Financial Institutions

Commercial Banks

Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/29/2018 Sukuk 1 A Negative Maintained
Askari Bank Ltd 6/29/2018 TFC-5 AA- Stable Reaffirmed
Bank Alfalah Ltd. 6/29/2018 TFC-1 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 1/9/2019 Sukuk 2 A Stable Final
Dubai Islamic Bank Pakistan Ltd 6/29/2018 Sukuk 1 A+ Stable Reaffirmed
Habib Bank Limited 12/31/2018 TFC-2 AA+ Stable Preliminary
Habib Bank Limited 12/31/2018 TFC-1 AAA Stable Upgrade
Meezan Bank Limited 8/20/2018 Sukuk 2 AA- Stable Final
Meezan Bank Limited 5/30/2018 Sukuk 1 AA Stable Upgrade
Silk Bank Limited 11/20/2018 TFC-1 A- Stable Final
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
United Bank Limited 9/6/2018 TFC-5 AA+ Stable Final

Micro Finance

Name Date Sector Long Term Short Term Outlook Action
FINCA Microfinance Bank Limited 4/22/2019 TFC-1 A- Stable Preliminary
Khushhali Microfinance Bank Limited 4/30/2019 TFC-1 A Stable Reaffirmed
U Microfinance Bank Limited 1/11/2019 TFC-1 A- Stable Reaffirmed

Modarabas

Name Date Sector Long Term Short Term Outlook Action
BRR Guardian Modaraba 7/9/2010 TFC-1 D Default

NBFCs

Name Date Sector Long Term Short Term Outlook Action
Al-Zamin Leasing Corporation Limited 1/9/2013 TFC-2 D Default
Saudi Pak Leasing Company Limited 10/4/2010 TFC-1 D Default

Corporates

Cement & Construction

Name Date Sector Long Term Short Term Outlook Action
Eden Housing Ltd. 1/27/2010 TFC-1 D Default
Javedan Corporation Ltd. 4/4/2018 Sukuk 1 AA- Stable Preliminary

Chemicals & Pharma

Name Date Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 12/14/2018 Sukuk 1 A Stable Final

Consumer Goods

Name Date Sector Long Term Short Term Outlook Action
Shakarganj Food Products Limited 3/20/2018 Sukuk 1 A Stable Preliminary
Treet Corporation Limited 5/21/2019 Sukuk 1 AA- Stable Reaffirmed
Treet Corporation Limited 5/21/2019 PTC 1 AA Stable Reaffirmed

Miscellaneous

Name Date Sector Long Term Short Term Outlook Action
Avari Hotels Limited 9/17/2018 TFC-3 AA Stable Preliminary
International Brands Limited 4/4/2019 Sukuk 1 AA Stable Final
Telecard Ltd 6/3/2011 TFC-1 D Default

Oil & Gas

Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 4/24/2019 Sukuk 1 AA Negative Maintained
PGP Consortium Limited 4/16/2018 Pref Share BBB Positive Maintained

Power Companies

Name Date Sector Long Term Short Term Outlook Action
K-Electric Limited 2/25/2019 Sukuk 4 AA+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 1/2/2019 Sukuk 1 AAA Stable Reaffirmed
Sindh Nooriabad Power Company Limited 11/15/2018 Sukuk 1 A+ Stable Preliminary
Sindh Nooriabad Power Company Limited 11/15/2018 TFC-1 A Stable Upgrade
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 Sukuk 1 A+ Stable Preliminary
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 TFC-2 A Stable Upgrade

Steel & Allied Products

Name Date Sector Long Term Short Term Outlook Action
Agha Steel Industries 3/1/2019 Sukuk 1 A+ Stable Reaffirmed
Crescent Steel & Allied Products Limited 12/26/2018 Sukuk 1 A+ Stable Preliminary

Textiles

Name Date Sector Long Term Short Term Outlook Action
Amtex Limited 1/3/2011 TFC-1 D Default
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default