Corporates

Steel & Allied Products
Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries Limited 4/1/2024 Entity
BB- Obligations deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category.
B-3 Negative Downgrade
Agha Steel Industries Limited 4/1/2024 Sukuk 3
BB- Obligations deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category.
Negative Downgrade
Aisha Steel Mills Limited 1/1/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
BBJ Pipe Industries Limited 1/2/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Sukuk 1
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Maintained
Faizan Steel 1/31/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
Frontier Foundary Steel (Pvt) Limited 6/22/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
International Industries Limited 11/13/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Maintained
International Steels Limited 11/24/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Mehboob Steel Pipe Industry 3/31/2023 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Rating Watch - Developing Maintained
Mughal Iron & Steel Industries Limited 12/8/2023 Sukuk 1
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Maintained
Mughal Iron & Steel Industries Limited 12/8/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Naveena Steels Mills (Pvt) Limited 7/25/2023 Entity
A- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial