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) 12/7/2022 Entity AA- A-1 Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BMR BMR1 Stable Upgrade
AKIK Capital (Pvt) Ltd 11/11/2022 BMR BMR3 Stable Reaffirmed
AKIK Capital (Pvt) Ltd 8/1/2023 BFR BFR3 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 5/13/2022 BFR BFR3+ Stable Initial
Chase Securities Pakistan (Pvt) Limited 6/5/2023 BMR BMR3++ Stable Initial
Chase Securities Pakistan (Pvt) Limited 1/26/2023 BFR BFR3 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 10/26/2022 Entity A- A-2 Rating Watch - Developing Maintained
Foundation Securities (Pvt) Limited 9/13/2023 BFR BFR3++ Stable Upgrade
Growth Securities (Pvt) Limited 6/13/2023 Entity A- A-2 Negative Maintained
Insight Securities (Pvt) Ltd 5/26/2023 Entity BBB+ A-2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 11/24/2022 BMR BMR2 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 11/11/2022 Entity A- A-2 Negative Maintained
MRA Securities Limited 11/14/2022 BFR BFR3+ Negative Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/15/2022 BFR BFR2 Stable Reaffirmed
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
Multiline Securities Limited 4/14/2022 Entity A- A-2 Stable Reaffirmed
Multiline Securities Limited 5/2/2023 BFR BFR3+ Stable Initial
Next Capital Limited 9/14/2023 BFR BFR2 Stable Reaffirmed
Next Capital Limited 6/21/2022 BMR BMR2++ Stable Reaffirmed
Next Capital Limited 8/3/2022 Entity A- A-2 Stable Reaffirmed
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 8/17/2023 Entity A A-2 Negative Maintained
Taurus Securities Limited 12/30/2022 BMR BMR2+ Stable Reaffirmed
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