Ratings
Name Date Rating Type Long Term Short Term Outlook/
Rating Watch		 Action Sector
Al Baraka Bank (Pakistan) Limited
27-06-2025 Sukuk 2 A+ --- Stable Upgrade Commercial Banks
Al-Karam Textile Mills (Pvt) Limited
01-12-2025 Sukuk 1 A --- Stable Reaffirmed Textile Composite
Al-Zamin Leasing Corporation Limited
09-01-2013 TFC-2 D --- --- Default Miscellaneous Non-manufacturing
Alliance Sugar Mills Limited
04-11-2025 STS --- A1 (plim) --- Preliminary Sugar & Allied Industries
Amtex Limited
03-01-2011 TFC-1 D --- --- Default Textile Spinning
At-Tahur Limited
18-02-2026 STS-3 --- A1 (plim) --- Preliminary Dairy Products
Bank Makramah Limited (Formerly:Summit Bank Limited)
30-09-2025 TFC-1 B --- Rating Watch - Negative Note Commercial Banks
BRR Guardian Modaraba
09-07-2010 TFC-1 D --- --- Default NBFC
Burj Clean Energy Modaraba
20-02-2026 STS-2 --- A1 (plim) --- Preliminary NBFC
Citi Pharma Limited
02-04-2026 Sukuk 1 A+ (plim) --- Stable Preliminary Pharmaceuticals
Citi Pharma Limited
21-01-2026 STS-3 --- A1 --- Final Pharmaceuticals
Digital World Pakistan (Pvt) Limited
02-02-2026 STS-1 --- A1 --- Final Electronics & Electrical Goods
Digital World Pakistan (Pvt) Limited
02-02-2026 STS-2 --- A1 --- Final Electronics & Electrical Goods
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
Eden Housing Ltd.
27-01-2010 TFC-1 D --- --- Default Miscellaneous Non-manufacturing
Engro Fertilizers Limited
21-01-2026 STS --- A1+ --- Final Fertilizers
Faysal Bank Limited
24-03-2026 Sukuk 1 AA (plim) --- Stable Preliminary Commercial Banks
Gas and Oil Pakistan Limited
16-03-2026 STS-1 --- A1+ (plim) --- Preliminary Oil Marketing Companies
Ghani Chemworld Limited
19-01-2026 Sukuk 1 A --- Stable Initial Miscellaneous Non-manufacturing
Ghani Global Glass Limited
05-03-2026 Sukuk 1 A- (plim) --- Stable Preliminary Glass
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
Javedan Corporation Ltd.
01-01-2026 Sukuk 1 AA- --- Stable Reaffirmed Constructions
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
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
Mahmood Textile Mills Limited
23-01-2026 STS-3 --- A1 --- Final Textile Composite
Mahmood Textile Mills Limited
07-11-2025 STS-2 --- A1 --- Final Textile Composite
Matco Foods Limited
13-03-2026 STS-1 --- A1 --- Final Rice Milling
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
Mughal Energy Limited
19-03-2026 Sukuk 1 A+ (plim) --- Stable Under Review Power Non Renewable Generation
Mughal Iron & Steel Industries Limited
23-01-2026 Sukuk 1 A+ --- Stable Reaffirmed Steel Long
Mughal Iron & Steel Industries Limited
30-05-2025 Sukuk 5 AA- --- Stable Final Steel Long
Neelum Jhelum Hydropower Company (Pvt) Ltd
11-09-2025 Sukuk 1 AAA --- Stable Reaffirmed Power Renewable Energy
OBS AGP (Pvt) Limited
08-12-2025 Sukuk 1 A+ --- Stable Reaffirmed Pharmaceuticals
OBS Pakistan (Pvt) Limited
08-12-2025 Sukuk 1 A+ --- Stable Reaffirmed Pharmaceuticals
OBS Pakistan (Pvt) Limited
08-12-2025 Sukuk 2 A+ --- Stable Reaffirmed Pharmaceuticals
OLP Financial Services Pakistan limited
26-02-2026 TFC-1 AAA --- Stable Initial NBFC
Pakistan Telecommunication Company Limited
31-03-2026 STS-B --- A1+ (plim) --- Preliminary Technology & Communication
Pakistan Telecommunication Company Limited
10-03-2026 STS-18 --- A1+ (plim) --- Preliminary Technology & Communication
Pakistan Telecommunication Company Limited
23-01-2026 STS-16 --- A1+ --- Final Technology & Communication
Pakistan Telecommunication Company Limited
23-01-2026 STS-17 --- A1+ --- Final Technology & Communication
Quetta Textile Mills Ltd
30-03-2012 TFC-1 D --- --- Default Textile Composite
Roomi Poultry Limited
20-02-2026 STS-1 --- A1 (plim) --- Preliminary Food & Allied
RYK Mills Limited
06-03-2026 STS-1 --- A1 (plim) --- Preliminary Sugar & Allied Industries
Sadaqat Limited
16-03-2026 STS-2 --- A1 (plim) --- Preliminary Textile Composite
Saudi Pak Leasing Company Limited
04-10-2010 TFC-1 D --- --- Default Leasing Companies
Shahmurad Sugar Mills Ltd
17-08-2010 Sukuk 1 A- --- Stable Reaffirmed Sugar & Allied Industries
Sitara Chemical Industries Limited
24-04-2025 Sukuk 1 AA- --- Stable Reaffirmed Chemical/Resins/Alkalis
Sunridge Foods (Private) Limited
16-03-2026 Sukuk 1 AAA --- Rating Watch - Developing Maintained Food & Allied
Telecard Ltd
03-06-2011 TFC-1 D --- --- Default Technology & Communication
Thatta Cement Company Ltd
14-11-2025 Sukuk 1 AA- --- Stable Final Cement
U Microfinance Bank Limited
10-06-2024 TFC-2 A- --- Stable Reaffirmed Micro Finance Institutions
UBL Capital Protected Fund
27-12-2010 CPF Rating AA+(cpf) --- --- Reaffirmed Development Finance Institutions
United Bank Limited
30-06-2025 TFC-5 AA+ --- Stable Reaffirmed Commercial Banks