Financial Institutions

Brokerage & Securities Firms
Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 6/20/2024 BFR BFR2 Stable Upgrade
AKD Securities Limited 5/15/2024 BFR BFR2++ Stable Reaffirmed
AKIK Capital (Pvt) Ltd 8/16/2024 BFR BFR3 Stable Reaffirmed
Alpha Capital (Pvt) Limited 3/11/2025 BFR BFR3 Stable Reaffirmed
BMA Capital Management Limited 11/8/2024 BFR BFR2 Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 3/13/2024 BFR BFR3+ Stable Upgrade
Darson Securities (Pvt) Limited 12/28/2023 BFR BFR3+ Stable Initial
DJM Securities Limited 5/29/2024 BFR BFR3 Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 4/15/2025 BFR BFR3 Stable Reaffirmed
First National Equities Limited 10/10/2024 BFR BFR3+ Rating Watch - Developing Maintained
Floret Commodities (Pvt) Limited 8/5/2024 BFR BFR3 Stable Initial
Foundation Securities (Pvt) Limited 10/17/2024 BFR BFR3++ Stable Reaffirmed
Growth Securities (Pvt) Limited 8/23/2024 BFR BFR3+ Stable Initial
Integrated Equities Limited 3/19/2024 BFR BFR3++ Stable Reaffirmed
MRA Securities Limited 5/13/2024 BFR BFR3++ Stable Upgrade
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 5/16/2024 BFR BFR2 Stable Reaffirmed
Multiline Securities Limited 7/9/2024 BFR BFR3+ Stable Reaffirmed
Next Capital Limited 10/31/2024 BFR BFR2 Stable Reaffirmed
Pearl Securities Limited 1/16/2025 BFR BFR3 Stable Initial
Sherman Securities Limited 9/25/2023 BFR BFR3+ Stable Initial
SOS Capital Limited 6/4/2024 BFR BFR3 (plim) Stable Preliminary
Standard Capital Securities (Private) Limited 5/22/2024 BFR BFR3 Stable Reaffirmed
Summit Capital (Pvt) Limited 6/28/2024 BFR BFR3 Stable Initial
Tannu Securities (Pvt) Limited 3/11/2025 BFR Suspended
Taurus Securities Limited 6/28/2024 BFR BFR3+ Stable Reaffirmed
Topline Securities Limited 4/29/2024 BFR BFR2 Stable Reaffirmed

Management Quality

Broker Management Rating
Name Date Sector Long Term Short Term Outlook Action
TS Securities (Pvt) Limited 2/10/2025 BFR BFR3 Stable Initial