank Limited 4/30/2022 TFC-1 A Stable Reaffirmed
U Microfinance Bank Limited 4/30/2022 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 2/3/2022 TFC-2 A- Stable Preliminary

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 6/17/2022 Entity A+ A-1 Rating Watch - Developing Maintained
First Paramount Modaraba 12/31/2021 Entity BBB A-3 Rating Watch - Developing Maintained
Sindh Modaraba 6/30/2022 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 4/26/2022 Entity BBB+ A-2 Stable Upgrade

NBFCs

Name Date Rating Type Long Term Short Term Outlook Action
Cyan Limited 11/11/2021 Entity A A-1 Stable Maintained
LSE Financial Services Limited 12/21/2021 Entity A A-1 Stable Reaffirmed

Corporates

Auto & Allied

Name Date Rating Type Long Term Short Term Outlook Action
Agriauto Industries Limited 8/10/2022 Entity A- A-1 Stable Initial
Al-Ghazi Tractors Ltd. 6/2/2022 Entity A+ A-1 Stable Upgrade
Automobile Corporation of Pakistan (Pvt) Limited 7/7/2022 Entity BBB A-2 Stable Reaffirmed
Indus Motor Company Ltd 6/29/2022 Entity AA+ A-1+ Stable Reaffirmed
Master Changan Motors Limited 10/29/2021 Entity A- A-2 Stable Initial
Master Motor Corporation (Pvt) Limited 10/28/2021 Entity A A-2 Stable Initial
Omar Jibran Engineering Industries Limited 9/8/2021 Entity A- A-2 Stable Maintained
Procon Engineering (Pvt) Limited 10/21/2021 Entity A A-2 Stable Maintained
Thal Limited 12/21/2021 Entity AA A-1+ Stable Reaffirmed

Cement & Construction

Name Date Rating Type Long Term Short Term Outlook Action
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 11/29/2021 Entity A A-2 Stable Reaffirmed
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 11/29/2021 BLR AA (blr) Stable Preliminary
Izhar Construction (Pvt) Limited 6/29/2021 Entity A- A-1 Stable Reaffirmed
Javedan Corporation Ltd. 3/28/2022 Entity A+ A-1 Stable Reaffirmed
Javedan Corporation Ltd. 3/28/2022 Sukuk 1 AA- Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd 10/7/2021 Entity A- A-2 Stable Reaffirmed
Lucky Cement Limited 6/10/2022 Entity AA+ A-1+ Stable Reaffirmed
Maple Leaf Cement Factory Ltd 8/10/2022 Entity A A-1 Stable Maintained
Power Cement Ltd 11/30/2021 Entity A- A-2 Stable Reaffirmed
Power Cement Ltd 11/30/2021 BLR A (blr) Stable Reaffirmed
Superhighway Construction Operation and Rehabilitation Engineering (Pvt) Limited 6/29/2022 Entity Suspended
Swat Expressway Planning Construction and Operations (Pvt) Limited 8/4/2022 Entity A- A-2 Stable Reaffirmed
Yaqeen Developers Ltd 6/3/2021 Entity BBB A-2 Stable Initial

Chemicals

Name Date Rating Type Long Term Short Term Outlook Action
Archroma Pakistan Ltd 1/7/2022 Entity AA A-1 Stable Initial
ICI Pakistan Limited 6/30/2022 Entity AA A-1+ Stable Reaffirmed
Ittehad Chemicals Limited 2/25/2022 Entity A- A-2 Positive Reaffirmed
Sitara Chemical Industries Limited 11/22/2021 Entity A+ A-1 Stable Reaffirmed

Communication

Name Date Rating Type Long Term Short Term Outlook Action
Engro Enfrashare (Pvt) Ltd 5/6/2022 Entity A- A-2 Stable Reaffirmed
Pak Telecom Mobile Limited 7/14/2022 Entity AA- A-1 Stable Initial
Pakistan Telecommunication Company Limited 10/14/2021 Entity AAA A-1+ Stable Reaffirmed

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases Limited 6/20/2022 Entity BBB- A-2 Stable Maintained
At-Tahur Limited 4/20/2022 Entity A- A-2 Stable Reaffirmed
Bunny's Limited 2/1/2022 Entity A- A-2 Stable Reaffirmed
Dairyland (Pvt) Limited 6/10/2022 Entity A- A-2 Positive Maintained
Everfresh Farms (Pvt) Limited 7/15/2022 Entity BBB+ A-2 Stable Initial
Faisalabad Oil Refinery (Pvt) Limited 6/29/2022 Entity BBB+ A-2 Positive Maintained
Garibsons (Pvt) Ltd. 2/23/2022 Entity A- A-2 Stable Maintained
Golden Harvest Foods (Pvt) Limited 10/25/2021 Entity BBB+ A-2 Stable Initial
Gujranwala Food Industries (Pvt) Ltd 1/10/2022 Entity BBB A-2 Stable Initial
Habib Oil Mills Limited 3/14/2022 Entity BBB A-3 Negative Maintained
Haleeb Foods Limited 7/29/2021 Entity A- A-2 Negative Reaffirmed
Kausar Ghee Mills (Pvt) Limited 7/4/2022 Entity A- A-2 Stable Reaffirmed
Madina Private Limited 6/13/2022 Entity BBB A-2 Stable Initial
Matco Foods Limited 1/31/2022 Entity BBB+ A-2 Stable Downgrade
Mehran Spice & Food Industries 12/14/2021 Entity A- A-2 Stable Initial
National Seafood (Pvt) Limited 1/25/2022 Entity BBB A-2 Stable Initial
Olympia Oils (Pvt) Limited 11/12/2021 Entity A- A-2 Stable Upgrade
Shakarganj Food Products Limited 1/4/2022 Entity BBB+ A-3 Stable Maintained
Shakarganj Food Products Limited 1/4/2022 Sukuk 1 BBB+ Stable Maintained
Staple Foods Private Limited 1/10/2022 Entity A- A-2 Stable Initial
The Organic Meat Company Limited 12/7/2021 Entity A- A-2 Stable Initial
Treet Corporation Limited 12/31/2021 Entity A- A-2 Rating Watch - Developing Reaffirmed
Unity Foods Limited 4/29/2021 Entity A A-2 Stable Upgrade

Engineering

Name Date Rating Type Long Term Short Term Outlook Action
Digital World Pakistan (Pvt) Limited 7/19/2022 Entity A- A-2 Stable Reaffirmed
DWP Technologies (Pvt) Limited 7/19/2022 Entity A- A-2 Stable Reaffirmed
EMCO Industries Limited 12/7/2021 Entity A- A-2 Stable Reaffirmed
Fast Cables Limited 11/30/2021 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt) Limited 3/17/2022 Entity A- A-2 Rating Watch - Developing Update
Pakistan Cables Limited 5/16/2022 Entity A A-1 Stable Reaffirmed
Waves Singer Pakistan Limited 11/3/2021 CP A-2 Final
Waves Singer Pakistan Limited 1/13/2022 Entity A A-2 Rating Watch - Developing Maintained

Fertilizer

Name Date Rating Type Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 5/31/2022 Entity AA+ A-1+ Stable Upgrade
Fauji Fertilizer Bin Qasim Limited 5/31/2022 Entity AA A-1 Stable Upgrade

Medical and Pharmaceutical

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 10/6/2021 Entity A A-2 Stable Reaffirmed
Aspin Pharma (Pvt) Limited 10/6/2021 Sukuk 1 A Stable Reaffirmed
Macter International Limited 4/20/2022 Entity A A-2 Stable Reaffirmed
OBS AGP (Pvt) Limited 6/17/2022 Entity A A-1 Stable Reaffirmed
OBS AGP (Pvt) Limited 6/17/2022 Sukuk 1 A+ Stable Final
Saakh Pharma (Pvt) Ltd 8/11/2021 Entity BBB+ A-2 Stable Reaffirmed
Shifa International Hospitals Limited 11/18/2021 Entity AA- A-1 Stable Reaffirmed
The Searle Pakistan Ltd 2/15/2022 Entity AA- A-1 Stable Reaffirmed

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Al-Bario Engineering (Pvt) Ltd 1/17/2022 Entity A- A-2 Stable Initial
Ana & Batla Industries (Pvt) Ltd 2/7/2022 Entity BBB+ A-2 Stable Initial
Associated Technologies (Pvt) Limited 6/3/2022 Entity A- A-2 Stable Initial
Avari Hotels Limited 5/30/2022 TFC-3 AA Stable Reaffirmed
Blow Plast (Pvt) Limited 3/24/2022 Entity BBB A-2 Stable Initial
Joyland Limited 2/19/2018 Entity A- A-2 Stable Initial
K.S.F Tri Zone Industries (Pvt) Ltd 3/30/2022 Entity BBB+ A-2 Stable Initial
Pakistan Tiles Private Limited 5/18/2022 Entity BBB+ A-2 Stable Initial
Shirazi Investments (Pvt) Limited 1/11/2022 Entity AA A-1 Stable Initial
Sunrise Plastic Industries (Pvt) Limited 3/24/2022 Entity BBB A-2 Stable Initial

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hi-Tech Lubricants Limited 12/3/2021 Entity A A-2 Positive Maintained
Oil & Gas Development Company Limited 12/17/2021 Entity AAA A-1+ Stable Reaffirmed
Pakistan State Oil Company Limited 12/3/2021 Entity AA+ A-1+ Stable Reaffirmed
PGP Consortium Limited 11/25/2021 Entity A- A-2 Rating Watch - Developing Reaffirmed
PGP Consortium Limited 11/25/2021 Pref Share BBB Rating Watch - Developing Reaffirmed
Zoom Marketing Oils (Pvt) Limited 6/7/2021 Entity BBB- A-3 Stable Initial
Zoom Petroleum (Pvt) Limited 6/7/2021 Entity BBB- A-3 Stable Initial

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
CBM Plastics (Pvt) Limited 10/5/2021 Entity BBB+ A-2 Stable Reaffirmed
Century Paper & Board Mills Limited 11/10/2021 Entity AA- A-1 Stable Upgrade
I-J Plastic Industries (Pvt) Limited 1/10/2022 Entity BBB- A-2 Stable Initial
International Packaging Films (Pvt) Ltd 6/30/2022 Entity A A-1 Stable Upgrade
Kompass Pakistan (Pvt) Ltd 6/10/2022 Entity BBB+ A-2 Positive Reaffirmed
Mehran Plastic Industries (Pvt) Limited 7/6/2022 Entity Suspended
Novatex Limited 7/29/2021 Entity AA A-1+ Stable Reaffirmed
Syntronics Limited 3/29/2022 Entity BBB+ A-2 Positive Maintained

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
AJ Power (Pvt) Ltd 3/14/2022 Entity A A-2 Stable Upgrade
Artistic Energy (Pvt) Ltd 3/29/2022 Entity A+ A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 4/8/2022 Entity A A-2 Stable Upgrade
Engro Powergen Qadirpur Limited 7/14/2022 Entity AA- A-1 Stable Reaffirmed
FFBL Power Company Ltd 10/4/2021 Entity AA- A-1 Stable Reaffirmed
Gharo Solar Ltd 10/27/2021 Entity A A-1 Stable Upgrade
Indus Wind Energy Limited 5/16/2022 Entity A A-2 Stable Upgrade
K-Electric Limited 4/29/2022 Entity AA A-1+ Stable Reaffirmed
K-Electric Limited 4/29/2022 Sukuk 5 AA+ Stable Reaffirmed
K-Electric Limited 4/29/2022 Sukuk 6 AA+ Stable Preliminary
K-Electric Limited 3/8/2018 Sukuk 2 AA Rating Watch - Developing Maintained
K-Electric Limited 10/28/2021 ICP-23 A-1+ Preliminary
K-Electric Limited 11/11/2021 ICP-24 A-1+ Preliminary
Kot Addu Power Company Limited 12/8/2020 CP A-1+ Final
Kot Addu Power Company Limited 12/10/2021 Entity AA+ A-1+ Rating Watch - Developing Maintained
Mughal Energy Limited 7/14/2021 Entity A- A-2 Stable Initial
NASDA Green Energy 2/8/2022 Entity A- A-2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/24/2021 Entity AA+ A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 1/12/2022 Sukuk 1 AAA Stable Reaffirmed
Nishat Chunian Power Limited 5/16/2022 Entity A+ A-2 Stable Initial
Punjab Thermal Power (Pvt) Limited 6/9/2022 Entity AA- A-1 Stable Reaffirmed
Quaid-e-Azam Thermal Power (Pvt) Limited 6/30/2022 Entity AA A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 5/20/2022 Entity AA A-1 Stable Reaffirmed
Thal Power (Pvt) Limited 1/17/2022 Entity AA A-1+ Stable Reaffirmed
Tricom Wind Power (Pvt) Limited 11/8/2021 Entity A A-2 Stable Initial
Yunus Energy Limited 4/1/2022 Entity A+ A-1 Stable Reaffirmed
Zephyr Power Limited 12/31/2021 Entity A A-2 Stable Reaffirmed
Zhenfa Pakistan New Energy Company Limited 12/3/2021 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries 3/1/2022 Entity A A-2 Stable Reaffirmed
Agha Steel Industries 3/1/2022 Sukuk 1 A+ Stable Reaffirmed
Agha Steel Industries 4/12/2022 Sukuk 2 A Stable Preliminary
Aisha Steel Mills Limited 3/10/2022 Entity A- A-2 Stable Reaffirmed
Crescent Steel & Allied Products Limited 12/8/2021 Sukuk 1 A- Stable Preliminary
Crescent Steel & Allied Products Limited 6/25/2021 Entity A- A-2 Stable Reaffirmed
Faizan Steel 1/10/2022 Entity BBB+ A-2 Stable Initial
Frontier Foundary Steel (Pvt) Limited 11/1/2021 Entity A A-1 Stable Upgrade
International Industries Limited 5/11/2022 Entity AA- A-1 Stable Reaffirmed
International Steels Limited 5/23/2022 Entity A+ A-1 Stable Reaffirmed
Mannan Shahid Forgings Limited 3/17/2022 Entity A- A-2 Stable Initial
Mehboob Steel Pipe Industry 1/10/2022 Entity BBB- A-2 Stable Initial
Mughal Iron & Steel Industries Limited 12/28/2021 Sukuk 1 A+ Stable Reaffirmed
Mughal Iron & Steel Industries Limited 12/28/2021 Entity A+ A-1 Stable Upgrade
Mughal Iron & Steel Industries Limited 12/28/2021 CP A-2 Reaffirmed
Razaque Steels (Pvt) Limited 6/22/2022 Entity BBB- A-3 Stable Reaffirmed

Storage and Distribution

Name Date Rating Type Long Term Short Term Outlook Action
Agility Logistics (Pvt) Limited 11/18/2021 Entity A A-2 Rating Watch - Developing Maintained
Ali Gohar & Company (Pvt) Ltd 8/9/2021 Entity A A-2 Stable Reaffirmed
Muller & Phipps Pakistan (Pvt) Limited 4/18/2022 Entity A+ A-1 Stable Reaffirmed
Premier Sales (Pvt) Limited 7/7/2022 Entity A A-1 Stable Initial
Smartlink Technologies 10/14/2021 Entity BBB A-2 Stable Initial

Sugar

Name Date Rating Type Long Term Short Term Outlook Action
Adam Sugar Mills Limited 5/17/2022 Entity A- A-2 Stable Initial
Al-Noor Sugar Mills Ltd. 6/6/2022 Entity A- A-2 Stable Reaffirmed
Alliance Sugar Mills (Pvt) Limited 12/17/2021 Entity A- A-2 Stable Reaffirmed
Almoiz Industries Ltd 4/26/2022 Entity A A-2 Stable Reaffirmed
Ashraf Sugar Mills Limited 4/8/2022 Entity A- A-2 Stable Reaffirmed
Chashma Sugar Mills Ltd 11/23/2021 Entity A- A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 4/15/2022 Entity A A-2 Stable Upgrade
Etihad Sugar Mills Limited 12/6/2021 Entity A- A-2 Stable Reaffirmed
Faran Sugar Mills Limited 8/11/2021 Entity A- A-2 Negative Maintained
Fatima Sugar Mills Limited 11/5/2021 Entity A- A-2 Stable Reaffirmed
JDW Sugar Mills Ltd 4/15/2022 Entity A+ A-1 Stable Upgrade
Madina Sugar Mills Limited 2/24/2022 Entity A- A-2 Stable Reaffirmed
RYK Mills Limited 2/15/2022 Entity A A-2 Stable Reaffirmed
Shahmurad Sugar Mills Ltd 6/6/2022 Entity A- A-2 Stable Reaffirmed
Sheikhoo Sugar Mills Limited 2/3/2022 Entity A- A-2 Stable Reaffirmed
The Thal Industries Corporation Limited 4/26/2022 Entity A A-2 Stable Upgrade
Two Star Industries (Pvt) Limited 8/20/2021 Entity BBB+ A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Muhammad Shafi Tanneries (Pvt) Ltd 5/19/2022 Entity BBB+ A-2 Stable Downgrade
Shafi Lifestyle (Pvt) Ltd 1/31/2022 Entity BBB+ A-2 Positive Maintained
Universal Leather (Pvt) Ltd. 11/18/2021 Entity BBB- A-3 Positive Maintained

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 7/2/2021 Entity A- A-2 Stable Maintained
AGI Denim 7/20/2022 Entity A A-2 Stable Initial
Ahmed Oriental Textile Mills Limited 12/31/2021 Entity A- A-2 Stable Upgrade
Akhtar Textile Industries (Pvt) Ltd 5/9/2022 Entity A A-2 Stable Reaffirmed
Akram Cotton Mills Limited 6/17/2022 Entity BBB A-2 Stable Reaffirmed
Al Karam Towel Industries (Pvt) Ltd 5/25/2022 Entity A- A-2 Stable Reaffirmed
Al Razzaq Fibres (Private) Limited 6/21/2022 Entity A- A-2 Stable Initial
Al-Karam Textile Mills (Pvt) Limited 5/30/2022 Entity A A-2 Negative Maintained
Arshad Corporation (Pvt) Ltd 9/27/2021 Entity A- A-2 Stable Upgrade
Arshad Textile Mills Limited 8/27/2021 Entity BB+ A-3 Positive Maintained
Artistic Apparels (Pvt) Ltd 3/3/2022 Entity BBB+ A-2 Positive Maintained
Artistic Denim Mills Ltd 12/31/2021 Entity A- A-2 Stable Downgrade
Artistic Milliners (Pvt) Limited 12/28/2021 Entity AA- A-1 Stable Reaffirmed
Best Exports (Pvt) Ltd 6/30/2022 Entity BBB A-2 Stable Reaffirmed
Best Fibres (Pvt) Ltd 5/13/2022 Entity A- A-2 Stable Reaffirmed
Bhanero Textile Mills Ltd 5/27/2021 Entity A+ A-1 Stable Maintained
Bhimra Textile Mills (Pvt) Limited 12/31/2021 Entity BBB A-2 Stable Initial
Blessed Textiles Ltd 8/11/2022 Entity A A-1 Stable Upgrade
Chakwal Textile Mills Limited 8/11/2022 Entity BBB- A-2 Stable Reaffirmed
Chiniot Textile Mills Limited 6/6/2022 Entity BBB A-2 Stable Initial
Comfort Knitwears (Pvt) Ltd 6/2/2022 Entity A- A-2 Stable Initial
Cotton Empire (Pvt) Ltd 12/31/2021 Entity A- A-2 Stable Initial
Crescent Bahuman Limited 5/13/2022 Entity A- A-2 Stable Reaffirmed
Denim Clothing Company 5/18/2022 Entity Suspended
Dynamic Sportswear (Pvt) Limited 5/16/2022 Entity A- A-2 Stable Initial
Eastern Spinning Mills Limited 12/31/2021 Entity A- A-1 Stable Initial
Ebrahim Textile Mills (Pvt) Limited 12/23/2021 Entity BBB A-2 Stable Initial
Ejaz Spinning Mills Limited 6/27/2022 Entity A- A-2 Stable Initial
Faisal Spinning Mills Ltd 8/11/2022 Entity A Stable Reaffirmed
Feroze 1888 Mills Limited 1/7/2022 Entity AA- A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 11/30/2021 Entity A+ A-1 Stable Reaffirmed
Gohar Textile Mills (Pvt) Ltd 6/6/2022 Entity A A-1 Stable Reaffirmed
H.A Fibres (Pvt) Limited 6/23/2022 Entity A- A-2 Positive Reaffirmed
HANTEX 4/21/2022 Entity BBB+ A-2 Stable Reaffirmed
Indigo Textile (Pvt) Limited 4/25/2022 Entity A A-1 Stable Reaffirmed
Indus Dyeing & Manufacturing Co Limited 8/4/2022 Entity A+ A-1 Stable Reaffirmed
Indus Home Limited 8/1/2022 Entity A- A-2 Stable Maintained
Indus Lyallpur Limited 6/15/2021 Entity BBB+ A-2 Positive Maintained
Interloop Limited 6/3/2022 Entity A+ A-1 Stable Reaffirmed
International Textile Limited 2/9/2022 Entity A- A-2 Stable Downgrade
J.K Spinning Mills Limited 4/26/2022 Entity A- A-1 Positive Maintained
Kamal Limited 4/28/2022 Entity A A-1 Stable Upgrade
Kamal Textile Mills (Pvt) Ltd 4/25/2022 Entity A- A-2 Stable Initial
Khalid Shafique Spinning Mills Limited 6/29/2022 Entity BBB+ A-2 Stable Upgrade
Kohinoor Mills Limited 8/10/2022 Entity BBB+ A-2 Stable Reaffirmed
Kohinoor Textile Mills Limited 7/22/2022 Entity A+ A-1 Stable Reaffirmed
Lucky Knits (Pvt) Limited 8/16/2021 Entity A- A-1 Stable Maintained
Lucky Textile Mills Limited 12/28/2021 Entity AA- A-1 Stable Reaffirmed
M.K Sons (Pvt) Ltd 4/22/2022 Entity A- A-2 Stable Reaffirmed
Masood Textile Mills Limited 9/8/2021 Entity A- A-2 Stable Maintained
Masood Textile Mills Limited 9/8/2021 Sukuk 1 A Stable Maintained
Master Textile Mills Limited 9/2/2021 Entity A A-1 Stable Maintained
Metco Textile (Pvt) Limited 7/4/2022 Entity A- A-2 Stable Reaffirmed
Mustaqim Dyeing and Printing Ind. (Pvt) limited 2/25/2022 Entity A- A-2 Stable Reaffirmed
Nadeem Textile Mills Limited 11/18/2021 Entity A- A-2 Stable Upgrade
Naveena Exports Limited 2/25/2022 Entity A A-1 Positive Maintained
Naveena Industries Limited 12/31/2021 Entity A- A-2 Stable Upgrade
Nishat (Chunian) Limited 6/2/2022 Entity A A-2 Positive Maintained
Noor Fatima Fabrics (Pvt) Limited 12/31/2021 Entity BBB+ A-2 Stable Initial
Orient Textile Mills Limited 12/23/2021 Entity BBB A-2 Stable Initial
Premium Textile Mills Limited 7/18/2022 Entity A- A-2 Stable Reaffirmed
Qadri Textile Mills Limited 1/10/2022 Entity BBB- A-2 Stable Initial
Quality Textile Mills Ltd 12/30/2021 Entity BBB A-2 Stable Initial
Rajby Industries 6/7/2022 Entity A- A-2 Stable Maintained
Rajby Textiles (Pvt) Limited 6/8/2022 Entity A- A-2 Stable Downgrade
Rizwan Enterprises 5/17/2022 Entity A- A-1 Stable Upgrade
Sadaqat Limited 6/22/2022 TFC A Stable Maintained
Sadaqat Limited 6/22/2022 Entity A A-2 Stable Maintained
Sapphire Textile Mills Limited 7/4/2022 Entity A+ A-1 Stable Reaffirmed
Saya Weaving Mills (Pvt) Limited 1/10/2022 Entity A- A-2 Stable Initial
Shadab Textile Mills Limited 11/22/2021 Entity A- A-2 Stable Initial
Shahbaz Garments (Pvt) Limited 7/26/2021 Entity A- A-2 Stable Upgrade
Shahtaj Textile Limited 1/14/2022 Entity A- A-2 Stable Reaffirmed
Sheikhupura Textile Mills Limited 6/30/2022 Entity BBB A-2 Stable Initial
Sitara Textile Industries Ltd 12/31/2021 Entity BBB+ A-2 Stable Reaffirmed
Sohail Textile Mills Limited 8/9/2021 Entity BBB- A-2 Stable Initial
Soorty Enterprises (Pvt) Limited 5/30/2022 Entity AA- A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 6/8/2021 Entity A- A-1 Stable Maintained
Suraj Cotton Mills Limited 12/1/2021 Entity A+ A-1 Stable Initial
The Crescent Textile Mills Limited 12/31/2021 Entity A- A-2 Stable Initial
Towellers Limited 1/7/2022 Entity A A-1 Stable Initial
Umar Spinning Mills (Pvt) Limited 7/6/2022 Entity BBB+ A-2 Positive Maintained
Union Apparel (Pvt) Ltd 12/7/2021 Entity A- A-2 Stable Reaffirmed
Union Fabrics (Pvt) Ltd 12/7/2021 Entity A- A-2 Stable Reaffirmed
Z.A Corporation (Pvt) Ltd 3/8/2022 Entity BBB+ A-2 Stable Reaffirmed
Zahra Textile 12/29/2021 Entity A- A-2 Stable Initial
Zaman Textile Mills (Pvt) Limited 3/7/2022 Entity A- A-2 Stable Reaffirmed
Zephyr Textiles Limited 6/30/2021 Entity BBB+ A-2 Positive Maintained

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
Al-Meezan Investment Management Limited 12/27/2021 Management Quality AM1 Stable Reaffirmed
Arif Habib Dolmen REIT Management Limited 9/22/2021 Management Quality AM2 +(RMC) Stable Reaffirmed
Faysal Asset Management Limited 12/31/2021 Management Quality AM2+ Stable Reaffirmed
HBL- Asset Management Limited 12/31/2021 Management Quality AM2++ Positive Maintained
Magnus Investments Limited 4/13/2022 Management Quality AM2+ (IA) Stable Reaffirmed
National Investment Trust Limited 12/30/2021 Management Quality AM1 Stable Reaffirmed
UBL Fund Managers Limited 12/31/2021 Management Quality AM1 Stable Reaffirmed

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 1/18/2022 Fund Stability AA+(f) Reaffirmed
ABL Government Securities Fund 1/18/2022 Fund Stability AA- (f) Reaffirmed
ABL Income Fund 1/18/2022 Fund Stability A+(f) Reaffirmed
ABL Islamic Cash Fund 1/18/2022 Fund Stability AA+(f) Upgrade
ABL Islamic Income Fund 1/18/2022 Fund Stability A+(f) Reaffirmed
Al Ameen Islamic Aggressive Income Fund 1/13/2022 Fund Stability A+(f) Reaffirmed
Al Ameen Islamic Cash Fund 1/13/2022 Fund Stability AA+(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 1/13/2022 Fund Stability AA(f) Reaffirmed
Askari Cash Fund 12/17/2021 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 3/3/2022 Fund Stability A+(f) Downgrade
Dolmen City REIT 9/22/2021 REIT Rating AAA (rr) Reaffirmed
Faysal Government Securities Fund 8/1/2022 Fund Stability AA Stable Reaffirmed
Faysal Islamic Cash Fund 11/4/2021 Fund Stability AA(f) Initial
Faysal Islamic Savings Growth Fund 1/7/2022 Fund Stability A+(f) Reaffirmed
First Habib Cash Fund 12/28/2021 Fund Stability AA+(f) Reaffirmed
HBL Cash Fund 1/3/2022 Fund Stability AA+(f) Reaffirmed
HBL Government Securities Fund 1/3/2022 Fund Stability AA(f) Reaffirmed
HBL Income Fund 1/3/2022 Fund Stability A+(f) Reaffirmed
HBL Islamic Income Fund 1/3/2022 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 1/3/2022 Fund Stability AA+(f) Reaffirmed
HBL Money Market Fund 1/3/2022 Fund Stability AA+(f) Reaffirmed
Meezan Cash Fund 12/27/2021 Fund Stability AA(f) Reaffirmed
Meezan Islamic Income Fund 12/27/2021 Fund Stability A+(f) Reaffirmed
Meezan Rozana Amdani Fund 12/27/2021 Fund Stability AA+(f) Reaffirmed
Meezan Sovereign Fund 12/27/2021 Fund Stability AA(f) Reaffirmed
NIT Islamic Money Market Fund 5/26/2022 Fund Stability AAA Initial
UBL Government Securities Fund 1/13/2022 Fund Stability AA(f) Reaffirmed
UBL Growth & Income Fund 1/13/2022 Fund Stability A+(f) Reaffirmed
UBL Income Opportunity Fund 1/13/2022 Fund Stability AA- (f) Reaffirmed
UBL Liquidity Plus Fund 1/13/2022 Fund Stability AA+(f) Reaffirmed
UBL Money Market Fund 1/13/2022 Fund Stability AA+(f) Reaffirmed