Ratings
Name Date Rating Type Long Term Short Term Outlook/
Rating Watch		 Action Sector
AA Spinning Mills Limited
15-01-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
ABHI Microfinance Bank (formerly FINCA Microfinance Bank Limited)
03-09-2025 Entity A- A2 Rating Watch - Developing Note Micro Finance Institutions
Adam Securities Limited
21-02-2025 Entity A- A2 Positive Reaffirmed Brokerage Firms
Adam Sugar Mills Limited
07-05-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
AGI Denim
03-09-2025 Entity --- --- --- Suspended Textile Composite
Agriauto Industries Limited
26-11-2024 Entity A- A1 Stable Reaffirmed Auto-Parts
Agriauto Stamping Company (Pvt) Limited
23-06-2025 Entity A- A2 Stable Reaffirmed Auto-Parts
Agro Processors and Atmospheric Gases Limited
11-09-2024 Entity BBB+ A2 Stable Upgrade Vanaspati & Allied Industries
Ahmed Oriental Textile Mills Limited
15-04-2025 Entity A- A2 Stable Maintained Textile Spinning
Aisha Steel Mills Limited
23-12-2024 Entity BBB+ A2 Stable Reaffirmed Steel Flat
AJ Power (Pvt) Ltd
12-09-2025 Entity A+ A2 Stable Reaffirmed Power Renewable Energy
AKD Securities Limited
29-07-2025 Entity AA- A1 Stable Reaffirmed Brokerage Firms
Akhtar Textile Industries (Pvt) Ltd
10-09-2025 Entity A A1 Stable Upgrade Textile Composite
Akram Cotton Mills Limited
06-12-2024 Entity BBB A2 Stable Reaffirmed Textile Spinning
Al Baraka Bank (Pakistan) Limited
27-06-2025 Entity AA- A1 Stable Upgrade Commercial Banks
Al Feroz (Private) Limited
01-07-2025 Entity A+ A1 Stable Initial Constructions
Al Karam Towel Industries (Pvt) Ltd
11-09-2025 Entity A- A2 Stable Under Review Textile Composite
Al-Ghazi Tractors Ltd.
03-10-2024 Entity A+ A1 Stable Reaffirmed Automotive Assemblers
Al-Karam Textile Mills (Pvt) Limited
15-04-2025 Entity A A2 Stable Reaffirmed Textile Composite
Al-Noor Sugar Mills Ltd.
08-09-2025 Entity A- A2 Stable Under Review Sugar & Allied Industries
Ali Gohar & Company (Pvt) Ltd
17-04-2025 Entity A A2 Stable Reaffirmed Distribution & Trading
Alliance Sugar Mills (Pvt) Limited
17-06-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Almoiz Industries Ltd
17-09-2025 Entity A A2 Stable Under Review Sugar & Allied Industries
Amazon Mall (Pvt) Limited
19-06-2025 Entity A- A2 Stable Initial Constructions
Amna Industries (Pvt) Limited
20-05-2025 Entity --- --- --- Suspended Textile Composite
Ana & Batla Industries (Pvt) Ltd
29-08-2025 Entity BBB+ A2 Stable Upgrade Miscellaneous Manufacturing
Archroma Pakistan Ltd
04-09-2025 Entity AA A1 Negative Under Review Chemical/Resins/Alkalis
Arif Habib Limited
26-05-2025 Entity AA- A1 Stable Maintained Brokerage Firms
Arshad Corporation (Pvt) Ltd
09-05-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Arshad Textile Mills Limited
15-04-2025 Entity BBB- A2 Stable Reaffirmed Textile Spinning
Artistic Denim Mills Ltd
30-04-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Artistic Energy (Pvt) Ltd
12-05-2025 Entity A+ A1 Positive Maintained Power Renewable Energy
Artistic Wind Power Pvt Ltd
12-05-2025 Entity A A2 Stable Reaffirmed Power Renewable Energy
Asher Imran Spinning Mills (Pvt) Limited
30-12-2024 Entity A- A2 Stable Reaffirmed Textile Spinning
Ashraf Sugar Mills Limited
12-05-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Asian Food Industries Limited
07-04-2025 Entity A- A2 Stable Reaffirmed Food & Allied
Aspin Pharma (Pvt) Limited
04-11-2024 Entity A A1 Stable Reaffirmed Pharmaceuticals
Associated Technologies (Pvt) Limited
17-01-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
At-Tahur Limited
14-07-2025 Entity A- A2 Stable Reaffirmed Dairy Products
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited)
07-01-2025 Entity A A2 Positive Maintained Power Renewable Energy
Bank Makramah Limited (Formerly:Summit Bank Limited)
22-09-2025 Entity --- --- --- Note Commercial Banks
BBJ Pipe Industries Limited
20-01-2025 Entity BBB+ A2 Stable Update Steel Pipes
Best Fibres (Pvt) Ltd
06-05-2025 Entity A- A2 Positive Reaffirmed Textile Spinning
Bhanero Textile Mills Ltd
30-01-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Bhimra Textile Mills (Pvt) Limited
18-02-2025 Entity BBB+ A2 Stable Upgrade Textile Spinning
Biotech Energy (Pvt) Limited
16-04-2025 Entity A A1 Stable Reaffirmed Oil & Gas Exploration
Bismillah Textiles (Private) Limited
28-10-2024 Entity A- A2 Stable Upgrade Textile Composite
Blessed Textiles Ltd
06-02-2025 Entity A A1 Stable Reaffirmed Textile Composite
BMA Capital Management Limited
08-08-2025 Entity A A2 Stable Upgrade Brokerage Firms
Brentwood Hospitality (Pvt) Limited
01-07-2025 Entity A- A2 Stable Initial Hotels
BSP Foods (Private) Limited (Formerly: Bismillah Sehla Processing Plant (Pvt.) Limited)
22-08-2025 Entity BBB+ A2 Stable Update Rice Milling
Bunny's Limited
31-12-2024 Entity A- A2 Negative Maintained Food & Allied
Burj Clean Energy Modaraba
28-04-2025 Entity A A1 Stable Initial NBFC
CBM Plastics (Pvt) Limited
22-11-2024 Entity BBB+ A2 Positive Maintained Plastic Products
Century Paper & Board Mills Limited
22-05-2025 Entity AA- A1 Stable Reaffirmed Paper & Board
Chashma Sugar Mills Ltd
15-09-2025 Entity A- A2 Stable Under Review Sugar & Allied Industries
Citi Pharma Limited
16-12-2024 Entity A A1 Stable Initial Pharmaceuticals
Comfort Knitwears (Pvt) Ltd
19-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Crescent Bahuman Limited
27-06-2025 Entity A- A2 Stable Maintained Textile Composite
Crescent Steel & Allied Products Limited
17-12-2024 Entity A- A2 Stable Reaffirmed Steel Pipes
CSC Empowerment & Inclusion Programme (MFI)
23-04-2025 Entity BBB- A3 Stable Reaffirmed Micro Finance Institutions
Cyan Limited
20-01-2025 Entity A A1 Stable Reaffirmed NBFC
Dairyland (Pvt) Limited
17-01-2025 Entity A- A2 Positive Reaffirmed Dairy Products
DAMEN Support Programme
23-05-2025 Entity BBB- A3 Stable Reaffirmed Micro Finance Institutions
Darson Securities (Pvt) Limited
08-09-2025 Entity BBB+ A2 Stable Under Review Brokerage Firms
Deharki Sugar Mills (Pvt) Limited
16-05-2025 Entity A A2 Stable Reaffirmed Sugar & Allied Industries
Devsinc (Pvt) Limited
31-10-2024 Entity BBB+ A2 Stable Initial Miscellaneous Non-manufacturing
Digital World Pakistan (Pvt) Limited
18-07-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
Dolmen (Pvt) Limited
10-02-2025 Entity A- A2 Stable Reaffirmed Constructions
Dubai Islamic Bank Pakistan Ltd
30-06-2025 Entity AA A1+ Positive Maintained Commercial Banks
DWP Technologies (Pvt) Limited
18-07-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
Dynamic Sportswear (Pvt) Limited
28-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
EMCO Industries Limited
23-05-2025 Entity A- A2 Stable Reaffirmed Engineering (Diversified)
Enertech Water (Pvt) Limited
11-09-2025 Entity AA A1 Stable Reaffirmed Constructions
Engro Enfrashare (Pvt) Ltd
15-09-2025 Entity A- A2 Positive Maintained Technology & Communication
Engro Powergen Qadirpur Limited
17-09-2025 Entity AA- A1 Stable Under Review Power Non Renewable Generation
Etihad Sugar Mills Limited
09-04-2025 Entity A A2 Stable Reaffirmed Sugar & Allied Industries
Everfresh Farms (Pvt) Limited
02-09-2025 Entity --- --- --- Suspended Dairy Products
Faisal Spinning Mills Ltd
06-02-2025 Entity A A1 Stable Reaffirmed Textile Composite
Faisalabad Oil Refinery (Pvt) Limited
16-09-2025 Entity A- A2 Stable Reaffirmed Vanaspati & Allied Industries
Faizan Steel
30-12-2024 Entity BBB+ A2 Stable Reaffirmed Steel Long
Faran Sugar Mills Limited
11-04-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Fast Cables Limited
21-11-2024 Entity A A2 Stable Upgrade Cables & Conductors
Fatima Fertilizer Company Limited
11-08-2025 Entity AA+ A1+ Stable Reaffirmed Fertilizers
Fatima Sugar Mills Limited
16-04-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Faysal Bank Limited
30-06-2025 Entity AA+ A1+ Stable Upgrade Commercial Banks
Feroze 1888 Mills Limited
19-05-2025 Entity AA- A1 Stable Reaffirmed Textile Composite
FFBL Power Company Ltd
27-03-2025 Entity AA A1 Stable Upgrade Power Non Renewable Generation
First Credit and Investment Bank Limited
16-05-2025 Entity A A1 Stable Upgrade Investment Companies
First Paramount Modaraba
16-01-2025 Entity BBB A3 Stable Reaffirmed Modarabas - Leasing
Foundation Securities (Pvt) Limited
10-04-2025 Entity A A2 Stable Reaffirmed Brokerage Firms
Frontier Foundry Steel Limited
23-06-2025 Entity A A1 Stable Reaffirmed Steel Long
Gadoon Textile Mills Limited
09-12-2024 Entity A+ A1 Stable Reaffirmed Textile Composite
Gamalux Oleochemicals Limited
29-08-2025 Entity A- A2 Stable Under Review Chemical/Resins/Alkalis
Garibsons (Pvt) Ltd.
19-03-2025 Entity A A2 Stable Reaffirmed Rice Milling
Gatron (Industries) Limited
08-07-2025 Entity A- A2 Stable Reaffirmed Yarn (Synthetic)
Geo Entertainment Television (Pvt) Limited
21-05-2025 Entity A A2 Stable Initial Miscellaneous Non-manufacturing
Gharo Solar Ltd
07-10-2025 Entity A+ A1 Stable Under Review Power Renewable Energy
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited
04-08-2025 Entity A A2 Stable Under Review Constructions
Gohar Textile Mills (Pvt) Ltd
15-04-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Golden Harvest Foods (Pvt) Limited
14-11-2024 Entity BBB+ A2 Stable Reaffirmed Food & Allied
GoldFin Limited
19-12-2024 Entity A- A2 Stable Initial NBFC
Growth Securities (Pvt) Limited
07-10-2024 Entity A- A2 Stable Maintained Brokerage Firms
Gujranwala Electric Power Company
07-11-2024 Entity AA- A1 Stable Initial Power Non Renewable Generation
H.A Fibres (Pvt) Limited
10-12-2024 Entity A A2 Stable Upgrade Textile Spinning
Habib Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Halan Microfinance Bank Limited (Formerly: Advans Pakistan Microfinance Bank Ltd)
30-04-2025 Entity BBB A3 Positive Reaffirmed Micro Finance Institutions
Haleeb Foods Limited
17-04-2025 Entity A A1 Stable Upgrade Dairy Products
HBL Microfinance Bank Limited
30-04-2025 Entity A+ A1 Stable Reaffirmed Micro Finance Institutions
Hi-Tech Lubricants Limited
30-12-2024 Entity A- A2 Stable Reaffirmed Oil Marketing Companies
Highnoon Laboratories Ltd
24-01-2025 Entity A+ A1 Positive Reaffirmed Pharmaceuticals
HKB Retail (SMC-Pvt) Limited
18-02-2025 Entity A- A3 Stable Reaffirmed Miscellaneous Non-manufacturing
House Building Finance Company Limited
27-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Image Pakistan Limited
15-04-2025 Entity A- A2 Stable Initial Apparels
Indigo Textile (Pvt) Limited
10-09-2025 Entity A A1 Stable Reaffirmed Textile Composite
Indus Dyeing & Manufacturing Co Limited
25-10-2024 Entity A+ A1 Stable Reaffirmed Textile Spinning
Indus Home Limited
07-08-2025 Entity A- A2 Negative Maintained Textile Composite
Indus Lyallpur Limited
25-10-2024 Entity A- A2 Stable Reaffirmed Textile Spinning
Indus Motor Company Ltd
15-11-2024 Entity AA+ A1+ Stable Reaffirmed Automotive Assemblers
Indus Sugar Mills Limited
16-10-2024 Entity A- A1 Stable Reaffirmed Sugar & Allied Industries
Indus Wind Energy Limited
10-09-2024 Entity A A2 Stable Reaffirmed Power Renewable Energy
Insight Securities (Pvt) Ltd
22-09-2025 Entity BBB+ A2 Stable Under Review Brokerage Firms
Integrated Equities Limited
17-09-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Interloop Limited
04-08-2025 Entity AA- A1 Stable Reaffirmed Apparels
International Industries Limited
22-10-2024 Entity AA- A1 Stable Reaffirmed Steel Pipes
International Packaging Films Ltd
09-12-2024 Entity A A1 Stable Reaffirmed Packaging Material
International Steels Limited
29-10-2024 Entity A+ A1 Stable Reaffirmed Steel Flat
International Textile Limited
06-05-2025 Entity A A2 Stable Reaffirmed Textile Composite
Ittefaq Agro Industries (Pvt) Limited
02-10-2025 Entity --- --- --- Suspended Vanaspati & Allied Industries
Ittehad Chemicals Limited
29-04-2025 Entity A- A2 Positive Maintained Chemical/Resins/Alkalis
Izhar Construction (Pvt) Limited
02-06-2025 Entity A A1 Stable Reaffirmed Constructions
J.K Spinning Mills Limited
31-07-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Javedan Corporation Ltd.
09-10-2024 Entity A+ A1 Stable Reaffirmed Constructions
JDW Sugar Mills Ltd
16-05-2025 Entity AA- A1 Stable Reaffirmed Sugar & Allied Industries
JK Dairies (Pvt) Limited
24-12-2024 Entity BBB+ A2 Stable Reaffirmed Dairy Products
JK Sugar Mills (Pvt) Limited
20-06-2025 Entity A- A2 Stable Upgrade Sugar & Allied Industries
K-Electric Limited
23-01-2025 Entity AA A1+ Stable Reaffirmed Power Non Renewable Generation
K-Solar (Private) Limited
10-09-2025 Entity A+ A1 Stable Initial Engineering (Diversified)
K.S.F Tri Zone Industries (Pvt) Ltd
08-09-2025 Entity --- --- --- Suspended Plastic Products
Kamal Limited
25-04-2025 Entity A A1 Stable Reaffirmed Textile Composite
Kamal Textile Mills (Pvt) Ltd
21-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Kausar Ghee Mills (Pvt) Limited
25-02-2025 Entity A A1 Stable Upgrade Vanaspati & Allied Industries
Khalid Shafique Spinning Mills Limited
22-05-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
Khushhali Microfinance Bank Limited
08-07-2025 Entity A- A2 Rating Watch - Negative Reaffirmed Micro Finance Institutions
Kohinoor Mills Limited
08-11-2024 Entity BBB+ A2 Stable Maintained Textile Composite
Kohinoor Textile Mills Limited
23-10-2024 Entity A+ A1 Stable Reaffirmed Textile Composite
Kompass Pakistan (Pvt) Ltd
01-10-2025 Entity BBB+ A2 Stable Update Packaging Material
Kot Addu Power Company Limited
24-01-2025 Entity A+ A1 Stable Maintained Power Non Renewable Generation
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd
14-01-2025 Entity A- A2 Stable Reaffirmed Constructions
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited)
24-02-2025 Entity A+ A1 Stable Reaffirmed Power Non Renewable Generation
LOLC Microfinance Bank Limited (Formerly: Pak Oman Microfinance Bank Limited)
12-05-2025 Entity A- A2 Stable Reaffirmed Micro Finance Institutions
LSE Financial Services Limited
29-07-2025 Entity A A1 Rating Watch - Developing Reaffirmed NBFC
LSE Ventures Limited
07-07-2025 Entity AA- A1 Stable Upgrade NBFC
Lucky Cement Limited
08-11-2024 Entity AA+ A1+ Stable Reaffirmed Cement
Lucky Core Industries Limited (Formerly ICI Pakistan Limited)
05-03-2025 Entity AA A1+ Positive Maintained Chemical/Resins/Alkalis
Lucky Knits (Pvt) Limited
18-04-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited)
02-01-2025 Entity A A2 Stable Reaffirmed Power Renewable Energy
Lucky Textile Mills Limited
02-12-2024 Entity AA- A1+ Stable Upgrade Textile Composite
M.K Sons (Pvt) Ltd
11-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Macter International Limited
29-09-2025 Entity A A1 Stable Reaffirmed Pharmaceuticals
Madina Oil Refinery Limited
24-06-2025 Entity BBB A2 Stable Reaffirmed Vanaspati & Allied Industries
Madina Private Limited
03-09-2025 Entity BBB A2 Stable Reaffirmed Vanaspati & Allied Industries
Madina Sugar Mills Limited
09-10-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Malir Expressway Limited
20-11-2024 Entity A- A2 Stable Reaffirmed Constructions
Mannan Shahid Forgings Limited
13-06-2025 Entity A A2 Stable Reaffirmed Engineering (Diversified)
Maple Leaf Capital Limited
04-02-2025 Entity A A1 Stable Upgrade Miscellaneous Non-manufacturing
Maple Leaf Cement Factory Ltd
11-10-2024 Entity A A1 Stable Reaffirmed Cement
Maple Leaf Power Limited
23-09-2024 Entity A A1 Stable Initial Power Non Renewable Generation
Master Changan Motors Limited
31-01-2025 Entity A- A2 Positive Maintained Automotive Assemblers
Master Textile Mills Limited
19-06-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Matco Foods Limited
06-01-2025 Entity BBB+ A2 Stable Reaffirmed Rice Milling
Meezan Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Mehboob Steel Pipe Industry
21-05-2025 Entity BBB A2 Stable Reaffirmed Steel Pipes
Metco Textile (Pvt) Limited
06-11-2024 Entity A- A2 Stable Maintained Textile Spinning
MicroTech Industries (Pvt) Limited
21-08-2025 Entity A- A2 Stable Reaffirmed Miscellaneous Manufacturing
Millac Food (Pvt) Limited
06-02-2025 Entity A- A2 Stable Initial Dairy Products
Mobilink Microfinance Bank Limited
05-05-2025 Entity A A1 Stable Reaffirmed Micro Finance Institutions
MRA Securities Limited
02-05-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Mughal Iron & Steel Industries Limited
18-11-2024 Entity A+ A1 Stable Reaffirmed Steel Long
Muhammad Munir Muhammad Ahmed Khanani Securities Limited
23-07-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Muhammad Shafi Tanneries (Pvt) Ltd
24-06-2025 Entity BBB+ A2 Stable Reaffirmed Tanneries
Muller & Phipps Pakistan (Pvt) Limited
12-09-2025 Entity A+ A1 Stable Under Review Miscellaneous Non-manufacturing
Multan Chemicals Limited
10-06-2025 Entity A- A1 Stable Initial Distribution & Trading
Multiline Securities Limited
28-01-2025 Entity A- A2 Stable Reaffirmed Brokerage Firms
Mustaqim Dyeing and Printing Ind. (Pvt) limited
03-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Nadeem Textile Mills Limited
11-04-2025 Entity BBB+ A3 Negative Downgrade Textile Spinning
NASDA Green Energy Limited
10-10-2024 Entity A- A2 Stable Reaffirmed Power Renewable Energy
National Bank of Pakistan
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
National Power Parks Management Company (Pvt) Limited
06-12-2024 Entity AA+ A1+ Stable Maintained Power Non Renewable Generation
Naveena Exports Limited
21-07-2025 Entity A A1 Stable Reaffirmed Textile Composite
Naveena Industries Limited
10-03-2025 Entity A- A2 Stable Reaffirmed Textile Weaving
Naveena Steels Mills (Pvt) Limited
07-07-2025 Entity A- A2 Stable Maintained Steel Long
Next Capital Limited
28-11-2024 Entity A- A2 Stable Reaffirmed Brokerage Firms
Nishat (Chunian) Limited
30-07-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Nishat Chunian Power Limited
25-11-2024 Entity A+ A2 Stable Reaffirmed Power Non Renewable Generation
Novatex Limited
20-03-2025 Entity AA A1+ Stable Maintained Chemical/Resins/Alkalis
Noventa Pharma (Private) Limited
13-11-2024 Entity A A2 Stable Initial Pharmaceuticals
NRSP Micro Finance Bank Ltd
05-05-2025 Entity A- A2 Stable Reaffirmed Micro Finance Institutions
OBS AGP (Pvt) Limited
31-10-2024 Entity A A1 Stable Reaffirmed Pharmaceuticals
OBS Pakistan (Pvt) Limited
05-11-2024 Entity A A2 Stable Reaffirmed Pharmaceuticals
OBS Pharma (Pvt) Limited
30-09-2025 Entity A A1 Stable Under Review Pharmaceuticals
Oil & Gas Development Company Limited
04-12-2024 Entity AAA A1+ Stable Reaffirmed Oil & Gas Exploration
Oil Industries Pakistan Limited
21-11-2024 Entity A- A2 Stable Reaffirmed Oil Marketing Companies
OLP Financial Services Pakistan limited
11-09-2025 Entity AAA A1+ Stable Initial NBFC
Olympia Oils (Pvt) Limited
26-03-2025 Entity A- A2 Stable Reaffirmed Vanaspati & Allied Industries
Omar Jibran Engineering Industries Limited
20-03-2025 Entity --- --- --- Suspended Auto-Parts
Optimus Limited
04-11-2024 Entity BBB+ A2 Stable Reaffirmed Miscellaneous Non-manufacturing
Orient Electronics (Pvt) Limited
09-05-2025 Entity A- A2 Stable Maintained Electronics & Electrical Goods
Pak Brunei Investment Company Limited
27-06-2025 Entity AA+ A1+ Stable Reaffirmed Development Finance Institutions
Pak China Investment Company Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Pak kuwait Textiles Limited
27-03-2025 Entity --- --- --- Suspended Textile Spinning
Pak Oman Investment Company Limited
30-06-2025 Entity AA+ A1+ Stable Reaffirmed Development Finance Institutions
Pak Telecom Mobile Limited
27-01-2025 Entity AA- A1 Stable Reaffirmed Technology & Communication
Pak-Gulf Leasing Company Limited
24-12-2024 Entity A- A2 Stable Reaffirmed Leasing Companies
Pakistan Cables Limited
20-11-2024 Entity A A1 Negative Reaffirmed Cables & Conductors
Pakistan Currency Exchange Company (Private) Limited
28-11-2024 Entity A- A2 Stable Reaffirmed Exchange Company
Pakistan Mortgage Refinance Company
24-04-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Pakistan State Oil Company Limited
12-12-2024 Entity AA+ A1+ Stable Reaffirmed Oil Marketing Companies
Pakistan Telecommunication Company Limited
10-01-2025 Entity AAA A1+ Stable Reaffirmed Technology & Communication
PGP Consortium Limited
07-10-2025 Entity A A2 Stable Reaffirmed Transport
Popular International (Pvt) Limited
01-07-2025 Entity A A1 Stable Reaffirmed Distribution & Trading
Power Cement Ltd
23-12-2024 Entity A- A2 Stable Reaffirmed Cement
Power Chemical Industries Limited
24-06-2025 Entity A- A2 Positive Maintained Chemical/Resins/Alkalis
Premier Sales (Pvt) Limited
11-09-2025 Entity A A1 Stable Under Review Miscellaneous Non-manufacturing
Premium Textile Mills Limited
03-06-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
Primus Leasing Limited
12-11-2024 Entity A+ A1 Stable Reaffirmed Leasing Companies
Procon Engineering (Pvt) Limited
18-07-2025 Entity A+ A1 Stable Upgrade Auto-Parts
Punjab Thermal Power (Pvt) Limited
07-10-2025 Entity AA A1 Stable Under Review Power Non Renewable Generation
Quaid-e-Azam Thermal Power (Pvt) Limited
10-09-2025 Entity AA+ A1+ Stable Reaffirmed Power Non Renewable Generation
Rajby Industries
06-08-2025 Entity A- A2 Stable Maintained Textile Composite
Rajby Textiles (Pvt) Limited
25-09-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Ranipur Sugar Mills (Pvt) Limited
12-11-2024 Entity A- A2 Stable Initial Sugar & Allied Industries
Rizwan Enterprises
19-09-2025 Entity A- A1 Stable Reaffirmed Textile Composite
Roomi Poultry Limited
21-07-2025 Entity A- A2 Stable Initial Food & Allied
Rural Community Development Programs
26-05-2025 Entity BBB+ A3 Stable Reaffirmed Micro Finance Institutions
RYK Mills Limited
01-10-2025 Entity A A2 Positive Under Review Sugar & Allied Industries
Saakh Pharma (Pvt) Ltd
29-08-2025 Entity A- A2 Stable Initial Pharmaceuticals
Sachal Engineering Works (Pvt) Limited
18-11-2024 Entity A- A2 Stable Reaffirmed Constructions
Sadaqat Limited
19-12-2024 Entity A A2 Stable Reaffirmed Textile Composite
Sapphire Textile Mills Limited
07-10-2024 Entity A+ A1 Stable Reaffirmed Textile Composite
Saudi Pak Industrial and Agricultural Investment Company Limited
28-06-2025 Entity AAA A1+ Stable Upgrade Development Finance Institutions
Saya Weaving Mills (Pvt) Limited
12-06-2025 Entity A- A2 Stable Reaffirmed Textile Weaving
Sazgar Engineering Works Limited
12-02-2025 Entity A A1 Positive Upgrade Automotive Assemblers
Security Organizing System Pakistan (Pvt.) Limited
01-08-2025 Entity A- A2 Stable Initial Miscellaneous Non-manufacturing
Service Sales Corporation (Pvt) Limited
08-09-2025 Entity A- A2 Stable Reaffirmed Leather Products
Servo Motor Oil (Pvt) Limited
19-12-2024 Entity BBB A2 Stable Reaffirmed Oil Marketing Companies
Shadab Textile Mills Limited
27-12-2024 Entity A- A2 Stable Maintained Textile Spinning
Shafi Lifestyle (Pvt) Ltd
06-03-2025 Entity A- A2 Stable Reaffirmed Leather Products
Shahbaz Garments (Pvt) Limited
18-06-2025 Entity A- A2 Stable Reaffirmed Textile Composite
Shahkam Industries (Pvt) Ltd
18-04-2025 Entity A- A2 Stable Initial Textile Composite
Shahmurad Sugar Mills Ltd
26-08-2024 Entity A A2 Positive Maintained Sugar & Allied Industries
Shahtaj Sugar Mills Limited
05-06-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Shahtaj Textile Limited
13-11-2024 Entity A- A2 Stable Reaffirmed Textile Weaving
Shakarganj Food Products Limited
03-07-2025 Entity BBB- A3 Stable Under Review Dairy Products
Sheikhoo Sugar Mills Limited
05-08-2025 Entity A- A2 Stable Reaffirmed Sugar & Allied Industries
Sheikhupura Textile Mills Limited
21-07-2025 Entity BBB+ A2 Stable Upgrade Textile Spinning
Shifa International Hospitals Limited
07-04-2025 Entity AA- A1 Positive Maintained Medical Services
Shirazi Investments (Pvt) Limited
13-01-2025 Entity AA A1+ Stable Reaffirmed Miscellaneous Non-manufacturing
Siara Textile Mills (Pvt) Limited
06-05-2025 Entity --- --- --- Suspended Textile Composite
Sindh Bank Ltd
30-06-2025 Entity AA- A1+ Stable Reaffirmed Commercial Banks
Sindh Microfinance Bank Limited
30-04-2025 Entity A A1 Stable Reaffirmed Micro Finance Institutions
Sindh Modaraba
13-11-2024 Entity A+ A1 Stable Reaffirmed Modarabas - Leasing
Sitara Chemical Industries Limited
02-06-2025 Entity A+ A2 Stable Reaffirmed Chemical/Resins/Alkalis
Sitara Hamza (Pvt) Limited
12-05-2025 Entity --- --- --- Suspended Textile Composite
Sitara Textile Industries Ltd
09-04-2025 Entity --- --- --- Suspended Textile Composite
Sohail Textile Mills Limited
02-12-2024 Entity BBB- A2 Stable Reaffirmed Textile Spinning
Soorty Enterprises (Pvt) Limited
08-09-2025 Entity AA- A1 Stable Under Review Textile Composite
Staple Foods Private Limited
26-05-2025 Entity A A1 Stable Reaffirmed Rice Milling
Sui Northern Gas Pipelines Limited
20-01-2025 Entity AA+ A1+ Stable Reaffirmed Natural Gas Transmission
Sunrays Textile Mills Limited
25-10-2024 Entity A- A1 Stable Reaffirmed Textile Spinning
Sunridge Foods (Private) Limited
22-09-2025 Entity BBB+ A2 Stable Under Review Food & Allied
Suraj Cotton Mills Limited
07-05-2025 Entity A+ A1 Stable Reaffirmed Textile Composite
Swat Expressway Planning Construction and Operations (Pvt) Limited
05-12-2024 Entity A- A2 Stable Reaffirmed Constructions
Syntronics Limited
23-05-2025 Entity BBB+ A2 Stable Reaffirmed Paper & Board
Taj Gasoline (Pvt.) Limited
18-09-2025 Entity A A2 Stable Under Review Oil Marketing Companies
Taleem Finance Company Limited
24-09-2025 Entity BBB A2 Stable Under Review NBFC
Tariq Corporation Limited
23-04-2025 Entity BBB A3 Stable Reaffirmed Sugar & Allied Industries
Taurus Securities Limited
04-10-2024 Entity A A2 Stable Maintained Brokerage Firms
Tauseef Enterprises (Pvt) Limited
07-10-2025 Entity A- A2 Stable Under Review Textile Composite
Tech Sirat (Pvt) Limited
20-06-2025 Entity BBB+ A2 Stable Reaffirmed Miscellaneous Non-manufacturing
Thal Limited
18-12-2024 Entity AA A1+ Stable Reaffirmed Auto-Parts
Thal Power (Pvt) Limited
12-12-2024 Entity AA A1+ Stable Reaffirmed Power Non Renewable Generation
Thatta Cement Company Ltd
18-09-2025 Entity A A2 Stable Reaffirmed Cement
The Bank of Khyber
30-06-2025 Entity AA- A1 Stable Upgrade Commercial Banks
The Crescent Textile Mills Limited
21-05-2025 Entity A- A2 Negative Reaffirmed Textile Composite
The Imperial Electric Company (Pvt) Limited
27-01-2025 Entity A- A2 Stable Maintained Electronics & Electrical Goods
The Searle Company Limited
30-09-2025 Entity AA- A1 Stable Reaffirmed Pharmaceuticals
The Thal Industries Corporation Limited
12-09-2025 Entity A A2 Stable Maintained Sugar & Allied Industries
Topline Securities Limited
25-11-2024 Entity A A1 Stable Reaffirmed Brokerage Firms
Towellers Limited
28-03-2025 Entity A A1 Stable Maintained Textile Composite
Tower Power (Pvt) Limited
24-04-2025 Entity A- A2 Stable Reaffirmed Technology & Communication
Transfopower Industries (Pvt) Limited
04-09-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
Transsion Tecno Electronics (Pvt) Limited
07-05-2025 Entity A- A2 Stable Reaffirmed Electronics & Electrical Goods
Treet Corporation Limited
20-01-2025 Entity A- A2 Stable Reaffirmed Miscellaneous Manufacturing
Trukkr Financial Services Limited
04-09-2025 Entity A- A2 Stable Under Review NBFC
Trust Modaraba
18-06-2025 Entity BBB+ A2 Stable Reaffirmed Modarabas - Leasing
Two Star Industries (Pvt) Limited
21-04-2025 Entity BBB+ A2 Negative Maintained Sugar & Allied Industries
U Microfinance Bank Limited
10-06-2024 Entity A+ A1 Stable Reaffirmed Micro Finance Institutions
Umar Spinning Mills (Pvt) Limited
22-04-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
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
United Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Commercial Banks
Unity Foods Limited
13-02-2025 Entity A A2 Negative Reaffirmed Vanaspati & Allied Industries
Universal Leather (Pvt) Ltd.
30-04-2025 Entity --- --- --- Suspended Leather Products
Utopia Industries (Pvt) Limited
11-09-2025 Entity A- A2 Stable Under Review Textile Composite
Veda Transit Solutions (Pvt.) Limited
28-03-2025 Entity D --- --- Default Transport
Weaves Pakistan (SMC–Private) Limited (Formerly Khaadi Pakistan (SMC-Private) Limited
08-08-2025 Entity A+ A1 Stable Initial Textile Composite
Yunus Energy Limited
19-05-2025 Entity A+ A1 Stable Reaffirmed Power Renewable Energy
Z.A Corporation (Pvt) Ltd
28-04-2025 Entity BBB+ A2 Stable Reaffirmed Textile Spinning
Zaman Textile Mills (Pvt) Limited
12-03-2025 Entity A- A2 Stable Reaffirmed Textile Spinning
Zarai Taraqiati Bank Limited
30-06-2025 Entity AAA A1+ Stable Reaffirmed Development Finance Institutions
Zephyr Power Limited
30-04-2025 Entity A+ A1 Stable Reaffirmed Power Renewable Energy
Zephyr Textiles Limited
11-12-2024 Entity BBB+ A2 Stable Maintained Textile Weaving
Zoom Marketing Oils (Pvt) Limited
17-04-2025 Entity BBB- A3 Positive Reaffirmed Oil Marketing Companies
Zoom Petroleum (Pvt) Limited
17-04-2025 Entity BBB- A3 Stable Reaffirmed Oil Marketing Companies