Financial Institutions

Brokerage & Securities Firms
Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 9/30/2022 Entity A- A-2 Stable Reaffirmed
Adam Securities Limited 11/7/2022 BFR BFR3++ Stable Reaffirmed
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BFR BFR2++ Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BMR BMR1 Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 12/7/2022 Entity AA- A-1 Stable Upgrade
AKIK Capital (Pvt) Ltd 8/1/2023 BFR BFR3 Stable Reaffirmed
AKIK Capital (Pvt) Ltd 11/11/2022 BMR BMR3 Stable Reaffirmed
Alpha Capital (Pvt) Limited (Formerly: Alfa Adhi Securities (Pvt) Ltd) 4/17/2023 BMR BMR3++ Stable Upgrade
Arif Habib Limited 3/9/2022 Entity AA- A-1 Stable Reaffirmed
BMA Capital Management Limited 10/18/2022 Entity A- A-2 Stable Reaffirmed
BMA Capital Management Limited 10/4/2022 BMR BMR2+ Stable Reaffirmed
BMA Capital Management Limited 9/27/2023 BFR BFR3++ Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 1/26/2023 BFR BFR3 Stable Initial
Chase Securities Pakistan (Pvt) Limited 6/5/2023 BMR BMR3++ Stable Initial
Darson Securities Limited 4/13/2022 BMR BMR2 Stable Reaffirmed
Darson Securities Limited 12/30/2022 Entity BBB+ A-2 Stable Reaffirmed
DJM Securities Limited 1/27/2023 BMR BMR3+ Stable Reaffirmed
DJM Securities Limited 1/27/2023 BFR BFR3 Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 1/3/2023 BFR BFR3 Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 1/3/2023 BMR BMR3++ Stable Reaffirmed
Fortune Securities Limited 11/22/2022 BMR BMR2 Stable Reaffirmed
Foundation Securities (Pvt) Limited 9/13/2023 BFR BFR3++ Stable Upgrade
Foundation Securities (Pvt) Limited 10/26/2022 Entity A- A-2 Rating Watch - Developing Maintained
Growth Securities (Pvt) Limited 6/13/2023 Entity A- A-2 Negative Maintained
Insight Securities (Pvt) Ltd 11/24/2022 BMR BMR2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 5/26/2023 Entity BBB+ A-2 Stable Reaffirmed
Integrated Equities Limited 3/3/2023 BFR BFR3++ Stable Reaffirmed
Intermarket Securities Limited 7/4/2023 BFR BFR3+ Stable Initial
Intermarket Securities Limited 6/22/2022 BMR BMR2+ Stable Reaffirmed
Intermarket Securities Limited 2/3/2023 Entity A- A-2 Stable Maintained
Investment Managers Securities Private Limited 5/30/2023 BMR BMR3 Stable Reaffirmed
KTRADE Securities Limited 9/6/2022 BMR BMR2 Stable Reaffirmed
MRA Securities Limited 11/14/2022 BFR BFR3+ Negative Maintained
MRA Securities Limited 11/11/2022 Entity A- A-2 Negative Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/7/2022 Entity A- A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 8/17/2022 BMR BMR2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/15/2022 BFR BFR2 Stable Reaffirmed
Multiline Securities Limited 5/2/2023 BFR BFR3+ Stable Initial
Multiline Securities Limited 4/14/2022 Entity A- A-2 Stable Reaffirmed
Next Capital Limited 8/3/2022 Entity A- A-2 Stable Reaffirmed
Next Capital Limited 9/14/2023 BFR BFR2 Stable Reaffirmed
Next Capital Limited 6/21/2022 BMR BMR2++ Stable Reaffirmed
Sherman Securities Limited 9/25/2023 BFR BFR3+ Stable Initial
Standard Capital Securities (Private) Limited 9/29/2022 BFR BFR3 Stable Initial
Standard Capital Securities (Private) Limited 5/12/2023 BMR BMR2 Stable Reaffirmed
StocXinvest Securities (Pvt) Limited 5/18/2023 BFR BFR4++ Stable Initial
Taurus Securities Limited 12/30/2022 BFR BFR3+ Stable Upgrade
Taurus Securities Limited 12/30/2022 BMR BMR2+ Stable Reaffirmed
Taurus Securities Limited 8/17/2023 Entity A A-2 Negative Maintained
Topline Securities Limited 7/24/2023 Entity A A-1 Stable Reaffirmed
Topline Securities Limited 10/12/2022 BMR BMR2+ Stable Reaffirmed
Topline Securities Limited 11/24/2022 BFR BFR2 Stable Reaffirmed

Commercial Banks
Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/27/2023 Sukuk 2 A Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/27/2023 Sukuk 1 A Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/27/2023 Entity A+ A-1 Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Sukuk 2 A+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Sukuk 3 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Entity AA A-1+ Stable Reaffirmed
Faysal Bank Limited 6/27/2023 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 TFC-2 AA+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 TFC-3 AA+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 2 AA+ Stable Reaffirmed
National Bank of Pakistan 6/23/2023 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/26/2023 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 8/17/2023 Entity A- A-2 Rating Watch - Negative Note
Silk Bank Limited 6/16/2023 TFC-1 B Rating Watch - Negative Harmonised
Sindh Bank Ltd 6/27/2023 Entity A+ A-1 Stable Reaffirmed
Summit Bank Limited 6/7/2023 Entity Note
Summit Bank Limited 6/27/2023 TFC-1 B Rating Watch - Negative Harmonised
The Bank of Khyber 6/27/2023 Entity A+ A-1 Stable Reaffirmed
United Bank Limited 6/27/2023 TFC-5 AA+ Stable Reaffirmed
United Bank Limited 6/27/2023 Entity AAA A-1+ Stable Reaffirmed

DFIs
Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 6/7/2023 Entity AA- A-1+ Stable Upgrade
Pak Brunei Investment Company Limited 6/27/2023 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/26/2023 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/22/2023 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/14/2023 Entity AAA A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/23/2023 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/22/2023 Entity AAA A-1+ Stable Reaffirmed

Insurance
Name Date Rating Type Long Term Short Term Outlook Action
Alpha Insurance Company Limited 11/16/2022 IFS A+ (IFS) Stable Reaffirmed
Century Insurance Company Limited 12/15/2022 IFS AA (IFS) Stable Reaffirmed
Chubb Insurance Pakistan Limited 12/27/2022 IFS AA+ (IFS) Stable Reaffirmed
EFU General Insurance Limited 11/23/2022 IFS AA++ (IFS) Stable Reaffirmed
EFU Health Insurance Limited (formerly Allianz EFU Health Insurance Limited) 4/20/2022 IFS A+ (IFS) Stable Reaffirmed
EFU Life Assurance Limited 12/30/2022 IFS AA++ (IFS) Stable Reaffirmed
IGI General Insurance Limited 12/29/2022 IFS AA+ (IFS) Stable Reaffirmed
Jubilee General Insurance Company Limited 12/30/2022 IFS AA++ (IFS) Stable Reaffirmed
Jubilee Life Insurance Company Limited 2/23/2023 IFS AA++ (IFS) Stable Reaffirmed
Pak-Qatar Family Takaful Limited 6/29/2022 IFS A++ (IFS) Stable Reaffirmed
Pak-Qatar General Takaful Limited 1/2/2023 IFS A (IFS) Stable Reaffirmed
Pakistan Reinsurance Company Limited 12/30/2022 IFS AA+ (IFS) Stable Maintained
Reliance Insurance Company Limited 12/30/2022 IFS A+ (IFS) Stable Reaffirmed
Security General Insurance Company Limited 12/29/2022 IFS AA+ (IFS) Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 12/20/2022 IFS BB+ (IFS) Stable Reaffirmed
The United Insurance Company of Pakistan Limited 7/27/2023 IFS AA+ (IFS) Stable Reaffirmed
UBL Insurers Limited 12/29/2022 IFS AA+ (IFS) Stable Reaffirmed

Investment Banks
Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/30/2022 Entity A A-2 Stable Reaffirmed

Leasing
Name Date Rating Type Long Term Short Term Outlook Action
Pak-Gulf Leasing Company Limited 9/21/2023 Entity A- A-2 Stable Reaffirmed
Primus Leasing Limited 12/6/2022 Entity A+ A-1 Stable Reaffirmed

Micro Finance
Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/28/2023 Entity BBB A-3 Stable Downgrade
FINCA Microfinance Bank Limited 12/16/2022 Entity A- A-2 Negative Downgrade
HBL Microfinance Bank Limited (Formerly:The First MicroFinanceBank Limited) 4/28/2023 Entity A+ A-1 Stable Reaffirmed
Khushhali Microfinance Bank Limited 4/28/2023 Entity A- A-2 Rating Watch - Negative Downgrade
Khushhali Microfinance Bank Limited 8/18/2023 TFC-2 B Rating Watch - Negative Harmonised
Khushhali Microfinance Bank Limited 8/18/2023 TFC-1 B Rating Watch - Negative Harmonised
Mobilink Microfinance Bank Limited 5/8/2023 Entity A A-1 Stable Initial
NRSP Micro Finance Bank Ltd 4/27/2023 Entity BBB+ A-2 Rating Watch - Developing Downgrade
Pak Oman Microfinance Bank Limited 4/28/2023 Entity A- A-2 Negative Maintained
Rural Community Development Programs 4/26/2023 Entity BBB A-3 Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-1 A Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-2 A- Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 Entity A+ A-1 Stable Reaffirmed

Modarabas
Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 8/7/2023 Entity A+ A-1 Rating Watch - Developing Maintained
First Paramount Modaraba 12/21/2022 Entity BBB A-3 Stable Maintained
Sindh Modaraba 9/6/2023 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 5/5/2023 Entity BBB+ A-2 Stable Reaffirmed

NBFCs
Name Date Rating Type Long Term Short Term Outlook Action
CDC Share Registrar Services Limited 10/24/2022 Entity A A-1 Stable Initial
Cyan Limited 11/14/2022 Entity A A-1 Negative Maintained
LSE Financial Services Limited 2/14/2023 Entity A A-1 Rating Watch - Developing Maintained

Corporates

Auto & Allied
Name Date Rating Type Long Term Short Term Outlook Action
Agriauto Industries Limited 8/10/2022 Entity A- A-1 Stable Initial
Agriauto Stamping Company (Pvt) Limited 3/29/2023 Entity A- A-2 Stable Initial
Al-Ghazi Tractors Ltd. 9/18/2023 Entity A+ A-1 Stable Reaffirmed
Indus Motor Company Ltd 6/29/2022 Entity AA+ A-1+ Stable Reaffirmed
Master Changan Motors Limited 12/30/2022 Entity A- A-2 Stable Reaffirmed
Master Motor Corporation (Pvt) Limited 1/26/2023 Entity A A-2 Negative Maintained
Omar Jibran Engineering Industries Limited 11/17/2022 Entity A- A-2 Negative Maintained
Procon Engineering (Pvt) Limited 1/26/2023 Entity A A-2 Negative Maintained
Thal Limited 1/18/2023 Entity AA A-1+ Stable Reaffirmed

Cement & Construction
Name Date Rating Type Long Term Short Term Outlook Action
Dolmen (Pvt) Limited 5/23/2023 Entity A- A-2 Stable Initial
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 3/15/2023 Entity A A-2 Stable Reaffirmed
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 3/15/2023 BLR AA (blr) Stable Reaffirmed
Izhar Construction (Pvt) Limited 12/12/2022 Entity A- A-1 Stable Reaffirmed
Javedan Corporation Ltd. 7/27/2023 Sukuk 1 AA- Stable Reaffirmed
Javedan Corporation Ltd. 7/27/2023 Entity A+ A-1 Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd 11/14/2022 Entity A- A-2 Stable Reaffirmed
Lucky Cement Limited 6/10/2022 Entity AA+ A-1+ Stable Reaffirmed
Maple Leaf Cement Factory Ltd 8/10/2022 Entity A A-1 Positive Reaffirmed
Power Cement Ltd 12/30/2022 Entity A- A-2 Stable Reaffirmed
Superhighway Construction Operation and Rehabilitation Engineering (Pvt) Limited 10/20/2022 Entity AA- A-1 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 8/4/2022 Entity A- A-2 Stable Reaffirmed

Chemicals
Name Date Rating Type Long Term Short Term Outlook Action
Archroma Pakistan Ltd 1/31/2023 Entity AA A-1 Stable Reaffirmed
Gamalux Oleochemicals Limited 7/12/2023 Entity A- A-2 Stable Initial
Ittehad Chemicals Limited 3/30/2023 Entity A- A-2 Stable Maintained
Lucky Core Industries Limited (Formerly ICI Pakistan Limited) 7/10/2023 Entity AA A-1+ Rating Watch - Developing Maintained
Power Chemical Industries Limited 9/12/2022 Entity A- A-2 Stable Initial
Sitara Chemical Industries Limited 1/27/2023 Entity A+ A-2 Stable Downgrade

Communication
Name Date Rating Type Long Term Short Term Outlook Action
Engro Enfrashare (Pvt) Ltd 9/8/2023 Entity A- A-2 Stable Reaffirmed
Pak Telecom Mobile Limited 7/14/2022 Entity AA- A-1 Stable Initial
Pakistan Telecommunication Company Limited 10/20/2022 Entity AAA A-1+ Stable Reaffirmed
Pakistan Telecommunication Company Limited 5/8/2023 Sukuk 1 AAA Stable Preliminary
Tower Power (Pvt) Limited 10/5/2022 Entity A- A-2 Stable Initial

Consumer Goods
Name Date Rating Type Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases Limited 8/23/2023 Entity BBB A-2 Stable Upgrade
At-Tahur Limited 6/12/2023 Entity A- A-2 Negative Maintained
Bismillah Sehla Processing Plant (Pvt) Limited 9/13/2023 Entity BBB+ A-2 Stable Initial
Bunny's Limited 4/6/2023 Entity A- A-2 Stable Reaffirmed
Dairyland (Pvt) Limited 6/10/2022 Entity A- A-2 Positive Maintained
Everfresh Farms (Pvt) Limited 9/6/2023 Entity BBB+ A-2 Positive Maintained
Faisalabad Oil Refinery (Pvt) Limited 6/23/2023 Entity A- A-2 Stable Upgrade
Garibsons (Pvt) Ltd. 3/14/2023 Entity A- A-2 Stable Reaffirmed
Golden Harvest Foods (Pvt) Limited 11/28/2022 Entity BBB+ A-2 Stable Reaffirmed
Gujranwala Food Industries (Pvt) Ltd 1/12/2023 Entity Suspended
Habib Oil Mills (Pvt.) Limited 6/6/2023 Entity BBB A-3 Negative Reaffirmed
Haleeb Foods Limited 9/23/2022 Entity A- A-2 Stable Maintained
JK Dairies (Pvt) Limited 1/4/2023 Entity BBB+ A-2 Stable Initial
Karachi Grain (Pvt) Limited 3/28/2023 Entity BBB+ A-2 Stable Initial
Kausar Ghee Mills (Pvt) Limited 8/8/2023 Entity A- A-2 Stable Reaffirmed
Madina Oil Refinery Limited 2/20/2023 Entity BBB- A-2 Stable Initial
Madina Private Limited 6/23/2023 Entity BBB A-2 Stable Reaffirmed
Matco Foods Limited 12/12/2022 Entity BBB+ A-2 Stable Reaffirmed
Mehran Spice & Food Industries 11/28/2022 Entity A- A-2 Stable Reaffirmed
Olympia Oils (Pvt) Limited 10/11/2022 Entity A- A-2 Stable Reaffirmed
Shakarganj Food Products Limited 8/18/2023 Entity BBB- A-3 Negative Downgrade
Shakarganj Food Products Limited 8/18/2023 Sukuk 1 Suspended
Staple Foods Private Limited 3/13/2023 Entity A- A-2 Stable Reaffirmed
The Organic Meat Company Limited 12/15/2022 Entity A- A-2 Positive Maintained
Treet Corporation Limited 12/15/2022 Entity A- A-2 Rating Watch - Developing Reaffirmed
Unity Foods Limited 8/30/2022 Entity A A-2 Negative Maintained

Engineering
Name Date Rating Type Long Term Short Term Outlook Action
Digital World Pakistan (Pvt) Limited 8/18/2023 Entity A- A-2 Negative Maintained
DWP Technologies (Pvt) Limited 8/18/2023 Entity A- A-2 Stable Reaffirmed
EMCO Industries Limited 11/14/2022 Entity A- A-2 Stable Reaffirmed
Fast Cables Limited 11/16/2022 Entity A- A-2 Stable Reaffirmed
Mannan Shahid Forgings Limited 5/11/2023 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt) Limited 5/9/2023 Entity A- A-2 Rating Watch - Negative Maintained
Pakistan Cables Limited 8/1/2023 Entity A A-1 Negative Maintained
The Imperial Electric Company (Pvt) Limited 2/6/2023 Entity A- A-2 Stable Initial
Waves Home Appliances Limited (Formerly: Samin Textiles Limited) 12/14/2022 Entity A A-2 Stable Initial

Fertilizer
Name Date Rating Type Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 7/20/2023 Entity AA+ A-1+ Stable Reaffirmed
Fauji Fertilizer Bin Qasim Limited 8/8/2023 Entity AA A-1 Stable Reaffirmed

Medical and Pharmaceutical
Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 9/30/2022 Entity A A-2 Stable Reaffirmed
Aspin Pharma (Pvt) Limited 9/30/2022 Sukuk 1 A Stable Reaffirmed
Highnoon Laboratories Ltd 9/20/2023 Entity A+ A-1 Positive Initial
Macter International Limited 6/13/2023 Entity A A-2 Stable Reaffirmed
OBS AGP (Pvt) Limited 8/25/2023 Sukuk 1 A+ Stable Reaffirmed
OBS AGP (Pvt) Limited 8/25/2023 Entity A A-1 Stable Reaffirmed
OBS Pakistan (Pvt) Limited 9/25/2023 Sukuk 2 A+ Stable Preliminary
OBS Pakistan (Pvt) Limited 8/23/2023 Sukuk 1 A+ Stable Final
OBS Pakistan (Pvt) Limited 9/25/2023 Entity A A-2 Stable Reaffirmed
OBS Pharma (Pvt) Limited 6/16/2023 Entity A A-1 Stable Initial
OBS Pharma (Pvt) Limited 7/3/2023 BLR A+ (blr) Stable Preliminary
Popular International (Pvt) Limited 11/3/2022 Entity A A-1 Stable Initial
Shifa International Hospitals Limited 12/29/2022 Entity AA- A-1 Stable Reaffirmed
The Searle Company Limited 5/19/2023 Entity AA- A-1 Negative Maintained

Miscellaneous
Name Date Rating Type Long Term Short Term Outlook Action
Al-Bario Engineering (Pvt) Ltd 1/18/2023 Entity Suspended
Ana & Batla Industries (Pvt) Ltd 5/18/2023 Entity BBB A-2 Stable Downgrade
Associated Technologies (Pvt) Limited 9/25/2023 Entity A- A-2 Stable Reaffirmed
Avari Hotels (Pvt.) Limited 6/16/2023 BLR AA (blr) Stable Reaffirmed
Biotech Energy (Pvt) Limited 9/21/2023 Entity A A-1 Stable Upgrade
Frontier Ceramics Limited 9/8/2023 Entity Suspended
HKB Retail (SMC-Pvt) Limited 9/30/2022 Entity A- A-3 Stable Initial
Optimus Limited 8/3/2023 Entity BBB+ A-2 Stable Initial
Pakistan Tiles Private Limited 5/24/2023 Entity Suspended
Shirazi Investments (Pvt) Limited 2/3/2023 Entity AA A-1 Stable Reaffirmed
Transsion Tecno Electronics (Pvt) Limited 6/16/2023 Entity BBB+ A-2 Stable Maintained

Oil & Gas
Name Date Rating Type Long Term Short Term Outlook Action
Hi-Tech Lubricants Limited 11/28/2022 Entity A A-2 Stable Maintained
Oil & Gas Development Company Limited 12/23/2022 Entity AAA A-1+ Stable Reaffirmed
Oil Industries Pakistan Limited(Formerly: Oil Industries Pakistan (Pvt) Limited) 8/31/2023 Entity A- A-2 Stable Initial
Pakistan State Oil Company Limited 12/13/2022 Entity AA+ A-1+ Stable Reaffirmed
PGP Consortium Limited 7/4/2023 Entity A- A-2 Positive Maintained
PGP Consortium Limited 7/4/2023 Pref Share BBB Positive Maintained
Servo Motor Oil (Pvt) Limited 9/9/2022 Entity BBB A-2 Stable Initial
Sui Northern Gas Pipelines Limited 11/2/2022 Entity AA+ A-1+ Stable Initial
Taj Gasoline (Pvt.) Limited 5/24/2023 Entity A- A-2 Stable Initial
Zoom Marketing Oils (Pvt) Limited 12/12/2022 Entity BBB- A-3 Stable Reaffirmed
Zoom Petroleum (Pvt) Limited 12/12/2022 Entity BBB- A-3 Stable Reaffirmed

Paper & Packaging
Name Date Rating Type Long Term Short Term Outlook Action
Blow Plast (Pvt) Limited 3/28/2023 Entity Suspended
CBM Plastics (Pvt) Limited 11/22/2022 Entity BBB+ A-2 Stable Reaffirmed
Century Paper & Board Mills Limited 12/30/2022 Entity AA- A-1 Stable Reaffirmed
I-J Plastic Industries (Pvt) Limited 1/12/2023 Entity Suspended
International Packaging Films (Pvt) Ltd 6/30/2022 Entity A A-1 Stable Upgrade
K.S.F Tri Zone Industries (Pvt) Ltd 6/12/2023 Entity BBB+ A-2 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 3/17/2023 Entity BBB+ A-2 Stable Maintained
Mehran Plastic Industries (Pvt) Limited 7/6/2022 Entity Suspended
Novatex Limited 12/30/2022 Entity AA A-1+ Stable Reaffirmed
Sunrise Plastic Industries (Pvt) Limited 3/28/2023 Entity Suspended
Syntronics Limited 5/15/2023 Entity BBB+ A-2 Stable Maintained

Power Companies
Name Date Rating Type Long Term Short Term Outlook Action
AJ Power (Pvt) Ltd 7/19/2023 Entity A A-2 Stable Reaffirmed
Artistic Energy (Pvt) Ltd 4/18/2023 Entity A+ A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 4/18/2023 Entity A A-2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 7/14/2022 Entity AA- A-1 Stable Reaffirmed
FFBL Power Company Ltd 10/27/2022 Entity AA- A-1 Stable Reaffirmed
Gharo Solar Ltd 9/12/2023 Entity A A-1 Stable Reaffirmed
Indus Wind Energy Limited 8/7/2023 Entity A A-2 Stable Reaffirmed
K-Electric Limited 4/19/2023 STS-16 A-1+ Final
K-Electric Limited 6/6/2023 STS-17 A-1+ Final
K-Electric Limited 9/20/2023 STS-20 A-1+ Preliminary
K-Electric Limited 4/14/2023 Sukuk 5 AA+ Stable Reaffirmed
K-Electric Limited 4/14/2023 Sukuk 6 AA+ Stable Reaffirmed
K-Electric Limited 4/14/2023 Entity AA A-1+ Stable Reaffirmed
Kot Addu Power Company Limited 1/12/2023 Entity AA A-1 Stable Downgrade
Lakeside Energy Limited 8/17/2023 Entity A- A-2 Stable Initial
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 8/19/2022 Entity A+ A-1 Stable Initial
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 12/29/2022 Entity A A-2 Stable Reaffirmed
NASDA Green Energy Limited 8/8/2023 Entity A- A-2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/30/2022 Entity AA+ A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/18/2023 Sukuk 1 AAA Stable Note
Nishat Chunian Power Limited 9/27/2023 Entity A+ A-2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 9/19/2023 Entity AA A-1 Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt) Limited 8/23/2023 Entity AA A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 5/15/2023 Entity AA- A-1 Stable Downgrade
Thal Power (Pvt) Limited 12/30/2022 Entity AA A-1+ Stable Reaffirmed
Yunus Energy Limited 4/4/2023 Entity A+ A-1 Stable Reaffirmed
Zephyr Power Limited 2/2/2023 Entity A+ A-1 Stable Upgrade
Zhenfa Pakistan New Energy Company Limited 12/27/2022 Entity A A-2 Stable Upgrade

Steel & Allied Products
Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries Limited 8/25/2023 Sukuk 3 A+ Stable Final
Agha Steel Industries Limited 12/13/2022 Entity A A-2 Negative Maintained
Aisha Steel Mills Limited 3/31/2023 Entity BBB+ A-2 Rating Watch - Negative Maintained
BBJ Pipe Industries Limited 3/31/2023 Entity BBB A-2 Rating Watch - Developing Maintained
Crescent Steel & Allied Products Limited 3/31/2023 Sukuk 1 A- Rating Watch - Negative Maintained
Crescent Steel & Allied Products Limited 3/31/2023 Entity A- A-2 Rating Watch - Negative Maintained
Faizan Steel 3/31/2023 Entity BBB+ A-2 Rating Watch - Developing Maintained
Frontier Foundary Steel (Pvt) Limited 6/22/2023 Entity A A-1 Stable Maintained
International Industries Limited 4/6/2023 Entity AA- A-1 Rating Watch - Developing Maintained
International Steels Limited 4/10/2023 Entity A+ A-1 Rating Watch - Developing Maintained
Mehboob Steel Pipe Industry 3/31/2023 Entity BBB- A-2 Rating Watch - Developing Maintained
Mughal Iron & Steel Industries Limited 3/31/2023 Entity A+ A-1 Rating Watch - Developing Maintained
Mughal Iron & Steel Industries Limited 3/31/2023 Sukuk 1 A+ Rating Watch - Developing Maintained
Naveena Steels Mills (Pvt) Limited 7/25/2023 Entity A- A-2 Stable Initial

Storage and Distribution
Name Date Rating Type Long Term Short Term Outlook Action
Ali Gohar & Company (Pvt) Ltd 10/6/2022 Entity A A-2 Stable Reaffirmed
DSV Solutions (Pvt) Limited (Formerly: Agility Logistics (Pvt) Limited) 12/16/2022 Entity A A-2 Stable Maintained
Muller & Phipps Pakistan (Pvt) Limited 6/14/2023 Entity A+ A-1 Stable Reaffirmed
Premier Sales (Pvt) Limited 8/10/2023 Entity A A-1 Stable Reaffirmed

Sugar
Name Date Rating Type Long Term Short Term Outlook Action
Adam Sugar Mills Limited 6/12/2023 Entity A- A-2 Stable Reaffirmed
Al-Noor Sugar Mills Ltd. 8/23/2023 Entity A- A-2 Negative Maintained
Alliance Sugar Mills (Pvt) Limited 12/30/2022 Entity A- A-2 Stable Reaffirmed
Almoiz Industries Ltd 8/2/2023 Entity A A-2 Stable Reaffirmed
Ashraf Sugar Mills Limited 3/17/2023 Entity A- A-2 Stable Reaffirmed
Chashma Sugar Mills Ltd 10/28/2022 Entity A- A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 5/17/2023 Entity A A-2 Stable Reaffirmed
Etihad Sugar Mills Limited 10/25/2022 Entity A- A-2 Stable Reaffirmed
Faran Sugar Mills Limited 10/31/2022 Entity A- A-2 Negative Reaffirmed
Fatima Sugar Mills Limited 10/25/2022 Entity A- A-2 Stable Reaffirmed
Indus Sugar Mills Limited 11/8/2022 Entity A- A-1 Stable Initial
JDW Sugar Mills Ltd 5/17/2023 Entity A+ A-1 Stable Reaffirmed
JK Sugar Mills (Pvt) Limited 4/27/2023 Entity BBB A-2 Stable Initial
Madina Sugar Mills Limited 6/16/2023 Entity A- A-2 Stable Reaffirmed
RYK Mills Limited 2/15/2022 Entity A A-2 Stable Reaffirmed
Shahmurad Sugar Mills Ltd 8/23/2023 Entity A A-2 Stable Upgrade
Sheikhoo Sugar Mills Limited 6/20/2023 Entity A- A-2 Stable Reaffirmed
The Thal Industries Corporation Limited 8/22/2023 Entity A A-2 Positive Maintained
Two Star Industries (Pvt) Limited 10/18/2022 Entity BBB+ A-2 Stable Reaffirmed

Tanneries and Leather Products
Name Date Rating Type Long Term Short Term Outlook Action
Muhammad Shafi Tanneries (Pvt) Ltd 5/9/2023 Entity BBB+ A-2 Stable Reaffirmed
Shafi Lifestyle (Pvt) Ltd 12/30/2022 Entity A- A-2 Stable Upgrade
Universal Leather (Pvt) Ltd. 1/30/2023 Entity BBB A-3 Stable Upgrade

Textiles
Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 8/15/2022 Entity A- A-2 Stable Reaffirmed
AGI Denim 9/21/2023 Entity A A-2 Stable Reaffirmed
Ahmed Oriental Textile Mills Limited 12/30/2022 Entity A- A-2 Negative Maintained
Akhtar Textile Industries (Pvt) Ltd 4/14/2023 Entity A A-2 Stable Reaffirmed
Al Karam Towel Industries (Pvt) Ltd 8/1/2023 Entity A- A-2 Stable Reaffirmed
Al-Karam Textile Mills (Pvt) Limited 5/30/2023 Entity A A-2 Negative Reaffirmed
Amna Industries (Pvt) Limited 3/1/2023 Entity BBB+ A-2 Stable Initial
Arshad Corporation (Pvt) Ltd 12/29/2022 Entity A- A-2 Stable Reaffirmed
Arshad Textile Mills Limited 8/29/2022 Entity BBB- A-2 Stable Upgrade
Artistic Apparels (Pvt) Ltd 3/21/2023 Entity Suspended
Artistic Denim Mills Ltd 1/9/2023 Entity A- A-2 Stable Reaffirmed
Artistic Milliners (Pvt) Limited 12/13/2022 Entity AA- A-1 Stable Reaffirmed
Asher Imran Spinning Mills (Pvt) Limited 8/18/2022 Entity A- A-2 Stable Initial
Best Fibres (Pvt) Ltd 4/27/2023 Entity A- A-2 Stable Reaffirmed
Bhanero Textile Mills Ltd 9/26/2023 Entity A+ A-1 Stable Reaffirmed
Bhimra Textile Mills (Pvt) Limited 12/29/2022 Entity BBB A-2 Negative Maintained
Bismillah Textiles Limited 8/22/2023 Entity BBB+ A-2 Stable Reaffirmed
Blessed Textiles Ltd 9/26/2023 Entity A A-1 Stable Reaffirmed
Chakwal Textile Mills Limited 8/11/2022 Entity BBB- A-2 Stable Reaffirmed
Chiniot Textile Mills Limited 7/12/2023 Entity BBB A-2 Stable Reaffirmed
Comfort Knitwears (Pvt) Ltd 7/12/2023 Entity A- A-2 Stable Reaffirmed
Cotton Web Limited 10/11/2022 Entity A- A-2 Stable Initial
Crescent Bahuman Limited 5/9/2023 Entity A- A-2 Stable Reaffirmed
Dynamic Sportswear (Pvt) Limited 5/25/2023 Entity A- A-2 Stable Reaffirmed
Eastern Spinning Mills Limited 1/12/2023 Entity Suspended
Ejaz Spinning Mills Limited 8/31/2023 Entity Suspended
Faisal Spinning Mills Ltd 9/26/2023 Entity A A-1 Stable Reaffirmed
Feroze 1888 Mills Limited 1/13/2023 Entity AA- A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 11/2/2022 Entity A+ A-1 Stable Reaffirmed
Gatron (Industries) Limited 2/15/2023 Entity A- A-2 Stable Initial
Gohar Textile Mills (Pvt) Ltd 6/6/2022 Entity A A-1 Stable Reaffirmed
H.A Fibres (Pvt) Limited 6/23/2022 Entity A- A-2 Positive Reaffirmed
Indigo Textile (Pvt) Limited 5/24/2023 Entity A A-1 Stable Reaffirmed
Indus Dyeing & Manufacturing Co Limited 9/28/2023 Entity A+ A-1 Stable Reaffirmed
Indus Home Limited 7/24/2023 Entity A- A-2 Stable Reaffirmed
Indus Lyallpur Limited 9/28/2023 Entity A- A-2 Stable Reaffirmed
Interloop Limited 5/10/2023 Entity A+ A-1 Stable Reaffirmed
International Textile Limited 4/18/2023 Entity A A-2 Stable Upgrade
J.K Spinning Mills Limited 5/22/2023 Entity A- A-1 Stable Maintained
Kamal Limited 4/7/2023 Entity A A-1 Stable Reaffirmed
Kamal Textile Mills (Pvt) Ltd 6/20/2023 Entity A- A-2 Stable Reaffirmed
Khalid Shafique Spinning Mills Limited 6/20/2023 Entity BBB+ A-2 Negative Maintained
Kohinoor Mills Limited 8/30/2023 Entity BBB+ A-2 Positive Maintained
Kohinoor Textile Mills Limited 7/22/2022 Entity A+ A-1 Stable Reaffirmed
Lucky Knits (Pvt) Limited 10/4/2022 Entity A- A-1 Stable Reaffirmed
Lucky Textile Mills Limited 12/19/2022 Entity AA- A-1 Stable Reaffirmed
M.K Sons (Pvt) Ltd 5/29/2023 Entity A- A-2 Stable Reaffirmed
Magna Processing Industries (Pvt) Limited 3/15/2023 Entity A- A-2 Stable Initial
Magna Textile Industries (Pvt) Limited 3/16/2023 Entity BBB A-2 Stable Initial
Masco Spinning Mills (Pvt) Limited 12/7/2022 Entity BBB+ A-2 Initial
Masood Textile Mills Limited 12/14/2022 Entity A- A-2 Stable Reaffirmed
Masood Textile Mills Limited 12/14/2022 Sukuk 1 A Stable Reaffirmed
Master Textile Mills Limited 11/4/2022 Entity A A-1 Stable Reaffirmed
Metco Textile (Pvt) Limited 7/4/2022 Entity A- A-2 Stable Reaffirmed
Mustaqim Dyeing and Printing Ind. (Pvt) limited 3/1/2023 Entity A- A-2 Stable Reaffirmed
Nadeem Textile Mills Limited 12/21/2022 Entity A- A-2 Stable Reaffirmed
Naveena Exports Limited 4/12/2023 Entity A A-1 Stable Maintained
Naveena Industries Limited 12/30/2022 Entity A- A-2 Negative Maintained
Nishat (Chunian) Limited 6/8/2023 Entity A- A-2 Stable Downgrade
Pak kuwait Textiles Limited 10/20/2022 Entity A- A-1 Stable Initial
Premium Textile Mills Limited 8/18/2023 Entity A- A-2 Stable Reaffirmed
Qadri Textile Mills Limited 1/13/2023 Entity Suspended
Quality Textile Mills Ltd 12/30/2022 Entity BBB A-2 Negative Maintained
Rajby Industries 6/22/2023 Entity A- A-2 Stable Reaffirmed
Rajby Textiles (Pvt) Limited 7/14/2023 Entity A- A-2 Stable Reaffirmed
Rizwan Enterprises 5/29/2023 Entity A- A-1 Stable Reaffirmed
Sadaqat Limited 6/22/2022 TFC A Stable Maintained
Sadaqat Limited 6/22/2022 Entity A A-2 Stable Maintained
Sapphire Textile Mills Limited 9/13/2023 Entity A+ A-1 Stable Reaffirmed
Saya Weaving Mills (Pvt) Limited 2/22/2023 Entity A- A-2 Stable Reaffirmed
Shadab Textile Mills Limited 12/2/2022 Entity A- A-2 Negative Maintained
Shafi Texcel Limited 12/19/2022 Entity BBB+ A-2 Stable Initial
Shahbaz Garments (Pvt) Limited 9/6/2022 Entity A- A-2 Stable Reaffirmed
Shahtaj Textile Limited 11/23/2022 Entity A- A-2 Stable Reaffirmed
Sheikhupura Textile Mills Limited 7/12/2023 Entity BBB A-2 Stable Reaffirmed
Siara Textile Mills (Pvt) Limited 11/10/2022 Entity BBB A-2 Stable Initial
Sitara Textile Industries Ltd 1/30/2023 Entity Suspended
Sohail Textile Mills Limited 10/19/2022 Entity BBB- A-2 Stable Reaffirmed
Soorty Enterprises (Pvt) Limited 7/7/2023 Entity AA- A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 9/28/2023 Entity A- A-1 Stable Reaffirmed
Suraj Cotton Mills Limited 12/29/2022 Entity A+ A-1 Stable Reaffirmed
The Crescent Textile Mills Limited 2/16/2023 Entity A- A-2 Stable Reaffirmed
Towellers Limited 12/30/2022 Entity A A-1 Stable Reaffirmed
Umar Spinning Mills (Pvt) Limited 3/13/2023 Entity BBB+ A-2 Stable Maintained
Union Apparel (Pvt) Ltd 1/18/2023 Entity A- A-2 Stable Reaffirmed
Union Fabrics (Pvt) Ltd 1/18/2023 Entity A- A-2 Stable Reaffirmed
Utopia Industries (Pvt) Limited 6/5/2023 Entity A- A-2 Stable Initial
Z.A Corporation (Pvt) Ltd 4/3/2023 Entity BBB+ A-2 Stable Reaffirmed
Zahra Textile 1/4/2023 Entity Suspended
Zaman Textile Mills (Pvt) Limited 3/7/2023 Entity A- A-2 Stable Reaffirmed
Zephyr Textiles Limited 8/30/2022 Entity BBB+ A-2 Positive Reaffirmed

Transport
Name Date Rating Type Long Term Short Term Outlook Action
Veda Transit Solutions (Pvt.) Limited 8/24/2022 Entity BBB A-2 Stable Initial

Management Quality

Asset Manager Quality
Name Date Rating Type Long Term Short Term Outlook Action
Al-Meezan Investment Management Limited 12/30/2022 Management Quality AM1 Stable Reaffirmed
Arif Habib Dolmen REIT Management Limited 10/25/2022 Management Quality AM2 +(RMC) Stable Reaffirmed
Faysal Asset Management Limited 12/30/2022 Management Quality AM2++ Stable Upgrade
HBL- Asset Management Limited 12/30/2022 Management Quality AM1 Stable Upgrade
Magnus Investments Limited 4/19/2023 Management Quality AM2++(IA) Stable Upgrade
National Investment Trust Limited 12/29/2022 Management Quality AM1 Stable Reaffirmed
UBL Fund Managers Limited 12/30/2022 Management Quality AM1 Stable Reaffirmed

Mutual Funds

Fund Ratings
Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 12/30/2022 Fund Stability AA+(f) Reaffirmed
ABL Government Securities Fund 12/30/2022 Fund Stability AA- (f) Reaffirmed
ABL Income Fund 12/30/2022 Fund Stability A(f) Reaffirmed
ABL Islamic Cash Fund 12/30/2022 Fund Stability AA+(f) Reaffirmed
ABL Islamic Income Fund 12/30/2022 Fund Stability A+(f) Reaffirmed
Al Ameen Islamic Aggressive Income Fund 12/29/2022 Fund Stability A+(f) Reaffirmed
Al Ameen Islamic Cash Fund 12/29/2022 Fund Stability AA+(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 12/29/2022 Fund Stability AA(f) Reaffirmed
AL Habib Cash Fund (formerly First Habib Cash Fund) 12/13/2022 Fund Stability AA+(f) Reaffirmed
AL Habib Money Market Fund 12/30/2022 Fund Stability AA+(f) Initial
Askari Cash Fund 1/4/2023 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 1/4/2023 Fund Stability AA- (f) Upgrade
Faysal Cash Fund 12/26/2022 Fund Stability AA+(f) Initial
Faysal Government Securities Fund 8/1/2022 Fund Stability AA Stable Reaffirmed
Faysal Islamic Cash Fund 12/13/2022 Fund Stability AA(f) Reaffirmed
Faysal Islamic Savings Growth Fund 12/13/2022 Fund Stability A+(f) Reaffirmed
HBL Cash Fund 12/29/2022 Fund Stability AA+(f) Reaffirmed
HBL Government Securities Fund 12/29/2022 Fund Stability AA- (f) Downgrade
HBL Income Fund 12/29/2022 Fund Stability A+(f) Reaffirmed
HBL Islamic Income Fund 12/29/2022 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 12/29/2022 Fund Stability AA+(f) Reaffirmed
HBL Money Market Fund 12/29/2022 Fund Stability AA+(f) Reaffirmed
Meezan Cash Fund 1/3/2023 Fund Stability AA+(f) Upgrade
Meezan Daily Income Fund 1/19/2023 Fund Stability A+(f) Initial
Meezan Islamic Income Fund 1/3/2023 Fund Stability A+(f) Reaffirmed
Meezan Rozana Amdani Fund 1/3/2023 Fund Stability AA+(f) Reaffirmed
Meezan Sovereign Fund 1/3/2023 Fund Stability AA(f) Reaffirmed
NIT Islamic Money Market Fund 12/29/2022 Fund Stability AAA (f) Reaffirmed
NIT Social Impact Fund 12/30/2022 Fund Stability A+(f) Initial
UBL Government Securities Fund 12/29/2022 Fund Stability AA(f) Reaffirmed
UBL Growth & Income Fund 12/29/2022 Fund Stability A+(f) Reaffirmed
UBL Income Opportunity Fund 12/29/2022 Fund Stability AA- (f) Reaffirmed
UBL Liquidity Plus Fund 12/29/2022 Fund Stability AA+(f) Reaffirmed
UBL Money Market Fund 12/30/2022 Fund Stability AA+(f) Reaffirmed

REIT Ratings
Name Date Rating Type Long Term Short Term Outlook Action
Dolmen City REIT 10/25/2022 REIT Rating AAA (rr) Stable Reaffirmed
Globe Residency - REIT 12/20/2022 REIT Rating RFR2(dr) Stable Initial