Ratings
Name Date Rating Type Long Term Short Term Outlook/
Rating Watch		 Action Sector
Primus Leasing Limited
30-10-2025 Entity A+ A1 Stable Reaffirmed Leasing Companies
Sunridge Foods (Private) Limited
30-10-2025 Entity BBB+ A3 Stable Reaffirmed Food & Allied
Chashma Sugar Mills Ltd
27-10-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Gharo Solar Ltd
27-10-2025 Entity A+ A1 Stable Reaffirmed Power Renewable Energy
Kohinoor Textile Mills Limited
24-10-2025 Entity A+ A1 Stable Under Review Textile Composite
Muller & Phipps Pakistan (Pvt) Limited
24-10-2025 Entity A+ A1 Stable Reaffirmed Miscellaneous Non-manufacturing
NASDA Green Energy Limited
23-10-2025 Entity A- A2 Stable Under Review Power Renewable Energy
Al-Noor Sugar Mills Ltd.
22-10-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Taurus Securities Limited
22-10-2025 Entity A A2 Stable Reaffirmed Brokerage Firms
Agro Processors and Atmospheric Gases Limited
20-10-2025 Entity A- A2 Stable Upgrade Vanaspati & Allied Industries
Insight Securities (Pvt) Ltd
20-10-2025 Entity BBB+ A2 Stable Reaffirmed Brokerage Firms
Maple Leaf Cement Factory Ltd
20-10-2025 Entity A A1 Stable Under Review Cement
Al-Ghazi Tractors Ltd.
17-10-2025 Entity A+ A1 Stable Reaffirmed Automotive Assemblers
Bismillah Textiles (Private) Limited
17-10-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Gamalux Oleochemicals Limited
17-10-2025 Entity A- A2 Stable Reaffirmed Chemical/Resins/Alkalis
Growth Securities (Pvt) Limited
16-10-2025 Entity A- A2 Stable Under Review Brokerage Firms
Javedan Corporation Ltd.
15-10-2025 Entity A+ A1 Stable Under Review Constructions
Pakistan Telecommunication Company Limited
15-10-2025 STS-A --- A1+ --- Final Technology & Communication
Pakistan Telecommunication Company Limited
15-10-2025 STS-15 --- A1+ --- Final Technology & Communication
Growth Securities (Pvt) Limited
14-10-2025 BFR BFR3+ --- Stable Reaffirmed Brokerage Firms
Growth Securities (Pvt) Limited
14-10-2025 BMR BMR2 --- Stable Initial Brokerage Firms
Indus Wind Energy Limited
14-10-2025 Entity A A2 Stable Reaffirmed Power Renewable Energy
Premier Sales (Pvt) Limited
14-10-2025 Entity A A1 Stable Reaffirmed Miscellaneous Non-manufacturing
Madina Sugar Mills Limited
09-10-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Mahmood Textile Mills Limited
09-10-2025 STS-2 --- A1 (plim) --- Preliminary Textile Composite
Investment Managers Securities Private Limited
08-10-2025 BMR BMR3 --- Stable Reaffirmed Brokerage Firms
PGP Consortium Limited
07-10-2025 Entity A A2 Stable Reaffirmed Transport
PGP Consortium Limited
07-10-2025 Pref Share BBB+ --- Stable Reaffirmed Transport
Punjab Thermal Power (Pvt) Limited
07-10-2025 Entity AA A1 Stable Under Review Power Non Renewable Generation
Tauseef Enterprises (Pvt) Limited
07-10-2025 Entity A- A2 Stable Under Review Textile Composite
Kompass Pakistan (Pvt) Ltd
01-10-2025 Entity BBB+ A2 Stable Update Packaging Material
RYK Mills Limited
01-10-2025 Entity A A2 Positive Under Review Sugar & Allied Industries
Bank Makramah Limited (Formerly:Summit Bank Limited)
30-09-2025 TFC-1 B --- Rating Watch - Negative Note Commercial Banks
OBS Pharma (Pvt) Limited
30-09-2025 Entity A A1 Stable Under Review Pharmaceuticals
The Searle Company Limited
30-09-2025 Entity AA- A1 Stable Reaffirmed Pharmaceuticals
Macter International Limited
29-09-2025 Entity A A1 Stable Reaffirmed Pharmaceuticals
Mahmood Textile Mills Limited
29-09-2025 STS --- A1 --- Final Textile Composite
Pakistan Microfinance Investment Company Limited
29-09-2025 CP --- A1+ --- Final NBFC
The United Insurance Company of Pakistan Limited
26-09-2025 IFS AA+ (IFS) --- Stable Maintained General Insurance
Rajby Textiles (Pvt) Limited
25-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Taleem Finance Company Limited
24-09-2025 Entity BBB A2 Stable Under Review NBFC
Bank Makramah Limited (Formerly:Summit Bank Limited)
22-09-2025 Entity --- --- --- Note Commercial Banks
Foundation Securities (Pvt) Limited
22-09-2025 BFR BFR3++ --- Stable Reaffirmed Brokerage Firms
Comfort Knitwears (Pvt) Ltd
19-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Rizwan Enterprises
19-09-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Taj Gasoline (Pvt.) Limited
18-09-2025 Entity A A2 Stable Under Review Oil Marketing Companies
Thatta Cement Company Ltd
18-09-2025 Entity A A2 Stable Reaffirmed Cement
Thatta Cement Company Ltd
18-09-2025 Sukuk 1 AA- (plim) --- Stable Preliminary Cement
Almoiz Industries Ltd
17-09-2025 Entity A A2 Stable Under Review Sugar & Allied Industries
Engro Powergen Qadirpur Limited
17-09-2025 Entity AA- A1 Stable Under Review Power Non Renewable Generation
Fortune Securities Limited
17-09-2025 BFR BFR3 --- Stable Initial Brokerage Firms
Integrated Equities Limited
17-09-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Sadaqat Limited
17-09-2025 STS --- A1 (plim) --- Preliminary Textile Composite
Faisalabad Oil Refinery (Pvt) Limited
16-09-2025 Entity A- A2 Stable Reaffirmed Vanaspati & Allied Industries
K-Solar (Private) Limited
16-09-2025 SPO --- --- --- --- Engineering (Diversified)
Engro Enfrashare (Pvt) Ltd
15-09-2025 Entity A- A2 Positive Maintained Technology & Communication
AJ Power (Pvt) Ltd
12-09-2025 Entity A+ A2 Stable Reaffirmed Power Renewable Energy
Burj Clean Energy Modaraba
12-09-2025 STS --- A1 Stable Final NBFC
The Thal Industries Corporation Limited
12-09-2025 Entity A A2 Stable Maintained Sugar & Allied Industries
Enertech Water (Pvt) Limited
11-09-2025 Entity AA A1 Stable Reaffirmed Constructions
Neelum Jhelum Hydropower Company (Pvt) Ltd
11-09-2025 Sukuk 1 AAA --- Stable Reaffirmed Power Renewable Energy
OLP Financial Services Pakistan limited
11-09-2025 Entity AAA A1+ Stable Initial NBFC
Utopia Industries (Pvt) Limited
11-09-2025 Entity A- A2 Stable Under Review Textile Composite
Akhtar Textile Industries (Pvt) Ltd
10-09-2025 Entity A A1 Stable Upgrade Textile Composite
Indigo Textile (Pvt) Limited
10-09-2025 Entity A A1 Stable Reaffirmed Textile Composite
K-Solar (Private) Limited
10-09-2025 Entity A+ A1 Stable Initial Engineering (Diversified)
Quaid-e-Azam Thermal Power (Pvt) Limited
10-09-2025 Entity AA+ A1+ Stable Reaffirmed Power Non Renewable Generation
Darson Securities (Pvt) Limited
08-09-2025 Entity BBB+ A2 Stable Under Review Brokerage Firms
Service Sales Corporation (Pvt) Limited
08-09-2025 Entity A- A2 Stable Reaffirmed Leather Products
Soorty Enterprises (Pvt) Limited
08-09-2025 Entity AA- A1 Stable Under Review Textile Composite
Faysal Islamic Sovereign Fund Plan-I (Under Faysal Islamic Sovereign Fund)
05-09-2025 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Archroma Pakistan Ltd
04-09-2025 Entity AA A1 Negative Under Review Chemical/Resins/Alkalis
Transfopower Industries (Pvt) Limited
04-09-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
Trukkr Financial Services Limited
04-09-2025 Entity A- A2 Stable Under Review NBFC
ABHI Microfinance Bank (formerly FINCA Microfinance Bank Limited)
03-09-2025 Entity A- A2 Rating Watch - Developing Note Micro Finance Institutions
Faysal Islamic Financial Growth Plan-I (Under Faysal Islamic Financial Growth Fund)
03-09-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
Faysal Islamic Sovereign Fund Plan-II (Under Faysal Islamic Sovereign Fund)
03-09-2025 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Madina Private Limited
03-09-2025 Entity BBB A2 Stable Reaffirmed Vanaspati & Allied Industries
Mustaqim Dyeing and Printing Ind. (Pvt) limited
03-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Ana & Batla Industries (Pvt) Ltd
29-08-2025 Entity BBB+ A2 Stable Upgrade Miscellaneous Manufacturing
Saakh Pharma (Pvt) Ltd
29-08-2025 Entity A- A2 Stable Initial Pharmaceuticals
Pak Oman Investment Company Limited
28-08-2025 CGR CGR 9+ --- Stable Reaffirmed Development Finance Institutions
Faysal Halal Amdani Fund II
25-08-2025 Fund Stability AA- (f) --- --- Initial Mutual Funds - Open End
Faysal Islamic Financial Growth Plan II
25-08-2025 Fund Stability AA- (f) --- --- Initial Mutual Funds - Open End
AKIK Capital (Pvt) Ltd
22-08-2025 BFR BFR3 --- Stable Reaffirmed Brokerage Firms
BSP Foods (Private) Limited (Formerly: Bismillah Sehla Processing Plant (Pvt.) Limited)
22-08-2025 Entity BBB+ A2 Stable Update Rice Milling
Citi Pharma Limited
22-08-2025 STS-2 --- A1 --- Final Pharmaceuticals
MicroTech Industries (Pvt) Limited
21-08-2025 Entity A- A2 Stable Reaffirmed Miscellaneous Manufacturing
DJM Securities Limited
15-08-2025 BMR BMR3+ --- Stable Reaffirmed Brokerage Firms
DJM Securities Limited
15-08-2025 BFR BFR3 --- Stable Reaffirmed Brokerage Firms
Pakistan Telecommunication Company Limited
12-08-2025 STS-14 --- A1+ --- Final Technology & Communication
Fatima Fertilizer Company Limited
11-08-2025 Entity AA+ A1+ Stable Reaffirmed Fertilizers
BMA Capital Management Limited
08-08-2025 Entity A A2 Stable Upgrade Brokerage Firms
BMA Capital Management Limited
08-08-2025 BMR BMR2++ --- Stable Reaffirmed Brokerage Firms
Pakistan Telecommunication Company Limited
08-08-2025 STS-13 --- A1+ --- Final Technology & Communication
Weaves Pakistan (SMC–Private) Limited (Formerly Khaadi Pakistan (SMC-Private) Limited
08-08-2025 Entity A+ A1 Stable Initial Textile Composite
Indus Home Limited
07-08-2025 Entity A- A2 Negative Maintained Textile Composite
Aspin Pharma (Pvt) Limited
06-08-2025 STS-2 --- A1 --- Final Pharmaceuticals
Rajby Industries
06-08-2025 Entity A- A2 Stable Maintained Textile Composite
Sheikhoo Sugar Mills Limited
05-08-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Taurus Securities Limited
05-08-2025 BMR BMR2+ --- Stable Reaffirmed Brokerage Firms
Taurus Securities Limited
05-08-2025 BFR BFR3++ --- Stable Upgrade Brokerage Firms
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited
04-08-2025 Entity A A2 Stable Under Review Constructions
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited
04-08-2025 BLR AA (blr, plim) --- Stable Under Review Constructions
Interloop Limited
04-08-2025 Entity AA- A1 Stable Reaffirmed Apparels
At-Tahur Limited
01-08-2025 STS-2 --- A1 --- Final Dairy Products
Avari Hotels (Pvt) Limited
01-08-2025 BLR AA (blr) --- Stable Reaffirmed Hotels
Security Organizing System Pakistan (Pvt.) Limited
01-08-2025 Entity A- A2 Stable Initial Miscellaneous Non-manufacturing
J.K Spinning Mills Limited
31-07-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Multiline Securities Limited
31-07-2025 BFR BFR3+ --- Stable Reaffirmed Brokerage Firms
Nishat (Chunian) Limited
30-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
AKD Securities Limited
29-07-2025 Entity AA- A1 Stable Reaffirmed Brokerage Firms
AKD Securities Limited
29-07-2025 BMR BMR1 --- Stable Reaffirmed Brokerage Firms
AKD Securities Limited
29-07-2025 BFR BFR2++ --- Stable Reaffirmed Brokerage Firms
LSE Financial Services Limited
29-07-2025 Entity A A1 Rating Watch - Developing Reaffirmed NBFC
Dynamic Sportswear (Pvt) Limited
28-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
MRA Securities Limited
23-07-2025 BFR BFR3++ --- Negative Maintained Brokerage Firms
Muhammad Munir Muhammad Ahmed Khanani Securities Limited
23-07-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Sunridge Foods (Private) Limited
23-07-2025 Sukuk 1 AAA --- Stable Final Food & Allied
Pak-Qatar Family Takaful Limited
22-07-2025 IFS AA (IFS) --- Stable Upgrade Life Insurance
Kamal Textile Mills (Pvt) Ltd
21-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Naveena Exports Limited
21-07-2025 Entity A A1 Stable Reaffirmed Textile Composite
Roomi Poultry Limited
21-07-2025 Entity A- A2 Stable Initial Food & Allied
Sheikhupura Textile Mills Limited
21-07-2025 Entity BBB+ A2 Stable Upgrade Textile Spinning
Digital World Pakistan (Pvt) Limited
18-07-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
DWP Technologies (Pvt) Limited
18-07-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
Procon Engineering (Pvt) Limited
18-07-2025 Entity A+ A1 Stable Upgrade Auto-Parts
Pak-Qatar General Takaful Limited
17-07-2025 IFS A+ (IFS) --- Stable Upgrade General Insurance
At-Tahur Limited
14-07-2025 Entity A- A2 Stable Reaffirmed Dairy Products
Khushhali Microfinance Bank Limited
11-07-2025 TFC-1 B --- Negative Reaffirmed Micro Finance Institutions
Khushhali Microfinance Bank Limited
11-07-2025 TFC-2 B --- Negative Reaffirmed Micro Finance Institutions
M.K Sons (Pvt) Ltd
11-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Gatron (Industries) Limited
08-07-2025 Entity A- A2 Stable Reaffirmed Yarn (Synthetic)
Khushhali Microfinance Bank Limited
08-07-2025 Entity A- A2 Rating Watch - Negative Reaffirmed Micro Finance Institutions
LSE Ventures Limited
07-07-2025 Entity AA- A1 Stable Upgrade NBFC
Naveena Steels Mills (Pvt) Limited
07-07-2025 Entity A- A2 Stable Maintained Steel Long
Shakarganj Food Products Limited
03-07-2025 Entity BBB- A3 Stable Under Review Dairy Products
Standard Capital Securities (Private) Limited
02-07-2025 BMR BMR2 --- Stable Reaffirmed Brokerage Firms
Standard Capital Securities (Private) Limited
02-07-2025 BFR BFR3 --- Stable Reaffirmed Brokerage Firms
Pakistan Telecommunication Company Limited
02-07-2025 STS-12 --- A1+ --- Final Technology & Communication
Muhammad Munir Muhammad Ahmed Khanani Securities Limited
01-07-2025 BFR BFR2 --- Stable Reaffirmed Brokerage Firms
Al Feroz (Private) Limited
01-07-2025 Entity A+ A1 Stable Initial Constructions
Brentwood Hospitality (Pvt) Limited
01-07-2025 Entity A- A2 Stable Initial Hotels
Popular International (Pvt) Limited
01-07-2025 Entity A A1 Stable Reaffirmed Distribution & Trading
Dubai Islamic Bank Pakistan Ltd
30-06-2025 Entity AA A1+ Positive Maintained Commercial Banks
Dubai Islamic Bank Pakistan Ltd
30-06-2025 Sukuk 2 A+ --- Positive Maintained Commercial Banks
Dubai Islamic Bank Pakistan Ltd
30-06-2025 Sukuk 3 AA- --- Positive Maintained Commercial Banks
Faysal Bank Limited
30-06-2025 Entity AA+ A1+ Stable Upgrade Commercial Banks
Habib Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Habib Bank Limited
30-06-2025 TFC-2 AA+ --- Stable Reaffirmed Commercial Banks
Habib Bank Limited
30-06-2025 TFC-3 AA+ --- Stable Reaffirmed Commercial Banks
Meezan Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Meezan Bank Limited
30-06-2025 Sukuk 2 AA+ --- Stable Reaffirmed Commercial Banks
Meezan Bank Limited
30-06-2025 Sukuk 4 AAA --- Stable Reaffirmed Commercial Banks
National Bank of Pakistan
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Pak China Investment Company Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Pak Oman Investment Company Limited
30-06-2025 Entity AA+ A1+ Stable Reaffirmed Development Finance Institutions
Sindh Bank Ltd
30-06-2025 Entity AA- A1+ Stable Reaffirmed Commercial Banks
Summit Capital (Pvt) Limited
30-06-2025 BFR BFR3+ --- Stable Upgrade Brokerage Firms
The Bank of Khyber
30-06-2025 Entity AA- A1 Stable Upgrade Commercial Banks
United Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
United Bank Limited
30-06-2025 TFC-5 AA+ --- Stable Reaffirmed Commercial Banks
Zarai Taraqiati Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Saudi Pak Industrial and Agricultural Investment Company Limited
28-06-2025 Entity AAA A1+ Stable Upgrade Development Finance Institutions
Crescent Bahuman Limited
27-06-2025 Entity A- A2 Stable Maintained Textile Composite
Al Baraka Bank (Pakistan) Limited
27-06-2025 Entity AA- A1 Stable Upgrade Commercial Banks
Al Baraka Bank (Pakistan) Limited
27-06-2025 Sukuk 2 A+ --- Stable Upgrade Commercial Banks
House Building Finance Company Limited
27-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Pak Brunei Investment Company Limited
27-06-2025 Entity AA+ A1+ Stable Reaffirmed Development Finance Institutions
Adam Securities Limited
25-06-2025 BFR BFR2 --- Stable Reaffirmed Brokerage Firms
Madina Oil Refinery Limited
24-06-2025 Entity BBB A2 Stable Reaffirmed Vanaspati & Allied Industries
Muhammad Shafi Tanneries (Pvt) Ltd
24-06-2025 Entity BBB+ A2 Stable Reaffirmed Tanneries
Magnus Investments Limited
24-06-2025 Management Quality AM1 (IA) --- Stable Upgrade Asset Management Companies
Power Chemical Industries Limited
24-06-2025 Entity A- A2 Positive Maintained Chemical/Resins/Alkalis
Agriauto Stamping Company (Pvt) Limited
23-06-2025 Entity A- A2 Stable Reaffirmed Auto-Parts
Frontier Foundry Steel Limited
23-06-2025 Entity A A1 Stable Reaffirmed Steel Long
K-Electric Limited
23-06-2025 STS-32 --- A1+ --- Final Power Non Renewable Generation
JK Sugar Mills (Pvt) Limited
20-06-2025 Entity A- A2 Stable Upgrade Sugar & Allied Industries
Tech Sirat (Pvt) Limited
20-06-2025 Entity BBB+ A2 Stable Reaffirmed Miscellaneous Non-manufacturing
Sherman Securities (Private) Limited
19-06-2025 BMR BMR2 --- Stable Initial Brokerage Firms
Master Textile Mills Limited
19-06-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Amazon Mall (Pvt) Limited
19-06-2025 Entity A- A2 Stable Initial Constructions
Chase Securities Pakistan (Pvt) Limited
18-06-2025 BFR BFR3+ --- Stable Reaffirmed Brokerage Firms
Shahbaz Garments (Pvt) Limited
18-06-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Fortune Securities Limited
18-06-2025 BMR BMR2 --- Stable Reaffirmed Brokerage Firms
Trust Modaraba
18-06-2025 Entity BBB+ A2 Stable Reaffirmed Modarabas - Leasing
Alliance Sugar Mills Limited
17-06-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Insight Securities (Pvt) Ltd
16-06-2025 BMR BMR2 --- Stable Reaffirmed Brokerage Firms
Geo Entertainment Television (Pvt) Limited
13-06-2025 TFC AA- (plim) --- Stable Preliminary Miscellaneous Non-manufacturing
Mannan Shahid Forgings Limited
13-06-2025 Entity A A2 Stable Reaffirmed Engineering (Diversified)
Saya Weaving Mills (Pvt) Limited
12-06-2025 Entity A- A2 Stable Reaffirmed Textile Weaving
Multan Chemicals Limited
10-06-2025 Entity A- A1 Stable Initial Distribution & Trading
Shahtaj Sugar Mills Limited
05-06-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Premium Textile Mills Limited
03-06-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
Izhar Construction (Pvt) Limited
02-06-2025 Entity A A1 Stable Reaffirmed Constructions
Rafi Securities (Pvt) Limited
02-06-2025 BFR BFR3 --- Stable Initial Brokerage Firms
Sitara Chemical Industries Limited
02-06-2025 Entity A+ A2 Stable Reaffirmed Chemical/Resins/Alkalis
Mughal Iron & Steel Industries Limited
30-05-2025 Sukuk 5 AA- --- Stable Final Steel Long
Topline Securities Limited
29-05-2025 BFR BFR2 --- Stable Reaffirmed Brokerage Firms
Topline Securities Limited
29-05-2025 BMR BMR2++ --- Stable Reaffirmed Brokerage Firms
Staple Foods Private Limited
26-05-2025 Entity A A1 Stable Reaffirmed Rice Milling
Arif Habib Limited
26-05-2025 Entity AA- A1 Stable Maintained Brokerage Firms
Rural Community Development Programs
26-05-2025 Entity BBB+ A3 Stable Reaffirmed Micro Finance Institutions
Syntronics Limited
23-05-2025 Entity BBB+ A2 Stable Reaffirmed Paper & Board
DAMEN Support Programme
23-05-2025 Entity BBB- A3 Stable Reaffirmed Micro Finance Institutions
EMCO Industries Limited
23-05-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
Khalid Shafique Spinning Mills Limited
22-05-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
Century Paper & Board Mills Limited
22-05-2025 Entity AA- A1 Stable Reaffirmed Paper & Board
The Crescent Textile Mills Limited
21-05-2025 Entity A- A2 Negative Reaffirmed Textile Composite
Mehboob Steel Pipe Industry
21-05-2025 Entity BBB A2 Stable Reaffirmed Steel Pipes
Geo Entertainment Television (Pvt) Limited
21-05-2025 Entity A A2 Stable Initial Miscellaneous Non-manufacturing
Yunus Energy Limited
19-05-2025 Entity A+ A1 Stable Reaffirmed Power Renewable Energy
Feroze 1888 Mills Limited
19-05-2025 Entity AA- A1 Stable Reaffirmed Textile Composite
First Credit and Investment Bank Limited
16-05-2025 Entity A A1 Stable Upgrade Investment Companies
Deharki Sugar Mills (Pvt) Limited
16-05-2025 Entity A A2 Stable Reaffirmed Sugar & Allied Industries
JDW Sugar Mills Ltd
16-05-2025 Entity AA- A1 Stable Reaffirmed Sugar & Allied Industries
Integrated Equities Limited
14-05-2025 BFR BFR2 --- Stable Upgrade Brokerage Firms
Alpha Insurance Company Limited
14-05-2025 IFS A+ (IFS) --- Stable Reaffirmed General Insurance
Artistic Energy (Pvt) Ltd
12-05-2025 Entity A+ A1 Positive Maintained Power Renewable Energy
Ashraf Sugar Mills Limited
12-05-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Artistic Wind Power Pvt Ltd
12-05-2025 Entity A A2 Stable Reaffirmed Power Renewable Energy
LOLC Microfinance Bank Limited (Formerly: Pak Oman Microfinance Bank Limited)
12-05-2025 Entity A- A2 Stable Reaffirmed Micro Finance Institutions
Orient Electronics (Pvt) Limited
09-05-2025 Entity A- A2 Stable Maintained Electronics & Electrical Goods
Arshad Corporation (Pvt) Ltd
09-05-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Transsion Tecno Electronics (Pvt) Limited
07-05-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
Adam Sugar Mills Limited
07-05-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Suraj Cotton Mills Limited
07-05-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
International Textile Limited
06-05-2025 Entity A A2 Stable Reaffirmed Textile Composite
Best Fibres (Pvt) Ltd
06-05-2025 Entity A- A2 Positive Reaffirmed Textile Spinning
Mobilink Microfinance Bank Limited
05-05-2025 Entity A A1 Stable Reaffirmed Micro Finance Institutions
NRSP Micro Finance Bank Ltd
05-05-2025 Entity A- A2 Stable Reaffirmed Micro Finance Institutions
MRA Securities Limited
02-05-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Sindh Microfinance Bank Limited
30-04-2025 Entity A A1 Stable Reaffirmed Micro Finance Institutions
Halan Microfinance Bank Limited (Formerly: Advans Pakistan Microfinance Bank Ltd)
30-04-2025 Entity BBB A3 Positive Reaffirmed Micro Finance Institutions
Artistic Denim Mills Ltd
30-04-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Zephyr Power Limited
30-04-2025 Entity A+ A1 Stable Reaffirmed Power Renewable Energy
HBL Microfinance Bank Limited
30-04-2025 Entity A+ A1 Stable Reaffirmed Micro Finance Institutions
Muhammad Munir Muhammad Ahmed Khanani Securities Limited
29-04-2025 BMR BMR2 --- Negative Maintained Brokerage Firms
Ittehad Chemicals Limited
29-04-2025 Entity A- A2 Positive Maintained Chemical/Resins/Alkalis
Sherman Securities (Private) Limited
29-04-2025 BFR BFR3++ --- Stable Upgrade Brokerage Firms
Burj Clean Energy Modaraba
28-04-2025 Entity A A1 Stable Initial NBFC
Z.A Corporation (Pvt) Ltd
28-04-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
Kamal Limited
25-04-2025 Entity A A1 Stable Reaffirmed Textile Composite
Pakistan Mortgage Refinance Company
24-04-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Sitara Chemical Industries Limited
24-04-2025 Sukuk 1 AA- --- Stable Reaffirmed Chemical/Resins/Alkalis
Tower Power (Pvt) Limited
24-04-2025 Entity A- A2 Stable Reaffirmed Technology & Communication
CSC Empowerment & Inclusion Programme (MFI)
23-04-2025 Entity BBB- A3 Stable Reaffirmed Micro Finance Institutions
Tariq Corporation Limited
23-04-2025 Entity BBB A3 Stable Reaffirmed Sugar & Allied Industries
Darson Securities (Pvt) Limited
22-04-2025 BFR BFR3+ --- Stable Reaffirmed Brokerage Firms
Umar Spinning Mills (Pvt) Limited
22-04-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
Two Star Industries (Pvt) Limited
21-04-2025 Entity BBB+ A2 Negative Maintained Sugar & Allied Industries
Lucky Knits (Pvt) Limited
18-04-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Shahkam Industries (Pvt) Ltd
18-04-2025 Entity A- A2 Stable Initial Textile Composite
Ali Gohar & Company (Pvt) Ltd
17-04-2025 Entity A A2 Stable Reaffirmed Distribution & Trading
Haleeb Foods Limited
17-04-2025 Entity A A1 Stable Upgrade Dairy Products
Zoom Petroleum (Pvt) Limited
17-04-2025 Entity BBB- A3 Stable Reaffirmed Oil Marketing Companies
Zoom Marketing Oils (Pvt) Limited
17-04-2025 Entity BBB- A3 Positive Reaffirmed Oil Marketing Companies
Biotech Energy (Pvt) Limited
16-04-2025 Entity A A1 Stable Reaffirmed Oil & Gas Exploration
Fatima Sugar Mills Limited
16-04-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Ahmed Oriental Textile Mills Limited
15-04-2025 Entity A- A2 Stable Maintained Textile Spinning
Al-Karam Textile Mills (Pvt) Limited
15-04-2025 Entity A A2 Stable Reaffirmed Textile Composite
Gohar Textile Mills (Pvt) Ltd
15-04-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Image Pakistan Limited
15-04-2025 Entity A- A2 Stable Initial Apparels
FDM Capital Securities (Pvt) Ltd
15-04-2025 BMR BMR3++ --- Stable Reaffirmed Brokerage Firms
FDM Capital Securities (Pvt) Ltd
15-04-2025 BFR BFR3 --- Stable Reaffirmed Brokerage Firms
Arshad Textile Mills Limited
15-04-2025 Entity BBB- A2 Stable Reaffirmed Textile Spinning
Faran Sugar Mills Limited
11-04-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Nadeem Textile Mills Limited
11-04-2025 Entity BBB+ A3 Negative Downgrade Textile Spinning
Foundation Securities (Pvt) Limited
10-04-2025 Entity A A2 Stable Reaffirmed Brokerage Firms
Etihad Sugar Mills Limited
09-04-2025 Entity A A2 Stable Reaffirmed Sugar & Allied Industries
Shifa International Hospitals Limited
07-04-2025 Entity AA- A1 Positive Maintained Medical Services
Asian Food Industries Limited
07-04-2025 Entity A- A2 Stable Reaffirmed Food & Allied
HBL Total Treasure Exchange Traded Fund
28-03-2025 Fund Stability AA- (f) --- --- Initial Mutual Funds - Open End
Towellers Limited
28-03-2025 Entity A A1 Stable Maintained Textile Composite
Veda Transit Solutions (Pvt.) Limited
28-03-2025 Entity D --- --- Default Transport
FFBL Power Company Ltd
27-03-2025 Entity AA A1 Stable Upgrade Power Non Renewable Generation
Olympia Oils (Pvt) Limited
26-03-2025 Entity A- A2 Stable Reaffirmed Vanaspati & Allied Industries
Sinolink REIT Management Company Limited
24-03-2025 Management Quality AM3 (RMC) --- Stable Initial Asset Management Companies
Novatex Limited
20-03-2025 Entity AA A1+ Stable Maintained Chemical/Resins/Alkalis
Union Apparel (Pvt) Ltd
20-03-2025 Entity A- A2 Rating Watch - Developing Maintained Textile Weaving
Union Fabrics (Pvt) Ltd
20-03-2025 Entity A- A2 Rating Watch - Developing Maintained Textile Weaving
Garibsons (Pvt) Ltd.
19-03-2025 Entity A A2 Stable Reaffirmed Rice Milling
IMAGE REIT
19-03-2025 REIT Rating RFR3(hr) --- Stable Initial REIT Rating
Pakistan Reinsurance Company Limited
19-03-2025 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
Zaman Textile Mills (Pvt) Limited
12-03-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
Alpha Capital (Pvt) Limited
11-03-2025 BFR BFR3 --- Stable Reaffirmed Brokerage Firms
Naveena Industries Limited
10-03-2025 Entity A- A2 Stable Reaffirmed Textile Weaving
EFU Life Assurance Limited
06-03-2025 IFS AA++ (IFS) --- Stable Reaffirmed Life Insurance
Shafi Lifestyle (Pvt) Ltd
06-03-2025 Entity A- A2 Stable Reaffirmed Leather Products
Askari General Insurance Company Limited
06-03-2025 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
The Co-operative Insurance Society of Pakistan Limited
05-03-2025 IFS BB+ (IFS) --- Stable Reaffirmed General Insurance
Lucky Core Industries Limited (Formerly ICI Pakistan Limited)
05-03-2025 Entity AA A1+ Positive Maintained Chemical/Resins/Alkalis
HBL Money Market Fund
03-03-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
HBL Islamic Money Market Fund
03-03-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
HBL Islamic Income Fund
03-03-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
HBL Income Fund
03-03-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
HBL Government Securities Fund
03-03-2025 Fund Stability AA- (f) --- --- Reaffirmed Mutual Funds - Open End
HBL Cash Fund
03-03-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
HBL Financial Sector Income Fund Plan-II (Under HBL Financial Sector Income Fund)
03-03-2025 Fund Stability AA- (f) --- --- Initial Mutual Funds - Open End
HBL Financial Sector Income Fund Plan-I (Under HBL Financial Sector Income Fund)
03-03-2025 Fund Stability A+(f) --- --- Initial Mutual Funds - Open End
Mughal Energy Limited
26-02-2025 Sukuk 1 A+ (plim) --- Stable Preliminary Power Non Renewable Generation
IGI General Insurance Limited
26-02-2025 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
Kausar Ghee Mills (Pvt) Limited
25-02-2025 Entity A A1 Stable Upgrade Vanaspati & Allied Industries
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited)
24-02-2025 Entity A+ A1 Stable Reaffirmed Power Non Renewable Generation
Adam Securities Limited
21-02-2025 Entity A- A2 Positive Reaffirmed Brokerage Firms
EFU General Insurance Limited
19-02-2025 IFS AA++ (IFS) --- Stable Reaffirmed General Insurance
Bhimra Textile Mills (Pvt) Limited
18-02-2025 Entity BBB+ A2 Stable Upgrade Textile Spinning
HKB Retail (SMC-Pvt) Limited
18-02-2025 Entity A- A3 Stable Reaffirmed Miscellaneous Non-manufacturing
Unity Foods Limited
13-02-2025 Entity A A2 Negative Reaffirmed Vanaspati & Allied Industries
Sazgar Engineering Works Limited
12-02-2025 Entity A A1 Positive Upgrade Automotive Assemblers
Globe Residency - REIT
12-02-2025 REIT Rating RFR2(dr) --- Stable Reaffirmed REIT Rating
Next Capital Limited
10-02-2025 BMR BMR2++ --- Stable Reaffirmed Brokerage Firms
Dolmen (Pvt) Limited
10-02-2025 Entity A- A2 Stable Reaffirmed Constructions
Jubilee Life Insurance Company Limited
10-02-2025 IFS AA++ (IFS) --- Stable Reaffirmed Life Insurance
TS Securities (Pvt) Limited
10-02-2025 BFR BFR3 --- Stable Initial Brokerage Firms
Meezan Sovereign Fund
06-02-2025 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Millac Food (Pvt) Limited
06-02-2025 Entity A- A2 Stable Initial Dairy Products
Blessed Textiles Ltd
06-02-2025 Entity A A1 Stable Reaffirmed Textile Composite
Faisal Spinning Mills Ltd
06-02-2025 Entity A A1 Stable Reaffirmed Textile Composite
Jubilee General Insurance Company Limited
04-02-2025 IFS AA++ (IFS) --- Stable Reaffirmed General Insurance
Maple Leaf Capital Limited
04-02-2025 Entity A A1 Stable Upgrade Miscellaneous Non-manufacturing
Master Changan Motors Limited
31-01-2025 Entity A- A2 Positive Maintained Automotive Assemblers
Reliance Insurance Company Limited
31-01-2025 IFS A+ (IFS) --- Stable Reaffirmed General Insurance
Bhanero Textile Mills Ltd
30-01-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Multiline Securities Limited
28-01-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
The Imperial Electric Company (Pvt) Limited
27-01-2025 Entity A- A2 Stable Maintained Electronics & Electrical Goods
Pak Telecom Mobile Limited
27-01-2025 Entity AA- A1 Stable Reaffirmed Technology & Communication
Highnoon Laboratories Ltd
24-01-2025 Entity A+ A1 Positive Reaffirmed Pharmaceuticals
Kot Addu Power Company Limited
24-01-2025 Entity A+ A1 Stable Maintained Power Non Renewable Generation
K-Electric Limited
23-01-2025 Sukuk 6 AA+ --- Stable Reaffirmed Power Non Renewable Generation
K-Electric Limited
23-01-2025 Sukuk 5 AA+ --- Stable Reaffirmed Power Non Renewable Generation
K-Electric Limited
23-01-2025 Entity AA A1+ Stable Reaffirmed Power Non Renewable Generation
NIT Islamic Money Market Fund
22-01-2025 Fund Stability AAA (f) --- --- Reaffirmed Mutual Funds - Open End
UBL Insurers Limited
21-01-2025 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
Cyan Limited
20-01-2025 Entity A A1 Stable Reaffirmed NBFC
BBJ Pipe Industries Limited
20-01-2025 Entity BBB+ A2 Stable Update Steel Pipes
Treet Corporation Limited
20-01-2025 Entity A- A2 Stable Reaffirmed Miscellaneous Manufacturing
Sui Northern Gas Pipelines Limited
20-01-2025 Entity AA+ A1+ Stable Reaffirmed Natural Gas Transmission
Dairyland (Pvt) Limited
17-01-2025 Entity A- A2 Positive Reaffirmed Dairy Products
Associated Technologies (Pvt) Limited
17-01-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
First Paramount Modaraba
16-01-2025 Entity BBB A3 Stable Reaffirmed Modarabas - Leasing
Pearl Securities Limited
16-01-2025 BFR BFR3 --- Stable Initial Brokerage Firms
AA Spinning Mills Limited
15-01-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd
14-01-2025 Entity A- A2 Stable Reaffirmed Constructions
Shirazi Investments (Pvt) Limited
13-01-2025 Entity AA A1+ Stable Reaffirmed Miscellaneous Non-manufacturing
Pakistan Telecommunication Company Limited
10-01-2025 Entity AAA A1+ Stable Reaffirmed Technology & Communication
Arif Habib Dolmen REIT Management Limited
10-01-2025 Management Quality AM2 +(RMC) --- Stable Reaffirmed Asset Management Companies
Al Ameen Islamic Sovereign Fund
09-01-2025 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Al Ameen Islamic Cash Fund
09-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
Al Ameen Islamic Aggressive Income Fund
09-01-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
UBL Growth & Income Fund
09-01-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
UBL Government Securities Fund
09-01-2025 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
UBL Fund Managers Limited
09-01-2025 Management Quality AM1 --- Stable Reaffirmed Asset Management Companies
UBL Income Opportunity Fund
09-01-2025 Fund Stability AA- (f) --- --- Reaffirmed Mutual Funds - Open End
UBL Liquidity Plus Fund
09-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
UBL Money Market Fund
09-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited)
07-01-2025 Entity A A2 Positive Maintained Power Renewable Energy
Matco Foods Limited
06-01-2025 Entity BBB+ A2 Stable Reaffirmed Rice Milling
Meezan Rozana Amdani Fund
06-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
Meezan Islamic Income Fund
06-01-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
Meezan Daily Income Plan-I
06-01-2025 Fund Stability AA- (f) --- --- Upgrade Mutual Funds - Open End
Meezan Cash Fund
06-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
NIT Social Impact Fund
03-01-2025 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
Alfalah Asset Management Limited
02-01-2025 Management Quality AM1 --- Stable Reaffirmed Asset Management Companies
Askari Sovereign Yield Enhancer
02-01-2025 Fund Stability AA- (f) --- --- Reaffirmed Mutual Funds - Open End
Askari Cash Fund
02-01-2025 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited)
02-01-2025 Entity A A2 Stable Reaffirmed Power Renewable Energy
National Investment Trust Limited
01-01-2025 Management Quality AM1 --- Stable Reaffirmed Asset Management Companies
Security General Insurance Company Limited
31-12-2024 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
HBL- Asset Management Limited
31-12-2024 Management Quality AM1 --- Stable Reaffirmed Asset Management Companies
Al-Meezan Investment Management Limited
31-12-2024 Management Quality AM1 --- Stable Reaffirmed Asset Management Companies
Century Insurance Company Limited
31-12-2024 IFS AA (IFS) --- Stable Reaffirmed General Insurance
Bunny's Limited
31-12-2024 Entity A- A2 Negative Maintained Food & Allied
Faizan Steel
30-12-2024 Entity BBB+ A2 Stable Reaffirmed Steel Long
Hi-Tech Lubricants Limited
30-12-2024 Entity A- A2 Stable Reaffirmed Oil Marketing Companies
Asher Imran Spinning Mills (Pvt) Limited
30-12-2024 Entity A- A2 Stable Reaffirmed Textile Spinning
Faysal Islamic Savings Growth Fund
27-12-2024 Fund Stability A+(f) --- --- Reaffirmed Mutual Funds - Open End
Faysal Cash Fund
27-12-2024 Fund Stability AA+(f) --- --- Reaffirmed Mutual Funds - Open End
Faysal Islamic Cash Fund
27-12-2024 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Shadab Textile Mills Limited
27-12-2024 Entity A- A2 Stable Maintained Textile Spinning
AL Habib Money Market Fund
27-12-2024 Fund Stability AAA (f) --- --- Upgrade Mutual Funds - Open End
AL Habib Cash Fund (formerly First Habib Cash Fund)
27-12-2024 Fund Stability AAA (f) --- --- Upgrade Mutual Funds - Open End
Chubb Insurance Pakistan Limited
26-12-2024 IFS AA+ (IFS) --- Stable Reaffirmed General Insurance
JK Dairies (Pvt) Limited
24-12-2024 Entity BBB+ A2 Stable Reaffirmed Dairy Products
Pak-Gulf Leasing Company Limited
24-12-2024 Entity A- A2 Stable Reaffirmed Leasing Companies
Power Cement Ltd
23-12-2024 Entity A- A2 Stable Reaffirmed Cement
Aisha Steel Mills Limited
23-12-2024 Entity BBB+ A2 Stable Reaffirmed Steel Flat
Sadaqat Limited
19-12-2024 Entity A A2 Stable Reaffirmed Textile Composite
Servo Motor Oil (Pvt) Limited
19-12-2024 Entity BBB A2 Stable Reaffirmed Oil Marketing Companies
GoldFin Limited
19-12-2024 Entity A- A2 Stable Initial NBFC
AKIK Capital (Pvt) Ltd
19-12-2024 BMR BMR3 --- Stable Reaffirmed Brokerage Firms
Thal Limited
18-12-2024 Entity AA A1+ Stable Reaffirmed Auto-Parts
Crescent Steel & Allied Products Limited
17-12-2024 Entity A- A2 Stable Reaffirmed Steel Pipes
Citi Pharma Limited
16-12-2024 Entity A A1 Stable Initial Pharmaceuticals
Pakistan Kuwait Investment Company (Pvt) Limited
13-12-2024 CGR CGR 9+ --- --- Reaffirmed Development Finance Institutions
Thal Power (Pvt) Limited
12-12-2024 Entity AA A1+ Stable Reaffirmed Power Non Renewable Generation
Pakistan State Oil Company Limited
12-12-2024 Entity AA+ A1+ Stable Reaffirmed Oil Marketing Companies
Zephyr Textiles Limited
11-12-2024 Entity BBB+ A2 Stable Maintained Textile Weaving
H.A Fibres (Pvt) Limited
10-12-2024 Entity A A2 Stable Upgrade Textile Spinning
Gadoon Textile Mills Limited
09-12-2024 Entity A+ A1 Stable Reaffirmed Textile Composite
International Packaging Films Ltd
09-12-2024 Entity A A1 Stable Reaffirmed Packaging Material
Akram Cotton Mills Limited
06-12-2024 Entity BBB A2 Stable Reaffirmed Textile Spinning
National Power Parks Management Company (Pvt) Limited
06-12-2024 Entity AA+ A1+ Stable Maintained Power Non Renewable Generation
Shields REIT Management Company Limited
05-12-2024 Management Quality AM4 +(RMC) --- Stable Reaffirmed Asset Management Companies
Swat Expressway Planning Construction and Operations (Pvt) Limited
05-12-2024 Entity A- A2 Stable Reaffirmed Constructions
Oil & Gas Development Company Limited
04-12-2024 Entity AAA A1+ Stable Reaffirmed Oil & Gas Exploration
Sohail Textile Mills Limited
02-12-2024 Entity BBB- A2 Stable Reaffirmed Textile Spinning
Lucky Textile Mills Limited
02-12-2024 Entity AA- A1+ Stable Upgrade Textile Composite
Dolmen City REIT
02-12-2024 REIT Rating AAA (rr) --- Stable Reaffirmed REIT Rating
Next Capital Limited
28-11-2024 Entity A- A2 Stable Reaffirmed Brokerage Firms
Pakistan Currency Exchange Company (Private) Limited
28-11-2024 Entity A- A2 Stable Reaffirmed Exchange Company
Agriauto Industries Limited
26-11-2024 Entity A- A1 Stable Reaffirmed Auto-Parts
Nishat Chunian Power Limited
25-11-2024 Entity A+ A2 Stable Reaffirmed Power Non Renewable Generation
Topline Securities Limited
25-11-2024 Entity A A1 Stable Reaffirmed Brokerage Firms
CBM Plastics (Pvt) Limited
22-11-2024 Entity BBB+ A2 Positive Maintained Plastic Products
Oil Industries Pakistan Limited
21-11-2024 Entity A- A2 Stable Reaffirmed Oil Marketing Companies
Fast Cables Limited
21-11-2024 Entity A A2 Stable Upgrade Cables & Conductors
Malir Expressway Limited
20-11-2024 Entity A- A2 Stable Reaffirmed Constructions
Pakistan Cables Limited
20-11-2024 Entity A A1 Negative Reaffirmed Cables & Conductors
Sachal Engineering Works (Pvt) Limited
18-11-2024 Entity A- A2 Stable Reaffirmed Constructions
Mughal Iron & Steel Industries Limited
18-11-2024 Sukuk 1 A+ --- Stable Reaffirmed Steel Long
Mughal Iron & Steel Industries Limited
18-11-2024 Entity A+ A1 Stable Reaffirmed Steel Long
Indus Motor Company Ltd
15-11-2024 Entity AA+ A1+ Stable Reaffirmed Automotive Assemblers
Golden Harvest Foods (Pvt) Limited
14-11-2024 Entity BBB+ A2 Stable Reaffirmed Food & Allied
Noventa Pharma (Private) Limited
13-11-2024 Entity A A2 Stable Initial Pharmaceuticals
Shahtaj Textile Limited
13-11-2024 Entity A- A2 Stable Reaffirmed Textile Weaving
Sindh Modaraba
13-11-2024 Entity A+ A1 Stable Reaffirmed Modarabas - Leasing
Ranipur Sugar Mills (Pvt) Limited
12-11-2024 Entity A- A2 Stable Initial Sugar & Allied Industries
Allied Bank Limited - CGR
11-11-2024 CGR CGR 9++ --- --- Reaffirmed Commercial Banks
Lucky Cement Limited
08-11-2024 Entity AA+ A1+ Stable Reaffirmed Cement
BMA Capital Management Limited
08-11-2024 BFR BFR2 --- Stable Upgrade Brokerage Firms
Kohinoor Mills Limited
08-11-2024 Entity BBB+ A2 Stable Maintained Textile Composite
Gujranwala Electric Power Company
07-11-2024 Entity AA- A1 Stable Initial Power Non Renewable Generation
Metco Textile (Pvt) Limited
06-11-2024 Entity A- A2 Stable Maintained Textile Spinning
OBS Pakistan (Pvt) Limited
05-11-2024 Sukuk 2 A+ --- Stable Reaffirmed Pharmaceuticals
OBS Pakistan (Pvt) Limited
05-11-2024 Sukuk 1 A+ --- Stable Reaffirmed Pharmaceuticals
OBS Pakistan (Pvt) Limited
05-11-2024 Entity A A2 Stable Reaffirmed Pharmaceuticals
Aspin Pharma (Pvt) Limited
04-11-2024 Entity A A1 Stable Reaffirmed Pharmaceuticals
Optimus Limited
04-11-2024 Entity BBB+ A2 Stable Reaffirmed Miscellaneous Non-manufacturing
Next Capital Limited
31-10-2024 BFR BFR2 --- Stable Reaffirmed Brokerage Firms
Devsinc (Pvt) Limited
31-10-2024 Entity BBB+ A2 Stable Initial Miscellaneous Non-manufacturing
OBS AGP (Pvt) Limited
31-10-2024 Sukuk 1 A+ --- Stable Reaffirmed Pharmaceuticals
OBS AGP (Pvt) Limited
31-10-2024 Entity A A1 Stable Reaffirmed Pharmaceuticals
International Steels Limited
29-10-2024 Entity A+ A1 Stable Reaffirmed Steel Flat
Faysal Government Securities Fund
28-10-2024 Fund Stability AA(f) --- --- Reaffirmed Mutual Funds - Open End
Indus Dyeing & Manufacturing Co Limited
25-10-2024 Entity A+ A1 Stable Reaffirmed Textile Spinning
Sunrays Textile Mills Limited
25-10-2024 Entity A- A1 Stable Reaffirmed Textile Spinning
Indus Lyallpur Limited
25-10-2024 Entity A- A2 Stable Reaffirmed Textile Spinning
International Industries Limited
22-10-2024 Entity AA- A1 Stable Reaffirmed Steel Pipes
Indus Sugar Mills Limited
16-10-2024 Entity A- A1 Stable Reaffirmed Sugar & Allied Industries
Javedan Corporation Ltd.
09-10-2024 Sukuk 1 AA- --- Stable Reaffirmed Constructions
Sapphire Textile Mills Limited
07-10-2024 Entity A+ A1 Stable Reaffirmed Textile Composite
OBS Pharma (Pvt) Limited
23-09-2024 BLR A+ (blr) --- Stable Reaffirmed Pharmaceuticals
Faysal Asset Management Limited
10-09-2024 Management Quality AM1 --- Stable Upgrade Asset Management Companies
Al-Karam Textile Mills (Pvt) Limited
27-08-2024 Sukuk 1 A --- Stable Final Textile Composite
Shahmurad Sugar Mills Ltd
26-08-2024 Entity A A2 Positive Maintained Sugar & Allied Industries
U Microfinance Bank Limited
10-06-2024 TFC-2 A- --- Stable Reaffirmed Micro Finance Institutions
U Microfinance Bank Limited
10-06-2024 Entity A+ A1 Stable Reaffirmed Micro Finance Institutions