Financial Institutions

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
Bank Makramah Limited (Formerly:Summit Bank Limited) 6/27/2023 TFC-1 B Rating Watch - Negative Harmonised
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
Habib Bank Limited 6/27/2023 TFC-3 AA+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 TFC-2 AA+ Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 2 AA+ Stable Reaffirmed
Silk Bank Limited 6/16/2023 TFC-1 B Rating Watch - Negative Harmonised
United Bank Limited 6/27/2023 TFC-5 AA+ Stable Reaffirmed

Micro Finance

Name Date RATING TYPE Long Term Short Term Outlook Action
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
U Microfinance Bank Limited 4/28/2023 TFC-2 A- Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-1 A Stable Reaffirmed

Modarabas

Name Date RATING TYPE Long Term Short Term Outlook Action
BRR Guardian Modaraba 7/9/2010 TFC-1 D Default

NBFCs

Name Date RATING TYPE Long Term Short Term Outlook Action
Al-Zamin Leasing Corporation Limited 1/9/2013 TFC-2 D Default
Saudi Pak Leasing Company Limited 10/4/2010 TFC-1 D Default

Corporates

Cement & Construction

Name Date RATING TYPE Long Term Short Term Outlook Action
Eden Housing Ltd. 1/27/2010 TFC-1 D Default
Javedan Corporation Ltd. 7/27/2023 Sukuk 1 AA- Stable Reaffirmed

Communication

Name Date RATING TYPE Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 5/8/2023 Sukuk 1 AAA Stable Preliminary

Consumer Goods

Name Date RATING TYPE Long Term Short Term Outlook Action
Shakarganj Food Products Limited 8/18/2023 Sukuk 1 Suspended

Medical and Pharmaceutical

Name Date RATING TYPE Long Term Short Term Outlook Action
OBS AGP (Pvt) Limited 8/25/2023 Sukuk 1 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 2/28/2024 Sukuk 2 A+ Stable Final
OBS Pakistan (Pvt) Limited 8/23/2023 Sukuk 1 A+ Stable Final

Miscellaneous

Name Date RATING TYPE Long Term Short Term Outlook Action
Telecard Ltd 6/3/2011 TFC-1 D Default

Oil & Gas

Name Date RATING TYPE Long Term Short Term Outlook Action
PGP Consortium Limited 7/4/2023 Pref Share BBB Positive Maintained

Power Companies

Name Date RATING TYPE Long Term Short Term Outlook Action
K-Electric Limited 4/14/2023 Sukuk 5 AA+ Stable Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/18/2023 Sukuk 1 AAA Stable Note

Steel & Allied Products

Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries Limited 12/21/2023 Sukuk 3 A+ Stable Reaffirmed
Crescent Steel & Allied Products Limited 12/13/2023 Sukuk 1 A- Stable Maintained
Mughal Iron & Steel Industries Limited 12/8/2023 Sukuk 1 A+ Stable Maintained

Sugar

Name Date RATING TYPE Long Term Short Term Outlook Action
Shahmurad Sugar Mills Ltd 8/17/2010 Sukuk 1 A- Stable Reaffirmed

Textiles

Name Date RATING TYPE Long Term Short Term Outlook Action
Amtex Limited 1/3/2011 TFC-1 D Default
Masood Textile Mills Limited 2/27/2024 Sukuk 1 A Stable Reaffirmed
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default