Financial Institutions

Brokerage & Securities Firms
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Adam Securities Limited 12/28/2023 Entity A- A2 Positive Reaffirmed
Adam Securities Limited 6/20/2024 BFR BFR2 Stable Upgrade
AKD Securities Limited 5/15/2024 BFR BFR2++ Stable Reaffirmed
AKD Securities Limited 5/20/2024 BMR BMR1 Stable Reaffirmed
AKD Securities Limited 6/21/2024 Entity AA- A1 Stable Reaffirmed
AKIK Capital (Pvt) Ltd 11/28/2023 BMR BMR3 Stable Reaffirmed
AKIK Capital (Pvt) Ltd 8/16/2024 BFR BFR3 Stable Reaffirmed
Alpha Capital (Pvt) Limited 12/1/2023 BFR BFR3 Stable Initial
Arif Habib Limited 11/5/2024 Entity AA- A1 Rating Watch - Developing Maintained
BMA Capital Management Limited 2/1/2024 BMR BMR2++ Stable Upgrade
BMA Capital Management Limited 11/8/2024 BFR BFR2 Stable Upgrade
BMA Capital Management Limited 2/1/2024 Entity A- A2 Stable Reaffirmed
Chase Securities Pakistan (Pvt) Limited 3/13/2024 BFR BFR3+ Stable Upgrade
Darson Securities (Pvt) Limited 12/28/2023 BFR BFR3+ Stable Initial
Darson Securities (Pvt) Limited 8/30/2024 Entity BBB+ A2 Stable Reaffirmed
DJM Securities Limited 5/29/2024 BFR BFR3 Stable Reaffirmed
DJM Securities Limited 5/29/2024 BMR BMR3+ Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 BMR BMR3++ Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 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
Fortune Securities Limited 2/27/2024 BMR BMR2 Stable Reaffirmed
Foundation Securities (Pvt) Limited 10/17/2024 BFR BFR3++ Stable Reaffirmed
Foundation Securities (Pvt) Limited 1/29/2024 Entity A A2 Stable Upgrade
Growth Securities (Pvt) Limited 10/7/2024 Entity A- A2 Stable Maintained
Growth Securities (Pvt) Limited 8/23/2024 BFR BFR3+ Stable Initial
Insight Securities (Pvt) Ltd 5/14/2024 BMR BMR2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 9/20/2024 Entity BBB+ A2 Stable Reaffirmed
Integrated Equities Limited 3/19/2024 BFR BFR3++ Stable Reaffirmed
Integrated Equities Limited 8/21/2024 Entity A- A2 Stable Initial
Intermarket Securities Limited 8/13/2024 Entity A- A2 Rating Watch - Developing Maintained
Intermarket Securities Limited 7/4/2023 BFR BFR3+ Stable Initial
Intermarket Securities Limited 11/6/2023 BMR BMR2+ Stable Reaffirmed
Investment Managers Securities Private Limited 9/6/2024 BMR BMR3 Stable Reaffirmed
MRA Securities Limited 5/13/2024 BFR BFR3++ Stable Upgrade
MRA Securities Limited 1/24/2024 Entity A- A2 Stable Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 3/28/2024 Entity A- A2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 1/16/2024 BMR BMR2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 5/16/2024 BFR BFR2 Stable Reaffirmed
Multiline Securities Limited 7/9/2024 BFR BFR3+ Stable Reaffirmed
Multiline Securities Limited 11/6/2023 Entity A- A2 Stable Reaffirmed
Next Capital Limited 10/2/2023 Entity A- A2 Stable Reaffirmed
Next Capital Limited 10/31/2024 BFR BFR2 Stable Reaffirmed
Next Capital Limited 11/1/2023 BMR BMR2++ Stable Reaffirmed
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 BMR BMR2 Stable Reaffirmed
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 10/11/2023 BFR BFR3 Stable Initial
Taurus Securities Limited 6/28/2024 BMR BMR2+ Stable Reaffirmed
Taurus Securities Limited 6/28/2024 BFR BFR3+ Stable Reaffirmed
Taurus Securities Limited 10/4/2024 Entity A A2 Stable Maintained
Topline Securities Limited 7/24/2023 Entity A A1 Stable Reaffirmed
Topline Securities Limited 4/29/2024 BFR BFR2 Stable Reaffirmed
Topline Securities Limited 3/21/2024 BMR BMR2++ Stable Upgrade

Commercial Banks
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Al Baraka Bank (Pakistan) Limited 6/30/2024 Sukuk 2 A Positive Maintained
Al Baraka Bank (Pakistan) Limited 6/30/2024 Entity A+ A1 Positive Maintained
Bank Makramah Limited (Formerly:Summit Bank Limited) 6/7/2023 Entity Note
Bank Makramah Limited (Formerly:Summit Bank Limited) 6/27/2023 TFC-1 B Rating Watch - Negative Harmonised
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Sukuk 2 A+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Sukuk 3 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Entity AA A1+ Stable Reaffirmed
Faysal Bank Limited 6/28/2024 Entity AA A1+ Positive Maintained
Habib Bank Limited 6/28/2024 TFC-2 AA+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 TFC-3 AA+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 Entity AAA A1+ Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Entity AAA A1+ Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 2 AA+ Stable Reaffirmed
National Bank of Pakistan 6/26/2024 Entity AAA A1+ Stable Reaffirmed
Silk Bank Limited 10/22/2024 TFC-1 B Rating Watch - Negative Harmonised
Silk Bank Limited 10/22/2024 Entity A- A2 Rating Watch - Negative Note
Sindh Bank Ltd 6/28/2024 Entity AA- A1+ Stable Upgrade
The Bank of Khyber 6/28/2024 Entity A+ A1 Stable Reaffirmed
United Bank Limited 6/26/2024 TFC-5 AA+ Stable Reaffirmed
United Bank Limited 6/26/2024 Entity AAA A1+ Stable Reaffirmed

DFIs
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
House Building Finance Company Limited 6/4/2024 Entity AAA A1+ Stable Upgrade
Pak Brunei Investment Company Limited 6/28/2024 Entity AA+ A1+ Stable Reaffirmed
Pak China Investment Company Limited 6/28/2024 Entity AAA A1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/28/2024 Entity AA+ A1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/9/2024 Entity AAA A1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/28/2024 Entity AA+ A1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/27/2024 Entity AAA A1+ Stable Reaffirmed

Exchange Companies
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Pakistan Currency Exchange Company (Private) Limited 11/20/2023 Entity A- A2 Stable Initial

Insurance
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Alpha Insurance Company Limited 2/1/2024 IFS A+ (IFS) Stable Reaffirmed
Askari General Insurance Company Limited 2/29/2024 IFS AA+ (IFS) Stable Initial
Century Insurance Company Limited 12/27/2023 IFS AA (IFS) Stable Reaffirmed
Chubb Insurance Pakistan Limited 12/4/2023 IFS AA+ Stable Reaffirmed
EFU General Insurance Limited 1/3/2024 IFS AA++ (IFS) Stable Reaffirmed
EFU Life Assurance Limited 12/29/2023 IFS AA++ (IFS) Stable Reaffirmed
IGI General Insurance Limited 12/22/2023 IFS AA+ (IFS) Stable Reaffirmed
Jubilee General Insurance Company Limited 12/4/2023 IFS AA++ (IFS) Stable Reaffirmed
Jubilee Life Insurance Company Limited 2/22/2024 IFS AA++ (IFS) Stable Reaffirmed
Pak-Qatar Family Takaful Limited 12/7/2023 IFS A++ (IFS) Stable Reaffirmed
Pak-Qatar General Takaful Limited 3/13/2024 IFS A (IFS) Stable Reaffirmed
Pakistan Reinsurance Company Limited 2/27/2024 IFS AA+ (IFS) Stable Reaffirmed
Reliance Insurance Company Limited 1/2/2024 IFS A+ (IFS) Stable Reaffirmed
Security General Insurance Company Limited 12/26/2023 IFS AA+ (IFS) Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 1/2/2024 IFS BB+ (IFS) Stable Reaffirmed
The United Insurance Company of Pakistan Limited 8/5/2024 IFS AA+ (IFS) Stable Reaffirmed
UBL Insurers Limited 12/19/2023 IFS AA+ (IFS) Stable Reaffirmed

Investment Banks
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
First Credit and Investment Bank Limited 2/26/2024 Entity A A2 Stable Reaffirmed

Leasing
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Pak-Gulf Leasing Company Limited 9/21/2023 Entity A- A2 Stable Reaffirmed
Primus Leasing Limited 11/12/2024 Entity A+ A1 Stable Reaffirmed

Micro Finance
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
CSC Empowerment & Inclusion Programme (MFI) 2/22/2024 Entity BBB- A3 Stable Initial
FINCA Microfinance Bank Limited 4/30/2024 Entity A- A2 Rating Watch - Developing Maintained
Halan Microfinance Bank Limited (Formerly: Advans Pakistan Microfinance Bank Ltd) 4/30/2024 Entity BBB A3 Positive Maintained
HBL Microfinance Bank Limited (Formerly:The First MicroFinanceBank Limited) 4/30/2024 Entity A+ A1 Stable Reaffirmed
Khushhali Microfinance Bank Limited 5/30/2024 Entity A- A2 Rating Watch - Negative Reaffirmed
Khushhali Microfinance Bank Limited 5/30/2024 TFC-1 B Negative Maintained
Khushhali Microfinance Bank Limited 5/30/2024 TFC-2 B Negative Maintained
LOLC Microfinance Bank Limited (Formerly: Pak Oman Microfinance Bank Limited) 5/7/2024 Entity A- A2 Stable Maintained
Mobilink Microfinance Bank Limited 5/7/2024 Entity A A1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 5/6/2024 Entity A- A2 Stable Upgrade
U Microfinance Bank Limited 6/10/2024 Entity A+ A1 Stable Reaffirmed
U Microfinance Bank Limited 6/10/2024 TFC-2 A- Stable Reaffirmed

Modarabas
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
First Paramount Modaraba 12/13/2023 Entity BBB A3 Stable Reaffirmed
Sindh Modaraba 11/13/2024 Entity A+ A1 Stable Reaffirmed
Trust Modaraba 5/13/2024 Entity BBB+ A2 Stable Reaffirmed

NBFCs
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
CDC Share Registrar Services Limited 12/12/2023 Entity A A1 Stable Reaffirmed
Cyan Limited 1/24/2024 Entity A A1 Stable Maintained
DAMEN Support Programme 4/17/2024 Entity BBB- A3 Stable Initial
LSE Financial Services Limited 3/8/2024 Entity A A1 Rating Watch - Developing Reaffirmed
Rural Community Development Programs 5/2/2024 Entity BBB+ A3 Stable Upgrade
Taleem Finance Company Limited 9/11/2024 Entity BBB A2 Stable Initial
Trukkr Financial Services Limited 8/12/2024 Entity A- A2 Stable Initial

Corporates

Auto & Allied
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Agriauto Industries Limited 11/16/2023 Entity A- A1 Stable Reaffirmed
Agriauto Stamping Company (Pvt) Limited 4/1/2024 Entity A- A2 Stable Reaffirmed
Al-Ghazi Tractors Ltd. 10/3/2024 Entity A+ A1 Stable Reaffirmed
Indus Motor Company Ltd 11/15/2024 Entity AA+ A1+ Stable Reaffirmed
Master Changan Motors Limited 1/23/2024 Entity A- A2 Stable Reaffirmed
Omar Jibran Engineering Industries Limited 2/19/2024 Entity BBB+ A2 Stable Downgrade
Procon Engineering (Pvt) Limited 5/22/2024 Entity A A2 Stable Maintained
Sazgar Engineering Works Limited 1/25/2024 Entity A A2 Stable Initial
Thal Limited 1/15/2024 Entity AA A1+ Stable Reaffirmed

Cement & Construction
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Dolmen (Pvt) Limited 5/23/2023 Entity A- A2 Stable Initial
Enertech Water (Pvt) Limited 6/6/2024 Entity AA A1 Stable Initial
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 7/31/2024 Entity A A2 Stable Reaffirmed
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 7/31/2024 BLR AA (blr, plim) Stable Preliminary
Izhar Construction (Pvt) Limited 3/27/2024 Entity A A1 Stable Upgrade
Javedan Corporation Ltd. 10/9/2024 Entity A+ A1 Stable Reaffirmed
Javedan Corporation Ltd. 10/9/2024 Sukuk 1 AA- Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd 12/27/2023 Entity A- A2 Stable Reaffirmed
Lucky Cement Limited 11/8/2024 Entity AA+ A1+ Stable Reaffirmed
Malir Expressway Limited 11/20/2024 Entity A- A2 Stable Reaffirmed
Maple Leaf Cement Factory Ltd 10/11/2024 Entity A A1 Stable Reaffirmed
Power Cement Ltd 12/27/2023 Entity A- A2 Stable Reaffirmed
Sachal Engineering Works (Pvt) Limited 11/18/2024 Entity A- A2 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 10/6/2023 Entity A- A2 Stable Reaffirmed
Thatta Cement Company Ltd 9/12/2024 Entity A A2 Stable Upgrade

Chemicals
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Archroma Pakistan Ltd 9/3/2024 Entity AA A1 Negative Maintained
Gamalux Oleochemicals Limited 8/26/2024 Entity A- A2 Stable Reaffirmed
Ittehad Chemicals Limited 4/2/2024 Entity A- A2 Stable Reaffirmed
Lucky Core Industries Limited (Formerly ICI Pakistan Limited) 2/28/2024 Entity AA A1+ Stable Maintained
Power Chemical Industries Limited 6/24/2024 Entity A- A2 Stable Reaffirmed
Sitara Chemical Industries Limited 6/14/2024 Sukuk 1 AA- Stable Preliminary
Sitara Chemical Industries Limited 6/14/2024 Entity A+ A2 Stable Reaffirmed

Communication
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Engro Enfrashare (Pvt) Ltd 10/21/2024 Entity A- A2 Stable Reaffirmed
Pak Telecom Mobile Limited 11/22/2023 Entity AA- A1 Stable Reaffirmed
Pakistan Telecommunication Company Limited 11/7/2023 Entity AAA A1+ Stable Reaffirmed
Pakistan Telecommunication Company Limited 7/8/2024 STS-4 A1+ Final
Pakistan Telecommunication Company Limited 7/29/2024 STS-5 A1+ Final
Pakistan Telecommunication Company Limited 9/16/2024 STS-6 A1+ Final
Pakistan Telecommunication Company Limited 9/12/2024 STS-7 A1+ (plim) Preliminary
Pakistan Telecommunication Company Limited 5/27/2024 STS-3 A1+ Final
Tower Power (Pvt) Limited 2/21/2024 Entity A- A2 Stable Reaffirmed

Consumer Goods
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Agro Processors and Atmospheric Gases Limited 9/11/2024 Entity BBB+ A2 Stable Upgrade
Asian Food Industries Limited 2/21/2024 Entity A- A2 Stable Initial
At-Tahur Limited 6/10/2024 Entity A- A2 Stable Maintained
At-Tahur Limited 8/12/2024 STS A1 Preliminary
Bismillah Sehla Processing Plant (Pvt) Limited 9/13/2023 Entity BBB+ A2 Stable Initial
Bunny's Limited 4/6/2023 Entity A- A2 Stable Reaffirmed
Dairyland (Pvt) Limited 11/17/2023 Entity A- A2 Positive Reaffirmed
Everfresh Farms (Pvt) Limited 8/2/2024 Entity A- A2 Stable Upgrade
Faisalabad Oil Refinery (Pvt) Limited 8/16/2024 Entity A- A2 Stable Reaffirmed
Garibsons (Pvt) Ltd. 3/1/2024 Entity A A2 Stable Upgrade
Golden Harvest Foods (Pvt) Limited 11/14/2024 Entity BBB+ A2 Stable Reaffirmed
Haleeb Foods Limited 1/23/2024 Entity A- A1 Stable Upgrade
Ittefaq Agro Industries (Pvt) Limited 5/2/2024 Entity A- A2 Stable Initial
JK Dairies (Pvt) Limited 12/22/2023 Entity BBB+ A2 Stable Reaffirmed
Karachi Grain (Pvt) Limited 6/11/2024 Entity BBB+ A2 Stable Reaffirmed
Kausar Ghee Mills (Pvt) Limited 8/8/2023 Entity A- A2 Stable Reaffirmed
Madina Oil Refinery Limited 4/9/2024 Entity BBB A2 Stable Upgrade
Madina Private Limited 7/30/2024 Entity BBB A2 Stable Reaffirmed
Matco Foods Limited 12/29/2023 Entity BBB+ A2 Stable Reaffirmed
Olympia Oils (Pvt) Limited 12/6/2023 Entity A- A2 Stable Reaffirmed
Shakarganj Food Products Limited 7/3/2024 Entity BBB- A3 Stable Maintained
Shakarganj Food Products Limited 7/3/2024 Sukuk 1 BBB- Stable Downgrade
Staple Foods Private Limited 5/8/2024 Entity A A1 Stable Upgrade
Sunridge Foods (Private) Limited 9/10/2024 Entity BBB+ A3 Stable Initial
The Organic Meat Company Limited 7/2/2024 Entity A A1 Stable Upgrade
Treet Corporation Limited 12/15/2023 Entity A- A2 Stable Maintained
Unity Foods Limited 11/1/2023 Entity A A2 Negative Reaffirmed

Engineering
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Digital World Pakistan (Pvt) Limited 6/7/2024 Entity A- A2 Stable Maintained
DWP Technologies (Pvt) Limited 6/7/2024 Entity A- A2 Stable Reaffirmed
EMCO Industries Limited 12/5/2023 Entity A- A2 Stable Reaffirmed
Fast Cables Limited 12/4/2023 Entity A- A2 Stable Reaffirmed
Mannan Shahid Forgings Limited 5/6/2024 Entity A A2 Stable Upgrade
Orient Electronics (Pvt) Limited 5/23/2024 Entity A- A2 Negative Maintained
Pakistan Cables Limited 11/20/2024 Entity A A1 Negative Reaffirmed
The Imperial Electric Company (Pvt) Limited 1/31/2024 Entity A- A2 Positive Maintained
Transfopower Industries (Pvt) Limited 3/13/2024 Entity A- A2 Stable Initial

Fertilizer
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Fatima Fertilizer Company Limited 9/3/2024 Entity AA+ A1+ Stable Reaffirmed
Fauji Fertilizer Bin Qasim Limited 5/6/2024 Entity AA+ A1+ Stable Upgrade

Medical and Pharmaceutical
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Aspin Pharma (Pvt) Limited 11/4/2024 Entity A A1 Stable Reaffirmed
Highnoon Laboratories Ltd 9/20/2023 Entity A+ A1 Positive Initial
Macter International Limited 8/2/2024 Entity A A1 Stable Upgrade
Noventa Pharma (Private) Limited 11/13/2024 Entity A A2 Stable Initial
OBS AGP (Pvt) Limited 10/31/2024 Entity A A1 Stable Reaffirmed
OBS AGP (Pvt) Limited 10/31/2024 Sukuk 1 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 11/5/2024 Sukuk 1 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 11/5/2024 Sukuk 2 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 11/5/2024 Entity A A2 Stable Reaffirmed
OBS Pharma (Pvt) Limited 9/23/2024 STS-2 A1 (plim) Preliminary
OBS Pharma (Pvt) Limited 9/23/2024 Entity A A1 Stable Reaffirmed
OBS Pharma (Pvt) Limited 9/23/2024 BLR A+ (blr) Stable Reaffirmed
Shifa International Hospitals Limited 2/1/2024 Entity AA- A1 Stable Reaffirmed
The Searle Company Limited 7/10/2024 Entity AA- A1 Stable Maintained

Miscellaneous
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Ana & Batla Industries (Pvt) Ltd 9/12/2024 Entity BBB A2 Stable Reaffirmed
Associated Technologies (Pvt) Limited 9/25/2023 Entity A- A2 Stable Reaffirmed
Avari Hotels (Pvt.) Limited 8/8/2024 BLR AA (blr) Stable Reaffirmed
Biotech Energy (Pvt) Limited 9/21/2023 Entity A A1 Stable Upgrade
Devsinc (Pvt) Limited 10/31/2024 Entity BBB+ A2 Stable Initial
HKB Retail (SMC-Pvt) Limited 1/11/2024 Entity A- A3 Stable Reaffirmed
Lahore Grammer School (Pvt) Ltd 11/29/2023 Entity A- A2 Stable Initial
Maple Leaf Capital Limited 12/21/2023 Entity A- A1 Stable Initial
MicroTech Industries (Pvt) Limited 7/12/2024 Entity A- A2 Stable Initial
Optimus Limited 11/4/2024 Entity BBB+ A2 Stable Reaffirmed
Service Sales Corporation (Pvt) Limited 5/20/2024 Entity A- A2 Stable Initial
Shirazi Investments (Pvt) Limited 1/24/2024 Entity AA A1+ Stable Upgrade
Transsion Tecno Electronics (Pvt) Limited 4/19/2024 Entity A- A2 Stable Upgrade

Oil & Gas
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Hi-Tech Lubricants Limited 1/18/2024 Entity A- A2 Stable Downgrade
Oil & Gas Development Company Limited 12/20/2023 Entity AAA A1+ Stable Reaffirmed
Oil Industries Pakistan Limited 8/31/2023 Entity A- A2 Stable Initial
Pakistan State Oil Company Limited 1/19/2024 Entity AA+ A1+ Stable Reaffirmed
PGP Consortium Limited 9/10/2024 Sukuk 1 AA- (plim) Stable Preliminary
PGP Consortium Limited 9/10/2024 Entity A A2 Stable Upgrade
PGP Consortium Limited 9/10/2024 Pref Share BBB+ Stable Upgrade
Servo Motor Oil (Pvt) Limited 11/13/2023 Entity BBB A2 Stable Reaffirmed
Sui Northern Gas Pipelines Limited 12/1/2023 Entity AA+ A1+ Stable Reaffirmed
Taj Gasoline (Pvt.) Limited 8/20/2024 Entity A A2 Stable Upgrade
Zoom Marketing Oils (Pvt) Limited 2/27/2024 Entity BBB- A3 Positive Maintained
Zoom Petroleum (Pvt) Limited 2/28/2024 Entity BBB- A3 Stable Reaffirmed

Paper & Packaging
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
CBM Plastics (Pvt) Limited 12/21/2023 Entity BBB+ A2 Stable Reaffirmed
Century Paper & Board Mills Limited 2/26/2024 Entity AA- A1 Stable Reaffirmed
International Packaging Films Ltd 10/5/2023 Entity A A1 Stable Reaffirmed
K.S.F Tri Zone Industries (Pvt) Ltd 7/30/2024 Entity BBB+ A2 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 1/31/2024 Entity BBB+ A2 Positive Maintained
Novatex Limited 2/22/2024 Entity AA A1+ Positive Maintained
Syntronics Limited 4/8/2024 Entity BBB+ A2 Stable Reaffirmed

Power Companies
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
AJ Power (Pvt) Ltd 8/19/2024 Entity A+ A2 Stable Upgrade
Artistic Energy (Pvt) Ltd 5/14/2024 Entity A+ A1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 5/14/2024 Entity A A2 Stable Reaffirmed
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited) 12/26/2023 Entity A A2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 9/4/2024 Entity AA- A1 Stable Maintained
FFBL Power Company Ltd 12/20/2023 Entity AA- A1 Stable Reaffirmed
Gharo Solar Ltd 9/26/2024 Entity A+ A1 Stable Upgrade
Gujranwala Electric Power Company 11/7/2024 Entity AA- A1 Stable Initial
Indus Wind Energy Limited 9/10/2024 Entity A A2 Stable Reaffirmed
K-Electric Limited 5/31/2024 STS-25 A1+ Final
K-Electric Limited 6/13/2024 STS-26 A1+ Final
K-Electric Limited 10/10/2024 STS-27 A1+ Final
K-Electric Limited 6/3/2024 Sukuk 5 AA+ Stable Note
K-Electric Limited 6/3/2024 Sukuk 6 AA+ Stable Note
K-Electric Limited 6/3/2024 Entity AA A1+ Stable Note
Kot Addu Power Company Limited 1/8/2024 Entity A+ A1 Rating Watch - Developing Downgrade
Lakeside Energy Limited 8/17/2023 Entity A- A2 Stable Initial
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 11/29/2023 Entity A+ A1 Stable Reaffirmed
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 12/20/2023 Entity A A2 Stable Reaffirmed
Maple Leaf Power Limited 9/23/2024 Entity A A1 Stable Initial
Mughal Energy Limited 7/5/2024 Sukuk 1 A+ (plim) Stable Preliminary
NASDA Green Energy Limited 10/10/2024 Entity A- A2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/28/2023 Entity AA+ A1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/16/2024 Sukuk 1 AAA Stable Note
Nishat Chunian Power Limited 9/27/2023 Entity A+ A2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 10/2/2024 Entity AA A1 Stable Reaffirmed
Quaid-e-Azam Thermal Power (Pvt) Limited 9/23/2024 Entity AA+ A1+ Stable Upgrade
Rousch (Pakistan) Power Limited 10/25/2024 Entity AA A1 Rating Watch - Developing Maintained
Thal Power (Pvt) Limited 12/22/2023 Entity AA A1+ Stable Reaffirmed
Yunus Energy Limited 7/3/2024 Entity A+ A1 Stable Reaffirmed
Zephyr Power Limited 4/18/2024 Entity A+ A1 Stable Reaffirmed

Steel & Allied Products
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Agha Steel Industries Limited 5/22/2024 Sukuk 3 D Default
Agha Steel Industries Limited 5/22/2024 Entity CCC C Negative Downgrade
Aisha Steel Mills Limited 1/1/2024 Entity BBB+ A2 Stable Maintained
BBJ Pipe Industries Limited 1/2/2024 Entity BBB A2 Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Entity A- A2 Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Sukuk 1 A- Stable Maintained
Faizan Steel 1/31/2024 Entity BBB+ A2 Stable Maintained
Frontier Foundry Steel Limited 7/24/2024 Entity A A1 Stable Reaffirmed
International Industries Limited 10/22/2024 Entity AA- A1 Stable Reaffirmed
International Steels Limited 10/29/2024 Entity A+ A1 Stable Reaffirmed
Mehboob Steel Pipe Industry 4/22/2024 Entity BBB A2 Stable Upgrade
Mughal Iron & Steel Industries Limited 11/18/2024 Entity A+ A1 Stable Reaffirmed
Mughal Iron & Steel Industries Limited 11/18/2024 Sukuk 1 A+ Stable Reaffirmed
Naveena Steels Mills (Pvt) Limited 7/9/2024 Entity A- A2 Negative Maintained

Storage and Distribution
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Ali Gohar & Company (Pvt) Ltd 1/30/2024 Entity A A2 Stable Reaffirmed
Muller & Phipps Pakistan (Pvt) Limited 9/9/2024 Entity A+ A1 Stable Reaffirmed
Popular International (Pvt) Limited 12/8/2023 Entity A A1 Stable Reaffirmed
Premier Sales (Pvt) Limited 9/11/2024 Entity A A1 Stable Reaffirmed
Tech Sirat (Pvt) Limited 2/22/2024 Entity BBB+ A2 Stable Initial

Sugar
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Adam Sugar Mills Limited 5/21/2024 Entity A- A2 Stable Reaffirmed
Al-Noor Sugar Mills Ltd. 8/26/2024 Entity A- A2 Stable Maintained
Alliance Sugar Mills (Pvt) Limited 2/7/2024 Entity A- A2 Stable Reaffirmed
Almoiz Industries Ltd 9/13/2024 Entity A A2 Stable Reaffirmed
Ashraf Sugar Mills Limited 4/26/2024 Entity A- A2 Stable Reaffirmed
Chashma Sugar Mills Ltd 9/6/2024 Entity A- A2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 5/13/2024 Entity A A2 Stable Reaffirmed
Etihad Sugar Mills Limited 2/21/2024 Entity A A2 Stable Upgrade
Faran Sugar Mills Limited 12/29/2023 Entity A- A2 Stable Maintained
Fatima Sugar Mills Limited 12/22/2023 Entity A- A2 Stable Reaffirmed
Indus Sugar Mills Limited 10/16/2024 Entity A- A1 Stable Reaffirmed
JDW Sugar Mills Ltd 5/13/2024 Entity AA- A1 Stable Upgrade
JK Sugar Mills (Pvt) Limited 5/13/2024 Entity BBB+ A2 Stable Upgrade
Madina Sugar Mills Limited 8/13/2024 Entity A- A2 Stable Reaffirmed
Ranipur Sugar Mills (Pvt) Limited 11/12/2024 Entity A- A2 Stable Initial
RYK Mills Limited 9/19/2024 Entity A A2 Positive Reaffirmed
RYK Mills Limited 9/20/2024 STS A1 (plim) Preliminary
Shahmurad Sugar Mills Ltd 8/26/2024 Entity A A2 Positive Maintained
Shahtaj Sugar Mills Limited 6/14/2024 Entity A- A2 Stable Initial
Sheikhoo Sugar Mills Limited 8/5/2024 Entity A- A2 Stable Reaffirmed
Tariq Corporation Limited 2/19/2024 Entity BBB A3 Stable Initial
The Thal Industries Corporation Limited 9/16/2024 Entity A A2 Positive Reaffirmed
Two Star Industries (Pvt) Limited 11/17/2023 Entity BBB+ A2 Stable Reaffirmed

Tanneries and Leather Products
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Muhammad Shafi Tanneries (Pvt) Ltd 3/5/2024 Entity BBB+ A2 Stable Reaffirmed
Shafi Lifestyle (Pvt) Ltd 1/11/2024 Entity A- A2 Stable Reaffirmed
Universal Leather (Pvt) Ltd. 2/29/2024 Entity BBB A3 Positive Maintained

Textiles
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
AA Spinning Mills Limited 12/27/2023 Entity A- A2 Stable Reaffirmed
AGI Denim 6/11/2024 Entity A+ A1 Stable Upgrade
Ahmed Oriental Textile Mills Limited 1/15/2024 Entity A- A2 Negative Reaffirmed
Akhtar Textile Industries (Pvt) Ltd 7/30/2024 Entity A A2 Stable Reaffirmed
Akram Cotton Mills Limited 2/27/2024 Entity BBB A2 Stable Initial
Al Karam Towel Industries (Pvt) Ltd 9/10/2024 Entity A- A2 Stable Reaffirmed
Al-Karam Textile Mills (Pvt) Limited 4/4/2024 Entity A A2 Stable Maintained
Al-Karam Textile Mills (Pvt) Limited 8/27/2024 Sukuk 1 A Stable Final
Al-Karam Textile Mills (Pvt) Limited 8/27/2024 STS A1 Preliminary
Amna Industries (Pvt) Limited 5/17/2024 Entity BBB+ A2 Negative Maintained
Arshad Corporation (Pvt) Ltd 3/6/2024 Entity A- A2 Stable Reaffirmed
Arshad Textile Mills Limited 3/6/2024 Entity BBB- A2 Stable Reaffirmed
Artistic Denim Mills Ltd 3/29/2024 Entity A- A2 Stable Reaffirmed
Asher Imran Spinning Mills (Pvt) Limited 11/20/2023 Entity A- A2 Stable Reaffirmed
Best Fibres (Pvt) Ltd 5/14/2024 Entity A- A2 Positive Maintained
Bhanero Textile Mills Ltd 9/26/2023 Entity A+ A1 Stable Reaffirmed
Bhimra Textile Mills (Pvt) Limited 12/15/2023 Entity BBB A2 Stable Maintained
Bismillah Textiles Limited 10/28/2024 Entity A- A2 Stable Upgrade
Blessed Textiles Ltd 9/26/2023 Entity A A1 Stable Reaffirmed
Chakwal Textile Mills Limited 10/23/2023 Entity Suspended
Comfort Knitwears (Pvt) Ltd 9/5/2024 Entity A- A2 Stable Reaffirmed
Cotton Web Limited 1/1/2024 Entity A- A2 Positive Maintained
Crescent Bahuman Limited 6/24/2024 Entity A- A2 Positive Maintained
Dynamic Sportswear (Pvt) Limited 7/1/2024 Entity A- A2 Stable Reaffirmed
Faisal Spinning Mills Ltd 9/26/2023 Entity A A1 Stable Reaffirmed
Feroze 1888 Mills Limited 2/27/2024 Entity AA- A1 Stable Reaffirmed
Gadoon Textile Mills Limited 10/31/2023 Entity A+ A1 Stable Reaffirmed
Gatron (Industries) Limited 5/17/2024 Entity A- A2 Stable Reaffirmed
Gohar Textile Mills (Pvt) Ltd 3/11/2024 Entity A+ A1 Stable Upgrade
H.A Fibres (Pvt) Limited 10/2/2023 Entity A- A2 Stable Maintained
Indigo Textile (Pvt) Limited 7/19/2024 Entity A A1 Stable Reaffirmed
Indus Dyeing & Manufacturing Co Limited 10/25/2024 Entity A+ A1 Stable Reaffirmed
Indus Home Limited 8/8/2024 Entity A- A2 Stable Reaffirmed
Indus Lyallpur Limited 10/25/2024 Entity A- A2 Stable Reaffirmed
Interloop Limited 7/18/2024 Entity AA- A1 Stable Upgrade
International Textile Limited 5/2/2024 Entity A A2 Stable Reaffirmed
J.K Spinning Mills Limited 8/8/2024 Entity A- A1 Stable Reaffirmed
Kamal Limited 5/3/2024 Entity A A1 Stable Reaffirmed
Kamal Textile Mills (Pvt) Ltd 7/3/2024 Entity A- A2 Stable Reaffirmed
Khalid Shafique Spinning Mills Limited 6/3/2024 Entity BBB+ A2 Stable Maintained
Kohinoor Mills Limited 11/8/2024 Entity BBB+ A2 Stable Maintained
Kohinoor Textile Mills Limited 10/23/2024 Entity A+ A1 Stable Reaffirmed
Lucky Knits (Pvt) Limited 11/17/2023 Entity A- A1 Stable Reaffirmed
Lucky Textile Mills Limited 11/20/2023 Entity AA- A1 Stable Reaffirmed
M.K Sons (Pvt) Ltd 6/14/2024 Entity A- A2 Stable Reaffirmed
Masood Textile Mills Limited 2/27/2024 Sukuk 1 A Stable Reaffirmed
Master Textile Mills Limited 4/4/2024 Entity A+ A1 Stable Upgrade
Metco Textile (Pvt) Limited 11/6/2024 Entity A- A2 Stable Maintained
Mustaqim Dyeing and Printing Ind. (Pvt) limited 5/15/2024 Entity A- A2 Stable Reaffirmed
Nadeem Textile Mills Limited 1/30/2024 Entity A- A2 Stable Reaffirmed
Naveena Exports Limited 6/4/2024 Entity A A1 Stable Reaffirmed
Naveena Industries Limited 1/15/2024 Entity A- A2 Stable Maintained
Nishat (Chunian) Limited 7/5/2024 Entity A- A2 Stable Reaffirmed
Pak kuwait Textiles Limited 3/15/2024 Entity A- A1 Stable Reaffirmed
Premium Textile Mills Limited 6/5/2024 Entity A- A2 Stable Reaffirmed
Rajby Industries 7/15/2024 Entity A- A2 Positive Maintained
Rajby Textiles (Pvt) Limited 9/3/2024 Entity A- A2 Stable Reaffirmed
Rizwan Enterprises 8/21/2024 Entity A- A1 Stable Reaffirmed
Sadaqat Limited 10/10/2023 Entity A A2 Stable Reaffirmed
Sadaqat Limited 10/10/2023 TFC A Stable Reaffirmed
Sapphire Textile Mills Limited 10/7/2024 Entity A+ A1 Stable Reaffirmed
Saya Weaving Mills (Pvt) Limited 4/17/2024 Entity A- A2 Stable Reaffirmed
Shadab Textile Mills Limited 1/8/2024 Entity A- A2 Negative Reaffirmed
Shahbaz Garments (Pvt) Limited 4/16/2024 Entity A- A2 Stable Reaffirmed
Shahtaj Textile Limited 11/13/2024 Entity A- A2 Stable Reaffirmed
Sheikhupura Textile Mills Limited 7/24/2024 Entity BBB A2 Positive Maintained
Siara Textile Mills (Pvt) Limited 2/27/2024 Entity BBB A2 Stable Reaffirmed
Sitara Hamza (Pvt) Limited 3/29/2024 Entity BBB A3 Stable Initial
Sitara Textile Industries Ltd 10/1/2024 Entity BB+ A3 Rating Watch - Negative Downgrade
Sohail Textile Mills Limited 12/4/2023 Entity BBB- A2 Stable Reaffirmed
Soorty Enterprises (Pvt) Limited 9/6/2024 Entity AA- A1 Stable Reaffirmed
Sunrays Textile Mills Limited 10/25/2024 Entity A- A1 Stable Reaffirmed
Suraj Cotton Mills Limited 2/9/2024 Entity A+ A1 Stable Reaffirmed
Tauseef Enterprises (Pvt) Limited 9/18/2024 Entity A- A2 Stable Initial
The Crescent Textile Mills Limited 3/27/2024 Entity A- A2 Negative Maintained
Towellers Limited 2/7/2024 Entity A A1 Positive Maintained
Umar Spinning Mills (Pvt) Limited 2/13/2024 Entity BBB+ A2 Stable Reaffirmed
Union Apparel (Pvt) Ltd 3/4/2024 Entity A- A2 Stable Reaffirmed
Union Fabrics (Pvt) Ltd 2/29/2024 Entity A- A2 Stable Reaffirmed
Utopia Industries (Pvt) Limited 9/10/2024 Entity A- A2 Stable Reaffirmed
Z.A Corporation (Pvt) Ltd 5/8/2024 Entity BBB+ A2 Stable Reaffirmed
Zaman Textile Mills (Pvt) Limited 3/14/2024 Entity A- A2 Stable Reaffirmed
Zephyr Textiles Limited 11/17/2023 Entity BBB+ A2 Positive Reaffirmed

Transport
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Veda Transit Solutions (Pvt.) Limited 12/13/2023 Entity BBB A2 Stable Reaffirmed

Management Quality

Asset Manager Quality
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Al-Meezan Investment Management Limited 12/29/2023 Management Quality AM1 Stable Reaffirmed
Alfalah Asset Management Limited 12/29/2023 Management Quality AM1 Stable Initial
Arif Habib Dolmen REIT Management Limited 12/11/2023 Management Quality AM2 +(RMC) Stable Reaffirmed
Faysal Asset Management Limited 9/10/2024 Management Quality AM1 Stable Upgrade
HBL- Asset Management Limited 12/29/2023 Management Quality AM1 Stable Reaffirmed
Magnus Investments Limited 6/14/2024 Management Quality AM2++(IA) Stable Reaffirmed
National Investment Trust Limited 12/28/2023 Management Quality AM1 Stable Reaffirmed
Shields REIT Management Company Limited 11/1/2023 Management Quality AM4 +(RMC) Stable Initial
UBL Fund Managers Limited 12/29/2023 Management Quality AM1 Stable Reaffirmed

Mutual Funds

Fund Ratings
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Al Ameen Islamic Aggressive Income Fund 12/29/2023 Fund Stability A+(f) Reaffirmed
Al Ameen Islamic Cash Fund 12/29/2023 Fund Stability AA+(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 12/29/2023 Fund Stability AA(f) Reaffirmed
AL Habib Cash Fund (formerly First Habib Cash Fund) 11/15/2023 Fund Stability AA+(f) Reaffirmed
AL Habib Money Market Fund 11/15/2023 Fund Stability AA+(f) Reaffirmed
Askari Cash Fund 12/27/2023 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 12/27/2023 Fund Stability AA- (f) Reaffirmed
Faysal Cash Fund 12/15/2023 Fund Stability AA+(f) Reaffirmed
Faysal Government Securities Fund 10/28/2024 Fund Stability AA(f) Reaffirmed
Faysal Islamic Cash Fund 12/15/2023 Fund Stability AA(f) Reaffirmed
Faysal Islamic Financial Growth Plan-I (Under Faysal Islamic Financial Growth Fund) 8/23/2024 Fund Stability A+(f) Initial
Faysal Islamic Savings Growth Fund 12/15/2023 Fund Stability A+(f) Reaffirmed
Faysal Islamic Sovereign Fund Plan-I (Under Faysal Islamic Sovereign Fund) 7/10/2024 Fund Stability AA(f) Initial
Faysal Islamic Sovereign Fund Plan-II (Under Faysal Islamic Sovereign Fund) 8/20/2024 Fund Stability AA(f) Initial
HBL Cash Fund 1/2/2024 Fund Stability AA+(f) Reaffirmed
HBL Government Securities Fund 1/2/2024 Fund Stability AA- Reaffirmed
HBL Income Fund 1/2/2024 Fund Stability A+(f) Reaffirmed
HBL Islamic Income Fund 1/2/2024 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 1/2/2024 Fund Stability AA+(f) Reaffirmed
HBL Money Market Fund 1/2/2024 Fund Stability AA+(f) Reaffirmed
Meezan Cash Fund 12/29/2023 Fund Stability AA+(f) Reaffirmed
Meezan Daily Income Fund 12/27/2023 Fund Stability A+(f) Reaffirmed
Meezan Islamic Income Fund 12/27/2023 Fund Stability A+(f) Reaffirmed
Meezan Rozana Amdani Fund 12/27/2023 Fund Stability AA+(f) Reaffirmed
Meezan Sovereign Fund 12/27/2023 Fund Stability AA(f) Reaffirmed
NIT Islamic Money Market Fund 12/22/2023 Fund Stability AAA (f) Reaffirmed
NIT Social Impact Fund 12/22/2023 Fund Stability A+(f) Reaffirmed
UBL Government Securities Fund 12/29/2023 Fund Stability AA(f) Reaffirmed
UBL Growth & Income Fund 12/29/2023 Fund Stability A+(f) Reaffirmed
UBL Income Opportunity Fund 12/29/2023 Fund Stability AA- (f) Reaffirmed
UBL Liquidity Plus Fund 12/29/2023 Fund Stability AA+(f) Reaffirmed
UBL Money Market Fund 12/29/2023 Fund Stability AA+(f) Reaffirmed

REIT Ratings
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Dolmen City REIT 11/29/2023 REIT Rating AAA (rr) Stable Reaffirmed
Globe Residency - REIT 1/23/2024 REIT Rating RFR2(dr) Stable Reaffirmed