Financial Institutions

Commercial Banks

Name Date RATING TYPE Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/30/2024 Sukuk 2 A Positive Maintained
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 3 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Sukuk 2 A+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 TFC-3 AA+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 TFC-2 AA+ 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
Silk Bank Limited 6/16/2023 TFC-1 B Rating Watch - Negative Harmonised
United Bank Limited 6/26/2024 TFC-5 AA+ Stable Reaffirmed

Micro Finance

Name Date RATING TYPE Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 5/30/2024 TFC-2 B Negative Maintained
Khushhali Microfinance Bank Limited 5/30/2024 TFC-1 B Negative Maintained
U Microfinance Bank Limited 6/10/2024 TFC-2 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. 10/9/2024 Sukuk 1 AA- Stable Reaffirmed

Chemicals

Name Date RATING TYPE Long Term Short Term Outlook Action
Sitara Chemical Industries Limited 6/14/2024 Sukuk 1 AA- Stable Preliminary

Consumer Goods

Name Date RATING TYPE Long Term Short Term Outlook Action
Shakarganj Food Products Limited 7/3/2024 Sukuk 1 BBB- Stable Downgrade

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 9/10/2024 Sukuk 1 AA- (plim) Stable Preliminary
PGP Consortium Limited 9/10/2024 Pref Share BBB+ Stable Upgrade

Power Companies

Name Date RATING TYPE Long Term Short Term Outlook Action
K-Electric Limited 6/3/2024 Sukuk 5 AA+ Stable Note
Mughal Energy Limited 7/5/2024 Sukuk 1 A+ (plim) Stable Preliminary
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/16/2024 Sukuk 1 AAA Stable Note

Steel & Allied Products

Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries Limited 5/22/2024 Sukuk 3 D Default
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
Al-Karam Textile Mills (Pvt) Limited 8/27/2024 Sukuk 1 A Stable Final
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