Financial Institutions

Brokerage & Securities Firms
Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 12/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Reaffirmed
Adam Securities Limited 12/28/2023 BFR
BFR3++ Good fiduciary standards
Stable Reaffirmed
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BFR
BFR2++ Strong fiduciary standards
Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 12/7/2022 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BMR
BMR1 Strong regulatory compliance, control environment, and financial management; governance and risk management frameworks are highly effective; HR, IT, and customer services are highly proactive.
Stable Upgrade
AKIK Capital (Pvt) Ltd 11/28/2023 BMR
BMR3 Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
AKIK Capital (Pvt) Ltd 8/1/2023 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
Alpha Capital (Pvt) Limited 4/17/2023 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Upgrade
Alpha Capital (Pvt) Limited 12/1/2023 BFR
BFR3 Adequate fiduciary standards
Stable Initial
Arif Habib Limited 10/9/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
BMA Capital Management Limited 2/1/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
BMA Capital Management Limited 2/1/2024 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Upgrade
BMA Capital Management Limited 9/27/2023 BFR
BFR3++ Good fiduciary standards
Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 3/13/2024 BFR
BFR3+ Good fiduciary standards
Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 6/5/2023 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Initial
Darson Securities (Pvt) Limited 12/30/2022 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Darson Securities (Pvt) Limited 12/28/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
DJM Securities Limited 1/27/2023 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
DJM Securities Limited 1/27/2023 BMR
BMR3+ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
First National Equities Limited 3/6/2024 BFR
BFR3+ Good fiduciary standards
Stable Initial
Fortune Securities Limited 2/27/2024 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Foundation Securities (Pvt) Limited 1/29/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Foundation Securities (Pvt) Limited 9/13/2023 BFR
BFR3++ Good fiduciary standards
Stable Upgrade
Growth Securities (Pvt) Limited 6/13/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Insight Securities (Pvt) Ltd 5/26/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 11/24/2022 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Integrated Equities Limited 3/19/2024 BFR
BFR3++ Good fiduciary standards
Stable Reaffirmed
Intermarket Securities Limited 7/4/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Intermarket Securities Limited 11/6/2023 BMR
BMR2+ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Intermarket Securities Limited 2/3/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Investment Managers Securities Private Limited 5/30/2023 BMR
BMR3 Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
MRA Securities Limited 1/24/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
MRA Securities Limited 11/14/2022 BFR
BFR3+ Good fiduciary standards
Negative Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/15/2022 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 3/28/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 1/16/2024 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Multiline Securities Limited 11/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Multiline Securities Limited 5/2/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Next Capital Limited 9/14/2023 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed
Next Capital Limited 11/1/2023 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Next Capital Limited 10/2/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Sherman Securities Limited 9/25/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Standard Capital Securities (Private) Limited 9/29/2022 BFR
BFR3 Good fiduciary standards
Stable Initial
Standard Capital Securities (Private) Limited 5/12/2023 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
StocXinvest Securities (Pvt) Limited 5/18/2023 BFR
BFR4++ Adequate fiduciary standards
Stable Initial
Tannu Securities (Pvt) Limited 10/11/2023 BFR
BFR3 Adequate fiduciary standards
Stable Initial
Taurus Securities Limited 12/30/2022 BMR
BMR2+ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Taurus Securities Limited 8/17/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Taurus Securities Limited 12/30/2022 BFR
BFR3+ Good fiduciary standards
Stable Upgrade
Topline Securities Limited 11/24/2022 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed
Topline Securities Limited 7/24/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Topline Securities Limited 3/21/2024 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Upgrade