Financial Institutions

Brokerage & Securities Firms
Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 11/7/2022 BFR BFR3++ Stable Reaffirmed
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BFR BFR2++ Stable Upgrade
AKIK Capital (Pvt) Ltd 8/1/2023 BFR BFR3 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
DJM Securities Limited 1/27/2023 BFR BFR3 Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 1/3/2023 BFR BFR3 Stable Reaffirmed
Foundation Securities (Pvt) Limited 9/13/2023 BFR BFR3++ Stable Upgrade
Integrated Equities Limited 3/3/2023 BFR BFR3++ Stable Reaffirmed
Intermarket Securities Limited 7/4/2023 BFR BFR3+ Stable Initial
MRA Securities Limited 11/14/2022 BFR BFR3+ Negative Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/15/2022 BFR BFR2 Stable Reaffirmed
Multiline Securities Limited 5/2/2023 BFR BFR3+ Stable Initial
Next Capital Limited 9/14/2023 BFR BFR2 Stable Reaffirmed
Sherman Securities Limited 9/25/2023 BFR BFR3+ Stable Initial
Standard Capital Securities (Private) Limited 9/29/2022 BFR BFR3 Stable Initial
StocXinvest Securities (Pvt) Limited 5/18/2023 BFR BFR4++ Stable Initial
Taurus Securities Limited 12/30/2022 BFR BFR3+ Stable Upgrade
Topline Securities Limited 11/24/2022 BFR BFR2 Stable Reaffirmed