VIS Reaffirms Entity Ratings of Kamal Limited VIS Reaffirms Medium to Long Term Sukuk Rating of Sitara Chemical Industries Limited VIS Reaffirms Entity Ratings of Pakistan Mortgage Refinance Company Limited VIS Reaffirms Entity Ratings of Tower Power (Private) Limited VIS Reaffirms Entity Ratings of CSC Empowerment and Inclusion Programme (CEIP) VIS Reaffirms Entity Ratings of Tariq Corporation Limited VIS has Finalized Instrument Rating to RYK Mills Limited’s Short Term Sukuk VIS Assigns Status Under Review to Mehboob Steel Pipe Industry VIS Reaffirms Entity Ratings of Umar Spinning Mills Private Limited VIS Reaffirms Broker Fiduciary Rating to Darson Securities (Private) Limited

China Chengxin International Credit Rating Co.Ltd CCXI:    Press Release    |    COUNTRY RISK REPORT ALONG THE BELT AND ROAD (2022)

International Collaborations:    Japan Credit Rating Agency, Ltd    |    China Chengxin International Credit Rating Co., Ltd


Press Release:    VIS Announces Strategic Promotions in Executive Leadership

Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Kamal Limited 4/25/2025 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A1 Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors
Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/24/2025 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A1+ Strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors
Stable Reaffirmed
Sitara Chemical Industries Limited 4/24/2025 Sukuk 1
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Tower Power (Pvt) Limited 4/24/2025 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Stable Reaffirmed
Tariq Corporation Limited 4/23/2025 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A3 Fair likelihood of timely repayment of short-term debt obligations with satisfactory liquidity factors
Stable Reaffirmed
CSC Empowerment & Inclusion Programme (MFI) 4/23/2025 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A3 Fair likelihood of timely repayment of short-term debt obligations with satisfactory liquidity factors
Stable Reaffirmed
Darson Securities (Pvt) Limited 4/22/2025 BFR
BFR3+ Good fiduciary standards
Stable Reaffirmed
RYK Mills Limited 4/22/2025 STS
A1 Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors
Final
Mehboob Steel Pipe Industry 4/22/2025 Entity
Review Initiated
Umar Spinning Mills (Pvt) Limited 4/22/2025 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Stable Reaffirmed
See All