Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 12/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Reaffirmed
Adam Securities Limited 12/28/2023 BFR
BFR3++ Good fiduciary standards
Stable Reaffirmed
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BFR
BFR2++ Strong fiduciary standards
Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 2/9/2023 BMR
BMR1 Strong regulatory compliance, control environment, and financial management; governance and risk management frameworks are highly effective; HR, IT, and customer services are highly proactive.
Stable Upgrade
AKD Securities Limited (formerly BIPL Securities Limited) 12/7/2022 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Upgrade
AKIK Capital (Pvt) Ltd 11/28/2023 BMR
BMR3 Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
AKIK Capital (Pvt) Ltd 8/1/2023 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
Alpha Capital (Pvt) Limited 12/1/2023 BFR
BFR3 Adequate fiduciary standards
Stable Initial
Alpha Capital (Pvt) Limited 4/17/2023 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Upgrade
Arif Habib Limited 10/9/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
BMA Capital Management Limited 2/1/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
BMA Capital Management Limited 9/27/2023 BFR
BFR3++ Good fiduciary standards
Stable Upgrade
BMA Capital Management Limited 2/1/2024 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 3/13/2024 BFR
BFR3+ Good fiduciary standards
Stable Upgrade
Chase Securities Pakistan (Pvt) Limited 6/5/2023 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Initial
Darson Securities (Pvt) Limited 12/28/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Darson Securities (Pvt) Limited 12/30/2022 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
DJM Securities Limited 1/27/2023 BMR
BMR3+ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
DJM Securities Limited 1/27/2023 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 BFR
BFR3 Good fiduciary standards
Stable Reaffirmed
FDM Capital Securities (Pvt) Ltd 3/15/2024 BMR
BMR3++ Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
First National Equities Limited 3/6/2024 BFR
BFR3+ Good fiduciary standards
Stable Initial
Fortune Securities Limited 2/27/2024 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Foundation Securities (Pvt) Limited 9/13/2023 BFR
BFR3++ Good fiduciary standards
Stable Upgrade
Foundation Securities (Pvt) Limited 1/29/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Growth Securities (Pvt) Limited 6/13/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Insight Securities (Pvt) Ltd 11/24/2022 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Insight Securities (Pvt) Ltd 5/26/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Integrated Equities Limited 3/19/2024 BFR
BFR3++ Good fiduciary standards
Stable Reaffirmed
Intermarket Securities Limited 7/4/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Intermarket Securities Limited 11/6/2023 BMR
BMR2+ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Intermarket Securities Limited 2/3/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Investment Managers Securities Private Limited 5/30/2023 BMR
BMR3 Adequate regulatory compliance, control environment, and financial management; governance and risk management frameworks are satisfactory; HR, IT, and customer services are adequate.
Stable Reaffirmed
MRA Securities Limited 11/14/2022 BFR
BFR3+ Good fiduciary standards
Negative Maintained
MRA Securities Limited 1/24/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 3/28/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/15/2022 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 1/16/2024 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Multiline Securities Limited 5/2/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Multiline Securities Limited 11/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Next Capital Limited 10/2/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Next Capital Limited 9/14/2023 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed
Next Capital Limited 11/1/2023 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Sherman Securities Limited 9/25/2023 BFR
BFR3+ Good fiduciary standards
Stable Initial
Standard Capital Securities (Private) Limited 9/29/2022 BFR
BFR3 Good fiduciary standards
Stable Initial
Standard Capital Securities (Private) Limited 5/12/2023 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
StocXinvest Securities (Pvt) Limited 5/18/2023 BFR
BFR4++ Adequate fiduciary standards
Stable Initial
Tannu Securities (Pvt) Limited 10/11/2023 BFR
BFR3 Adequate fiduciary standards
Stable Initial
Taurus Securities Limited 12/30/2022 BFR
BFR3+ Good fiduciary standards
Stable Upgrade
Taurus Securities Limited 12/30/2022 BMR
BMR2+ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Reaffirmed
Taurus Securities Limited 8/17/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Topline Securities Limited 7/24/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Topline Securities Limited 3/21/2024 BMR
BMR2++ Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Stable Upgrade
Topline Securities Limited 11/24/2022 BFR
BFR2 Strong fiduciary standards
Stable Reaffirmed

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/27/2023 Sukuk 1
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/27/2023 Sukuk 2
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
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 Obligations deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade.
Rating Watch - Negative Harmonised
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Sukuk 2
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Sukuk 3
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/26/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Faysal Bank Limited 6/27/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Habib Bank Limited 6/27/2023 TFC-3
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Habib Bank Limited 6/27/2023 TFC-2
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 2
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 3
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Sukuk 4
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
Stable Reaffirmed
Meezan Bank Limited 6/27/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
National Bank of Pakistan 6/23/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Samba Bank Limited 6/26/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Silk Bank Limited 2/28/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Rating Watch - Negative Note
Silk Bank Limited 6/16/2023 TFC-1
B Obligations deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade.
Rating Watch - Negative Harmonised
Sindh Bank Ltd 6/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
The Bank of Khyber 6/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
United Bank Limited 6/27/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
United Bank Limited 6/27/2023 TFC-5
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed

DFIs

Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 6/7/2023 Entity
AA- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1+ Stable Upgrade
Pak Brunei Investment Company Limited 6/27/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/26/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/22/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/9/2024 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/23/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/22/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed

Exchange Companies

Name Date Rating Type Long Term Short Term Outlook Action
Pakistan Currency Exchange Company (Private) Limited 11/20/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Alpha Insurance Company Limited 2/1/2024 IFS
A+ (IFS) Strong. Strong capacity to meet policy holders and contract obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.
Stable Reaffirmed
Askari General Insurance Company Limited 2/29/2024 IFS
AA+ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Initial
Century Insurance Company Limited 12/27/2023 IFS
AA (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
Chubb Insurance Pakistan Limited 12/4/2023 IFS
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
EFU General Insurance Limited 1/3/2024 IFS
AA++ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
EFU Health Insurance Limited (formerly Allianz EFU Health Insurance Limited) 11/23/2023 IFS
A (IFS) Strong. Strong capacity to meet policy holders and contract obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.
Stable Downgrade
EFU Life Assurance Limited 12/29/2023 IFS
AA++ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
IGI General Insurance Limited 12/22/2023 IFS
AA+ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
Jubilee General Insurance Company Limited 12/4/2023 IFS
AA++ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
Jubilee Life Insurance Company Limited 2/22/2024 IFS
AA++ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
Pak-Qatar Family Takaful Limited 12/7/2023 IFS
A++ (IFS) Strong. Strong capacity to meet policy holders and contract obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.
Stable Reaffirmed
Pak-Qatar General Takaful Limited 3/13/2024 IFS
A (IFS) Strong. Strong capacity to meet policy holders and contract obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.
Stable Reaffirmed
Pakistan Reinsurance Company Limited 2/27/2024 IFS
AA+ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
Reliance Insurance Company Limited 1/2/2024 IFS
A+ (IFS) Strong. Strong capacity to meet policy holders and contract obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.
Stable Reaffirmed
Security General Insurance Company Limited 12/26/2023 IFS
AA+ (IFS) High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 1/2/2024 IFS
BB+ (IFS) Marginal. Marginal capacity to meet policyholders and contract obligations. Though positive factors are present, risk factors are relatively high, and the impact of any adverse business and economic factors is expected to be significant.
Stable Reaffirmed
The United Insurance Company of Pakistan Limited 7/27/2023 IFS
AA+ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed
UBL Insurers Limited 12/19/2023 IFS
AA+ (IFS) Very Strong.Very Strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
Stable Reaffirmed

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 2/26/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed

Leasing

Name Date Rating Type Long Term Short Term Outlook Action
Pak-Gulf Leasing Company Limited 9/21/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Primus Leasing Limited 10/31/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed

Micro Finance

Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/28/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Downgrade
CSC Empowerment & Inclusion Programme (MFI) 2/22/2024 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Initial
FINCA Microfinance Bank Limited 12/16/2022 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Downgrade
HBL Microfinance Bank Limited (Formerly:The First MicroFinanceBank Limited) 4/28/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Khushhali Microfinance Bank Limited 4/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Rating Watch - Negative Downgrade
Khushhali Microfinance Bank Limited 8/18/2023 TFC-1
B Obligations deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade.
Rating Watch - Negative Harmonised
Khushhali Microfinance Bank Limited 8/18/2023 TFC-2
B Obligations deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade.
Rating Watch - Negative Harmonised
LOLC Microfinance Bank Limited (Formerly: Pak Oman Microfinance Bank Limited) 4/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Mobilink Microfinance Bank Limited 5/8/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Initial
NRSP Micro Finance Bank Ltd 4/27/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Rating Watch - Developing Downgrade
Rural Community Development Programs 4/26/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-1
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-2
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 8/7/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Rating Watch - Developing Maintained
First Paramount Modaraba 12/13/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Reaffirmed
Sindh Modaraba 9/6/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Trust Modaraba 5/5/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed

NBFCs

Name Date Rating Type Long Term Short Term Outlook Action
CDC Share Registrar Services Limited 12/12/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Cyan Limited 1/24/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
LSE Financial Services Limited 3/8/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Rating Watch - Developing Reaffirmed

Corporates

Auto & Allied

Name Date Rating Type Long Term Short Term Outlook Action
Agriauto Industries Limited 11/16/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Agriauto Stamping Company (Pvt) Limited 4/1/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Al-Ghazi Tractors Ltd. 9/18/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Indus Motor Company Ltd 10/2/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Master Changan Motors Limited 1/23/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Master Motor Corporation (Pvt) Limited 1/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Omar Jibran Engineering Industries Limited 2/19/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Downgrade
Procon Engineering (Pvt) Limited 1/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Sazgar Engineering Works Limited 1/25/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Thal Limited 1/15/2024 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed

Cement & Construction

Name Date Rating Type Long Term Short Term Outlook Action
Dolmen (Pvt) Limited 5/23/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 3/15/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 3/15/2023 BLR
AA (blr)
Stable Reaffirmed
Izhar Construction (Pvt) Limited 3/27/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
Javedan Corporation Ltd. 7/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Javedan Corporation Ltd. 7/27/2023 Sukuk 1
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd 12/27/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Lucky Cement Limited 10/31/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Malir Expressway Limited 10/12/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Maple Leaf Cement Factory Ltd 9/20/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Power Cement Ltd 12/27/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Sachal Engineering Works (Pvt) Limited 8/23/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Swat Expressway Planning Construction and Operations (Pvt) Limited 10/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed

Chemicals

Name Date Rating Type Long Term Short Term Outlook Action
Archroma Pakistan Ltd 1/31/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Gamalux Oleochemicals Limited 7/12/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Ittehad Chemicals Limited 4/2/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Lucky Core Industries Limited (Formerly ICI Pakistan Limited) 2/28/2024 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Maintained
Power Chemical Industries Limited 12/6/2023 Entity
Suspended
Sitara Chemical Industries Limited 1/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Downgrade

Communication

Name Date Rating Type Long Term Short Term Outlook Action
Engro Enfrashare (Pvt) Ltd 9/8/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Pak Telecom Mobile Limited 11/22/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Pakistan Telecommunication Company Limited 1/16/2024 STS-2
A-1+ Stable Preliminary
Pakistan Telecommunication Company Limited 3/18/2024 STS-3
A-1+ Stable Preliminary
Pakistan Telecommunication Company Limited 12/18/2023 STS
A-1+ Stable Preliminary
Pakistan Telecommunication Company Limited 11/7/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Tower Power (Pvt) Limited 2/21/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases Limited 8/23/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Upgrade
Asian Food Industries Limited 2/21/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
At-Tahur Limited 6/12/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Bismillah Sehla Processing Plant (Pvt) Limited 9/13/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Bunny's Limited 4/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Dairyland (Pvt) Limited 11/17/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Reaffirmed
Everfresh Farms (Pvt) Limited 9/6/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Positive Maintained
Faisalabad Oil Refinery (Pvt) Limited 6/23/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Garibsons (Pvt) Ltd. 3/1/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Golden Harvest Foods (Pvt) Limited 12/8/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Habib Oil Mills (Pvt.) Limited 6/6/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Negative Reaffirmed
Haleeb Foods Limited 1/23/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
JK Dairies (Pvt) Limited 12/22/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Karachi Grain (Pvt) Limited 3/28/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Kausar Ghee Mills (Pvt) Limited 8/8/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Madina Oil Refinery Limited 4/9/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Upgrade
Madina Private Limited 6/23/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Matco Foods Limited 12/29/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Olympia Oils (Pvt) Limited 12/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Shakarganj Food Products Limited 8/18/2023 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Negative Downgrade
Shakarganj Food Products Limited 8/18/2023 Sukuk 1
Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
Suspended
Staple Foods Private Limited 3/13/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
The Organic Meat Company Limited 12/15/2022 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Treet Corporation Limited 12/15/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Unity Foods Limited 11/1/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Reaffirmed

Engineering

Name Date Rating Type Long Term Short Term Outlook Action
Digital World Pakistan (Pvt) Limited 8/18/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
DWP Technologies (Pvt) Limited 8/18/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
EMCO Industries Limited 12/5/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Fast Cables Limited 12/4/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Mannan Shahid Forgings Limited 5/11/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Orient Electronics (Pvt) Limited 5/9/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Rating Watch - Negative Maintained
Pakistan Cables Limited 8/1/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Negative Maintained
The Imperial Electric Company (Pvt) Limited 1/31/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Transfopower Industries (Pvt) Limited 3/13/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Waves Home Appliances Limited (Formerly: Samin Textiles Limited) 12/14/2022 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial

Fertilizer

Name Date Rating Type Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 7/20/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Fauji Fertilizer Bin Qasim Limited 8/8/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed

Medical and Pharmaceutical

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 10/4/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
Highnoon Laboratories Ltd 9/20/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Positive Initial
Macter International Limited 6/13/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
OBS AGP (Pvt) Limited 8/25/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
OBS AGP (Pvt) Limited 8/25/2023 Sukuk 1
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
OBS Pakistan (Pvt) Limited 8/23/2023 Sukuk 1
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Final
OBS Pakistan (Pvt) Limited 2/28/2024 Sukuk 2
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Final
OBS Pakistan (Pvt) Limited 9/25/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
OBS Pharma (Pvt) Limited 6/16/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Initial
OBS Pharma (Pvt) Limited 3/29/2024 STS
A-1 Stable Final
OBS Pharma (Pvt) Limited 3/28/2024 BLR
A+ (blr)
Stable Final
Popular International (Pvt) Limited 12/8/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Shifa International Hospitals Limited 2/1/2024 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
The Searle Company Limited 5/19/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Negative Maintained

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Al-Bario Engineering (Pvt) Ltd 1/18/2023 Entity
Suspended
Ana & Batla Industries (Pvt) Ltd 5/18/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Downgrade
Associated Technologies (Pvt) Limited 9/25/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Avari Hotels (Pvt.) Limited 6/16/2023 BLR
AA (blr) High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Biotech Energy (Pvt) Limited 9/21/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
Frontier Ceramics Limited 9/8/2023 Entity
Suspended
HKB Retail (SMC-Pvt) Limited 1/11/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-3 Stable Reaffirmed
Lahore Grammer School (Pvt) Ltd 11/29/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Maple Leaf Capital Limited 12/21/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Initial
Optimus Limited 8/3/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Pakistan Tiles Private Limited 5/24/2023 Entity
Suspended
Shirazi Investments (Pvt) Limited 1/24/2024 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Upgrade
Transsion Tecno Electronics (Pvt) Limited 6/16/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hi-Tech Lubricants Limited 1/18/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Downgrade
Oil & Gas Development Company Limited 12/20/2023 Entity
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
A-1+ Stable Reaffirmed
Oil Industries Pakistan Limited(Formerly: Oil Industries Pakistan (Pvt) Limited) 8/31/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Pakistan State Oil Company Limited 1/19/2024 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
PGP Consortium Limited 7/4/2023 Pref Share
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
Positive Maintained
PGP Consortium Limited 7/4/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Servo Motor Oil (Pvt) Limited 11/13/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Sui Northern Gas Pipelines Limited 12/1/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Taj Gasoline (Pvt.) Limited 5/24/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Zoom Marketing Oils (Pvt) Limited 2/27/2024 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Positive Maintained
Zoom Petroleum (Pvt) Limited 2/28/2024 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Reaffirmed

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
Blow Plast (Pvt) Limited 3/28/2023 Entity
Suspended
CBM Plastics (Pvt) Limited 12/21/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Century Paper & Board Mills Limited 2/26/2024 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
International Packaging Films (Pvt) Ltd 10/5/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
K.S.F Tri Zone Industries (Pvt) Ltd 6/12/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 1/31/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Positive Maintained
Mehran Plastic Industries (Pvt) Limited 7/6/2022 Entity
Suspended
Novatex Limited 2/22/2024 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Positive Maintained
Sunrise Plastic Industries (Pvt) Limited 3/28/2023 Entity
Suspended
Syntronics Limited 4/8/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
AJ Power (Pvt) Ltd 7/19/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Artistic Energy (Pvt) Ltd 4/18/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 4/18/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited) 12/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 10/24/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Positive Maintained
FFBL Power Company Ltd 12/20/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Gharo Solar Ltd 9/12/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Indus Wind Energy Limited 8/7/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
K-Electric Limited 11/6/2023 STS-21
A-1+ Final
K-Electric Limited 10/5/2023 STS-20
A-1+ Final
K-Electric Limited 4/14/2023 Sukuk 5
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
K-Electric Limited 4/14/2023 Sukuk 6
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
K-Electric Limited 4/14/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Kot Addu Power Company Limited 1/8/2024 Entity
A+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Rating Watch - Developing Downgrade
Lakeside Energy Limited 8/17/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 11/29/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 12/20/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
NASDA Green Energy Limited 8/8/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/28/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/18/2023 Sukuk 1
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
Stable Note
Nishat Chunian Power Limited 9/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 9/19/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt) Limited 8/23/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 5/15/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Downgrade
Thal Power (Pvt) Limited 12/22/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Yunus Energy Limited 4/4/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Zephyr Power Limited 2/2/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries Limited 4/1/2024 Entity
BB- Obligations deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category.
B-3 Negative Downgrade
Agha Steel Industries Limited 4/1/2024 Sukuk 3
BB- Obligations deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category.
Negative Downgrade
Aisha Steel Mills Limited 1/1/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
BBJ Pipe Industries Limited 1/2/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Sukuk 1
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Maintained
Crescent Steel & Allied Products Limited 12/13/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Faizan Steel 1/31/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
Frontier Foundary Steel (Pvt) Limited 6/22/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
International Industries Limited 11/13/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Maintained
International Steels Limited 11/24/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Mehboob Steel Pipe Industry 3/31/2023 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Rating Watch - Developing Maintained
Mughal Iron & Steel Industries Limited 12/8/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Mughal Iron & Steel Industries Limited 12/8/2023 Sukuk 1
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Maintained
Naveena Steels Mills (Pvt) Limited 7/25/2023 Entity
A- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial

Storage and Distribution

Name Date Rating Type Long Term Short Term Outlook Action
Ali Gohar & Company (Pvt) Ltd 1/30/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Muller & Phipps Pakistan (Pvt) Limited 6/14/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Premier Sales (Pvt) Limited 8/10/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Tech Sirat (Pvt) Limited 2/22/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial

Sugar

Name Date Rating Type Long Term Short Term Outlook Action
Adam Sugar Mills Limited 6/12/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Al-Noor Sugar Mills Ltd. 8/23/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Alliance Sugar Mills (Pvt) Limited 2/7/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Almoiz Industries Ltd 8/2/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Ashraf Sugar Mills Limited 3/17/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Chashma Sugar Mills Ltd 11/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 5/17/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Etihad Sugar Mills Limited 2/21/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Faran Sugar Mills Limited 12/29/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Fatima Sugar Mills Limited 12/22/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Indus Sugar Mills Limited 12/7/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
JDW Sugar Mills Ltd 5/17/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
JDW Sugar Mills Ltd 3/4/2024 STS-2
A-1 Final
JDW Sugar Mills Ltd 1/25/2024 STS
A-1 Final
JK Sugar Mills (Pvt) Limited 4/27/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Madina Sugar Mills Limited 6/16/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
RYK Mills Limited 10/5/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Shahmurad Sugar Mills Ltd 8/23/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Sheikhoo Sugar Mills Limited 6/20/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Tariq Corporation Limited 2/19/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Initial
The Thal Industries Corporation Limited 8/22/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Two Star Industries (Pvt) Limited 11/17/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Muhammad Shafi Tanneries (Pvt) Ltd 3/5/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Shafi Lifestyle (Pvt) Ltd 1/11/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Universal Leather (Pvt) Ltd. 2/29/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Positive Maintained

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 12/27/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
AGI Denim 9/21/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Ahmed Oriental Textile Mills Limited 1/15/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Reaffirmed
Akhtar Textile Industries (Pvt) Ltd 4/14/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Akram Cotton Mills Limited 2/27/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Al Karam Towel Industries (Pvt) Ltd 8/1/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Al-Karam Textile Mills (Pvt) Limited 4/4/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Al-Karam Textile Mills (Pvt) Limited 4/4/2024 Sukuk 1
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Preliminary
Amna Industries (Pvt) Limited 3/1/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Initial
Arshad Corporation (Pvt) Ltd 3/6/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Arshad Textile Mills Limited 3/6/2024 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Artistic Apparels (Pvt) Ltd 3/21/2023 Entity
Suspended
Artistic Denim Mills Ltd 3/29/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Artistic Milliners (Pvt) Limited 12/13/2022 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Asher Imran Spinning Mills (Pvt) Limited 11/20/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Best Fibres (Pvt) Ltd 4/27/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Bhanero Textile Mills Ltd 9/26/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Bhimra Textile Mills (Pvt) Limited 12/15/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Maintained
Bismillah Textiles Limited 8/22/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Blessed Textiles Ltd 9/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Chakwal Textile Mills Limited 10/23/2023 Entity
Suspended
Chiniot Textile Mills Limited 7/12/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Comfort Knitwears (Pvt) Ltd 7/12/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Cotton Web Limited 1/1/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Positive Maintained
Crescent Bahuman Limited 5/9/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Dynamic Sportswear (Pvt) Limited 5/25/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Ejaz Spinning Mills Limited 8/31/2023 Entity
Suspended
Faisal Spinning Mills Ltd 9/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Feroze 1888 Mills Limited 2/27/2024 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 10/31/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Gatron (Industries) Limited 2/15/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Gohar Textile Mills (Pvt) Ltd 3/11/2024 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
H.A Fibres (Pvt) Limited 10/2/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Indigo Textile (Pvt) Limited 5/24/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Indus Dyeing & Manufacturing Co Limited 9/28/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Indus Home Limited 7/24/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Indus Lyallpur Limited 9/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Interloop Limited 5/10/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
International Textile Limited 4/18/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
J.K Spinning Mills Limited 5/22/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Kamal Limited 4/7/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Kamal Textile Mills (Pvt) Ltd 6/20/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Khalid Shafique Spinning Mills Limited 6/20/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Negative Maintained
Kohinoor Mills Limited 8/30/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Positive Maintained
Kohinoor Textile Mills Limited 10/5/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Lucky Knits (Pvt) Limited 11/17/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Lucky Textile Mills Limited 11/20/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
M.K Sons (Pvt) Ltd 5/29/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Masood Textile Mills Limited 2/27/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Upgrade
Masood Textile Mills Limited 2/27/2024 Sukuk 1
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
Master Textile Mills Limited 4/4/2024 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Upgrade
Metco Textile (Pvt) Limited 10/6/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Mustaqim Dyeing and Printing Ind. (Pvt) limited 3/1/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Nadeem Textile Mills Limited 1/30/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Naveena Exports Limited 4/12/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Maintained
Naveena Industries Limited 1/15/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Maintained
Nishat (Chunian) Limited 6/8/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Downgrade
Pak kuwait Textiles Limited 3/15/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Premium Textile Mills Limited 8/18/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Quality Textile Mills Ltd 1/8/2024 Entity
Suspended
Rajby Industries 6/22/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Rajby Textiles (Pvt) Limited 7/14/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Rizwan Enterprises 5/29/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Sadaqat Limited 10/10/2023 TFC
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
Stable Reaffirmed
Sadaqat Limited 10/10/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Sapphire Textile Mills Limited 9/13/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Saya Weaving Mills (Pvt) Limited 2/22/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Shadab Textile Mills Limited 1/8/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Reaffirmed
Shahbaz Garments (Pvt) Limited 9/6/2022 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Shahtaj Textile Limited 11/24/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Sheikhupura Textile Mills Limited 7/12/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Siara Textile Mills (Pvt) Limited 2/27/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Sitara Hamza (Pvt) Limited 3/29/2024 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-3 Stable Initial
Sitara Textile Industries Ltd 2/1/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Negative Maintained
Sohail Textile Mills Limited 12/4/2023 Entity
BBB- Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Soorty Enterprises (Pvt) Limited 7/7/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 9/28/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Suraj Cotton Mills Limited 2/9/2024 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
The Crescent Textile Mills Limited 3/27/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Negative Maintained
Towellers Limited 2/7/2024 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Positive Maintained
Umar Spinning Mills (Pvt) Limited 2/13/2024 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Union Apparel (Pvt) Ltd 3/4/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Union Fabrics (Pvt) Ltd 2/29/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Utopia Industries (Pvt) Limited 6/5/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Z.A Corporation (Pvt) Ltd 4/3/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed
Zahra Textile 1/4/2023 Entity
Suspended
Zaman Textile Mills (Pvt) Limited 3/14/2024 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Zephyr Textiles Limited 11/17/2023 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Positive Reaffirmed

Transport

Name Date Rating Type Long Term Short Term Outlook Action
Veda Transit Solutions (Pvt.) Limited 12/13/2023 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A-2 Stable Reaffirmed

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
Al-Meezan Investment Management Limited 12/29/2023 Management Quality
AM1 Asset manager exhibit excellent management characteristics.
Stable Reaffirmed
Alfalah Asset Management Limited 12/29/2023 Management Quality
AM1 Asset manager exhibit excellent management characteristics.
Stable Initial
Arif Habib Dolmen REIT Management Limited 12/11/2023 Management Quality
AM2 +(RMC)
Stable Reaffirmed
Faysal Asset Management Limited 12/29/2023 Management Quality
AM2++ Asset manager exhibit Very Good management characteristics
Stable Reaffirmed
HBL- Asset Management Limited 12/29/2023 Management Quality
AM1 Asset manager exhibit excellent management characteristics.
Stable Reaffirmed
Magnus Investments Limited 4/19/2023 Management Quality
AM2++(IA)
Stable Upgrade
National Investment Trust Limited 12/28/2023 Management Quality
AM1 Asset manager exhibit excellent management characteristics.
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 Asset manager exhibit excellent management characteristics.
Stable Reaffirmed

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
Al Ameen Islamic Aggressive Income Fund 12/29/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
Al Ameen Islamic Cash Fund 12/29/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Al Ameen Islamic Sovereign Fund 12/29/2023 Fund Stability
AA(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
AL Habib Cash Fund (formerly First Habib Cash Fund) 11/15/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
AL Habib Money Market Fund 11/15/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Askari Cash Fund 12/27/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Askari Sovereign Yield Enhancer 12/27/2023 Fund Stability
AA- (f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Faysal Cash Fund 12/15/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Faysal Government Securities Fund 10/4/2023 Fund Stability
AA(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Faysal Islamic Cash Fund 12/15/2023 Fund Stability
AA(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Faysal Islamic Savings Growth Fund 12/15/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
HBL Cash Fund 1/2/2024 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
HBL Government Securities Fund 1/2/2024 Fund Stability
AA- High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
HBL Income Fund 1/2/2024 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
HBL Islamic Income Fund 1/2/2024 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
HBL Islamic Money Market Fund 1/2/2024 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
HBL Money Market Fund 1/2/2024 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Meezan Cash Fund 12/29/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Meezan Daily Income Fund 12/27/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
Meezan Islamic Income Fund 12/27/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
Meezan Rozana Amdani Fund 12/27/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
Meezan Sovereign Fund 12/27/2023 Fund Stability
AA(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
NIT Islamic Money Market Fund 12/22/2023 Fund Stability
AAA (f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
NIT Social Impact Fund 12/22/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
UBL Government Securities Fund 12/29/2023 Fund Stability
AA(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
UBL Growth & Income Fund 12/29/2023 Fund Stability
A+(f) Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy.
Reaffirmed
UBL Income Opportunity Fund 12/29/2023 Fund Stability
AA- (f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
UBL Liquidity Plus Fund 12/29/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed
UBL Money Market Fund 12/29/2023 Fund Stability
AA+(f) High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions.
Reaffirmed

REIT Ratings

Name Date Rating Type Long Term Short Term Outlook Action
Dolmen City REIT 11/29/2023 REIT Rating
AAA (rr) Highest capacity to maintain stable rental income. Risk factors impacting value of REIT assets are negligible over the foreseeable future.
Stable Reaffirmed
Globe Residency - REIT 1/23/2024 REIT Rating
RFR2(dr) Successful implementation of REIT project is very likely. Risk factors impacting value of REIT assets are modest over the foreseeable future.
Stable Reaffirmed