Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 9/21/2021 Entity A- A-2 Stable Reaffirmed
Adam Securities Limited 10/12/2021 BFR BFR3++ Stable Initial
Adam Securities Limited 1/18/2021 BMR BMR2 Stable Reaffirmed
AKD Securities Limited 6/2/2021 BMR BMR1 Stable Upgrade
AKD Securities Limited 11/22/2021 Entity A+ A-1 Rating Watch - Positive Maintained
AKIK Capital (Pvt) Ltd 9/29/2021 BMR BMR3 Stable Initial
Arif Habib Limited 7/27/2021 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 8/27/2021 Entity A- A-2 Rating Watch - Developing Maintained
BIPL Securities Limited 3/2/2021 BMR BMR2+ Stable Reaffirmed
BMA Capital Management Limited 5/21/2021 BMR BMR2+ Stable Reaffirmed
BMA Capital Management Limited 10/15/2021 Entity A- A-2 Stable Reaffirmed
Darson Securities Limited 12/1/2021 Entity BBB+ A-2 Stable Initial
Darson Securities Limited 12/29/2020 BMR BMR2 Stable Initial
DJM Securities Limited 9/24/2021 BMR BMR3+ Stable Initial
DJM Securities Limited 9/24/2021 BFR BFR3 Stable Initial
Fawad Yusuf Securities (Pvt) Ltd 2/26/2021 Entity A- A-2 Stable Initial
FDM Capital Securities (Pvt) Ltd 8/5/2021 BFR BFR3 Stable Initial
FDM Capital Securities (Pvt) Ltd 11/29/2021 BMR BMR3++ Stable Initial
Fortune Securities Limited 10/12/2021 BMR BMR2 Stable Initial
Fortune Securities Limited 9/30/2021 BFR BFR3 Stable Initial
Foundation Securities (Pvt) Limited 6/15/2021 BMR BMR2 Stable Reaffirmed
Foundation Securities (Pvt) Limited 5/25/2021 Entity A- A-2 Stable Reaffirmed
Growth Securities (Pvt) Limited 5/21/2021 Entity A- A-2 Stable Reaffirmed
Insight Securities (Pvt) Ltd 9/28/2021 BMR BMR2 Stable Initial
Integrated Equities Limited 1/11/2021 BMR BMR2 Stable Upgrade
Intermarket Securities Limited 4/7/2021 BMR BMR2+ Stable Upgrade
Intermarket Securities Limited 11/17/2021 Entity A- A-2 Positive Maintained
KTRADE Securities Limited 7/16/2021 BMR BMR2 Stable Initial
MRA Securities Limited 4/12/2021 BMR BMR2+ Stable Upgrade
MRA Securities Limited 10/18/2021 BFR BFR3+ Stable Initial
MRA Securities Limited 10/18/2021 Entity A- A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 8/17/2021 Entity A- A-2 Stable Reaffirmed
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 11/19/2021 BFR BFR2 Stable Initial
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 4/7/2021 BMR BMR2 Stable Reaffirmed
Multiline Securities Limited 3/30/2021 BMR BMR3+ Stable Initial
Multiline Securities Limited 2/12/2021 Entity A- A-2 Stable Initial
Next Capital Limited 3/10/2021 Entity A- A-2 Stable Reaffirmed
Next Capital Limited 3/24/2021 BMR BMR2++ Stable Reaffirmed
Next Capital Limited 3/10/2021 CP A-2 Preliminary
Pearl Securities Limited 4/5/2021 BMR BMR2 Stable Reaffirmed
Standard Capital Securities (Private) Limited 12/3/2021 BMR BMR2 Stable Initial
Taurus Securities Limited 9/15/2021 BMR BMR2+ Stable Initial
Taurus Securities Limited 9/15/2021 BFR BFR3 Stable Initial
Taurus Securities Limited 1/18/2021 Entity A A-2 Stable Reaffirmed
Topline Securities Limited 3/19/2021 Entity A A-2 Stable Upgrade
Topline Securities Limited 9/27/2021 BFR BFR2 Stable Initial
Topline Securities Limited 6/24/2021 BMR BMR2+ Stable Reaffirmed

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/23/2021 Sukuk 1 A Stable Reaffirmed
Al Baraka Bank (Pakistan) Limited 6/23/2021 Sukuk 2 A Stable Preliminary
Al Baraka Bank (Pakistan) Limited 6/23/2021 Entity A+ A-1 Stable Reaffirmed
Bank Alfalah Ltd. 6/30/2021 TFC-1 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/30/2021 Sukuk 1 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/30/2021 Sukuk 2 A+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/30/2021 Entity AA A-1+ Stable Reaffirmed
Faysal Bank Limited 6/30/2021 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/30/2021 Entity AAA A-1+ Stable Reaffirmed
Habib Bank Limited 6/30/2021 TFC-2 AA+ Stable Reaffirmed
Meezan Bank Limited 11/24/2021 Sukuk 1 AAA Stable Upgrade
Meezan Bank Limited 11/24/2021 Sukuk 3 AAA Stable Upgrade
Meezan Bank Limited 11/24/2021 Sukuk 4 AAA Stable Preliminary
Meezan Bank Limited 11/24/2021 Sukuk 2 AA+ Stable Upgrade
Meezan Bank Limited 6/30/2021 Entity AAA A-1+ Stable Upgrade
National Bank of Pakistan 6/28/2021 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 10/7/2021 Entity AA A-1 Rating Watch - Developing Maintained
Silk Bank Limited 6/30/2021 Entity A- A-2 Rating Watch - Negative Note
Silk Bank Limited 6/30/2021 TFC-1 BBB+ Rating Watch - Negative Note
Sindh Bank Ltd 6/30/2021 Entity A+ A-1 Stable Reaffirmed
Summit Bank Limited 6/30/2021 Entity Note
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
The Bank of Khyber 6/30/2021 Entity A+ A-1 Stable Upgrade
United Bank Limited 6/30/2021 Entity AAA A-1+ Stable Reaffirmed
United Bank Limited 6/30/2021 TFC-5 AA+ Stable Reaffirmed

DFIs

Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 6/28/2021 Entity A A-1 Stable Reaffirmed
Pak Brunei Investment Company Limited 6/29/2021 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/28/2021 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/30/2021 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/5/2021 Entity AAA A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/11/2021 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/30/2021 Entity AAA A-1+ Rating Watch - Developing Maintained

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Allianz EFU Health Insurance Limited 5/31/2021 IFS A Stable Reaffirmed
Alpha Insurance Company Limited 9/29/2021 IFS A Stable Maintained
Askari General Insurance Company Limited 12/31/2020 IFS AA Stable Reaffirmed
Century Insurance Company Limited 12/31/2020 IFS AA- Stable Reaffirmed
Chubb Insurance Pakistan Limited (ACE Insurance Limited) 12/31/2020 IFS AA Stable Reaffirmed
EFU General Insurance Limited 10/11/2021 IFS AA+ Stable Reaffirmed
EFU Life Assurance Limited 8/4/2021 IFS AA+ Stable Reaffirmed
IGI General Insurance Limited 11/5/2021 IFS AA Stable Reaffirmed
Jubilee General Insurance Company Limited 12/29/2020 IFS AA+ Stable Reaffirmed
Jubilee Life Insurance Company Limited 2/23/2021 IFS AA+ Stable Reaffirmed
Pak-Qatar Family Takaful Limited 4/16/2021 IFS A+ Stable Reaffirmed
Pak-Qatar General Takaful Limited 1/22/2021 IFS A- Stable Reaffirmed
Pakistan Reinsurance Company Limited 4/2/2021 IFS AA Positive Maintained
Reliance Insurance Company Limited 12/31/2020 IFS A Positive Reaffirmed
Security General Insurance Company Limited 12/31/2020 IFS AA Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 12/31/2020 IFS BB Stable Reaffirmed
The United Insurance Company of Pakistan Limited 10/14/2021 IFS AA Stable Upgrade
UBL Insurers Limited 11/17/2020 IFS AA Stable Reaffirmed

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/31/2020 Entity A- A-2 Stable Reaffirmed
Security Investment Bank Limited 9/1/2021 Entity A- A-2 Stable Initial

Leasing

Name Date Rating Type Long Term Short Term Outlook Action
Grays Leasing Limited 12/3/2021 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 9/1/2021 Entity A- A-2 Negative Maintained

Micro Finance

Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/29/2021 Entity BBB+ A-3 Stable Maintained
ASA Pakistan Limited 4/29/2021 Entity BBB+ A-3 Stable Maintained
FINCA Microfinance Bank Limited 4/30/2021 Entity A A-1 Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/30/2021 Entity A+ A-1 Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/30/2021 TFC-1 A Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/30/2021 TFC-2 A Rating Watch - Developing Reaffirmed
NRSP Micro Finance Bank Ltd 4/29/2021 Entity A A-1 Rating Watch - Developing Maintained
Pak Oman Microfinance Bank Limited 4/30/2021 Entity A- A-2 Rating Watch - Developing Maintained
Rural Community Development Programs 4/29/2021 Entity BBB A-3 Rating Watch - Developing Maintained
Telenor Microfinance Bank Limited 4/30/2021 Entity A A-1 Negative Downgrade
The First MicroFinanceBank Limited 4/30/2021 Entity A+ A-1 Rating Watch - Developing Reaffirmed
U Microfinance Bank Limited 4/29/2021 Entity A+ A-1 Stable Upgrade
U Microfinance Bank Limited 4/29/2021 TFC-1 A Stable Upgrade

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 6/11/2021 Entity A+ A-1 Stable Reaffirmed
First Paramount Modaraba 12/30/2020 Entity BBB A-3 Stable Reaffirmed
Sindh Modaraba 6/29/2021 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 2/17/2021 Entity BBB- A-3 Stable Maintained

NBFCs

Name Date Rating Type Long Term Short Term Outlook Action
Cyan Limited 11/11/2021 Entity A A-1 Stable Maintained
LSE Financial Services Limited 12/17/2020 Entity A A-1 Stable Reaffirmed

Corporates

Auto & Allied

Name Date Rating Type Long Term Short Term Outlook Action
Al-Ghazi Tractors Ltd. 3/16/2021 Entity A A-1 Stable Reaffirmed
Automobile Corporation of Pakistan (Pvt) Limited 4/22/2021 Entity BBB A-2 Stable Maintained
Indus Motor Company Ltd 6/7/2021 Entity AA+ A-1+ Stable Reaffirmed
Master Changan Motors Limited 10/29/2021 Entity A- A-2 Stable Initial
Master Motor Corporation (Pvt) Limited 10/28/2021 Entity A A-2 Stable Initial
Omar Jibran Engineering Industries Limited 9/8/2021 Entity A- A-2 Stable Maintained
Procon Engineering (Pvt) Limited 10/21/2021 Entity A A-2 Stable Maintained
Thal Limited 12/29/2020 Entity AA A-1+ Stable Reaffirmed

Cement & Construction

Name Date Rating Type Long Term Short Term Outlook Action
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 11/29/2021 Entity A A-2 Stable Reaffirmed
Ghotki Kandhkot Road & Bridge Co. (Pvt) Limited 11/29/2021 BLR AA (blr) Stable Preliminary
International Complex Projects Limited 7/19/2021 Entity AA A-1 Rating Watch - Developing Maintained
Izhar Construction (Pvt) Limited 6/29/2021 Entity A- A-1 Stable Reaffirmed
Javedan Corporation Ltd. 12/21/2020 Entity A+ A-1 Stable Reaffirmed
Javedan Corporation Ltd. 12/21/2020 Sukuk 1 AA- Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt) Ltd 10/7/2021 Entity A- A-2 Stable Reaffirmed
Lucky Cement Limited 5/3/2021 Entity AA+ A-1+ Stable Reaffirmed
Maple Leaf Cement Factory Ltd 5/28/2021 Entity A- A-1 Positive Maintained
Power Cement Ltd 11/30/2021 Entity A- A-2 Stable Reaffirmed
Power Cement Ltd 11/30/2021 BLR A (blr) Stable Reaffirmed
Shajar Roads Limited 11/24/2020 Entity A A-2 Stable Maintained
Superhighway Construction Operation and Rehabilitation Engineering (Pvt) Limited 4/2/2021 Entity AA- A-1 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 7/12/2021 Entity A- A-2 Stable Reaffirmed
Yaqeen Developers Ltd 6/3/2021 Entity BBB A-2 Stable Initial

Chemicals

Name Date Rating Type Long Term Short Term Outlook Action
ICI Pakistan Limited 4/9/2021 Entity AA A-1+ Stable Initial
Ittehad Chemicals Limited 11/19/2020 Entity A- A-2 Positive Reaffirmed
Sitara Chemical Industries Limited 11/22/2021 Entity A+ A-1 Stable Reaffirmed

Communication

Name Date Rating Type Long Term Short Term Outlook Action
Engro Enfrashare (Pvt) Ltd 1/14/2021 Entity A- A-2 Stable Initial
Pakistan Telecommunication Company Limited 10/14/2021 Entity AAA A-1+ Stable Reaffirmed

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases Limited 3/26/2021 Entity BBB- A-2 Positive Maintained
At-Tahur Limited 6/1/2021 Entity A- A-2 Stable Initial
Bunny's Limited 12/30/2020 Entity A- A-2 Stable Reaffirmed
Dairyland (Pvt) Limited 2/19/2021 Entity A- A-2 Stable Reaffirmed
Faisalabad Oil Refinery (Pvt) Limited 4/12/2021 Entity BBB+ A-2 Positive Maintained
Garibsons (Pvt) Ltd. 3/11/2021 Entity A- A-2 Positive Initial
Golden Harvest Foods (Pvt) Limited 10/25/2021 Entity BBB+ A-2 Stable Initial
Habib Oil Mills Limited 12/21/2020 Entity BBB A-3 Stable Reaffirmed
Haleeb Foods Limited 7/29/2021 Entity A- A-2 Negative Reaffirmed
Kausar Ghee Mills (Pvt) Limited 12/7/2021 Entity Suspended
Matco Foods Limited 1/6/2021 Entity A- A-2 Stable Maintained
Olympia Oils (Pvt) Limited 11/12/2021 Entity A- A-2 Stable Upgrade
Shakarganj Food Products Limited 11/23/2020 Entity BBB+ A-3 Negative Downgrade
Shakarganj Food Products Limited 11/23/2020 Sukuk 1 BBB+ Negative Downgrade
Treet Corporation Limited 10/6/2020 Entity A- A-2 Rating Watch - Developing Downgrade
Unity Foods Limited 4/29/2021 Entity A A-2 Stable Upgrade

Engineering

Name Date Rating Type Long Term Short Term Outlook Action
Digital World Pakistan (Pvt) Limited 6/30/2021 Entity A- A-2 Stable Upgrade
DWP Technologies (Pvt) Limited 6/30/2021 Entity A- A-2 Stable Maintained
EMCO Industries Limited 10/27/2020 Entity A- A-2 Stable Initial
Fast Cables Limited 11/30/2021 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt) Limited 8/25/2021 Entity A- A-2 Rating Watch - Developing Upgrade on Rating Watch
Pakistan Cables Limited 2/2/2021 Entity A A-1 Stable Reaffirmed
Waves Singer Pakistan Limited 9/8/2021 Entity A A-2 Stable Upgrade
Waves Singer Pakistan Limited 11/3/2021 CP A-2 Final

Fertilizer

Name Date Rating Type Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 12/1/2021 Entity AA A-1 Stable Upgrade
Fauji Fertilizer Bin Qasim Limited 3/16/2021 Entity AA- A-1 Stable Upgrade

Medical and Pharmaceutical

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 10/6/2021 Entity A A-2 Stable Reaffirmed
Aspin Pharma (Pvt) Limited 10/6/2021 Sukuk 1 A Stable Reaffirmed
Macter International Limited 1/15/2021 Entity A A-2 Stable Reaffirmed
OBS AGP (Pvt) Limited 5/3/2021 Entity A A-1 Stable Initial
OBS AGP (Pvt) Limited 5/3/2021 Sukuk 1 A+ Stable Preliminary
Saakh Pharma (Pvt) Ltd 8/11/2021 Entity BBB+ A-2 Stable Reaffirmed
Shifa International Hospitals Limited 11/18/2021 Entity AA- A-1 Stable Reaffirmed
The Searle Pakistan Ltd 12/21/2020 Entity AA- A-1 Stable Reaffirmed

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Avari Hotels Limited 6/9/2021 TFC-3 AA Stable Reaffirmed
Inbox Business Technologies Limited 6/8/2021 Entity BB+ A-3 Rating Watch - Developing Downgrade

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hi-Tech Lubricants Limited 12/3/2021 Entity A A-2 Positive Maintained
Jamshoro Joint Venture Limited 10/15/2018 Entity Suspended
Oil & Gas Development Company Limited 1/25/2021 Entity AAA A-1+ Stable Reaffirmed
Pakistan State Oil Company Limited 12/3/2021 Entity AA+ A-1+ Stable Reaffirmed
PGP Consortium Limited 11/25/2021 Entity A- A-2 Rating Watch - Developing Reaffirmed
PGP Consortium Limited 11/25/2021 Pref Share BBB Rating Watch - Developing Reaffirmed
Zoom Marketing Oils (Pvt) Limited 6/7/2021 Entity BBB- A-3 Stable Initial
Zoom Petroleum (Pvt) Limited 6/7/2021 Entity BBB- A-3 Stable Initial

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
CBM Plastics (Pvt) Limited 10/5/2021 Entity BBB+ A-2 Stable Reaffirmed
Century Paper & Board Mills Limited 11/10/2021 Entity AA- A-1 Stable Upgrade
International Packaging Films (Pvt) Ltd 2/26/2021 Entity A- A-2 Positive Initial
Kompass Pakistan (Pvt) Ltd 5/7/2021 Entity BBB+ A-2 Positive Maintained
Mehran Plastic Industries (Pvt) Limited 4/30/2021 Entity BBB+ A-2 Stable Initial
Novatex Limited 7/29/2021 Entity AA A-1+ Stable Reaffirmed
Syntronics Limited 12/31/2020 Entity BBB+ A-2 Stable Reaffirmed

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
AJ Power (Pvt) Ltd 2/23/2021 Entity A- A-2 Stable Initial
Artistic Energy (Pvt) Ltd 3/16/2021 Entity A+ A-1 Stable Upgrade
Artistic Wind Power Pvt Ltd 3/16/2021 Entity A- A-2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 6/23/2021 Entity AA- A-1 Stable Reaffirmed
FFBL Power Company Ltd 10/4/2021 Entity AA- A-1 Stable Reaffirmed
Gharo Solar Ltd 10/27/2021 Entity A A-1 Stable Upgrade
Indus Wind Energy Limited 3/19/2021 Entity A- A-2 Stable Initial
K-Electric Limited 4/28/2021 Entity AA A-1+ Stable Reaffirmed
K-Electric Limited 7/26/2021 Sukuk 4 AA+ Stable Reaffirmed
K-Electric Limited 7/9/2021 ICP-19 A-1+ Preliminary
K-Electric Limited 7/26/2021 ICP-20 A-1+ Preliminary
K-Electric Limited 10/28/2021 ICP-23 A-1+ Preliminary
K-Electric Limited 11/11/2021 ICP-24 A-1+ Preliminary
K-Electric Limited 4/28/2021 Sukuk 5 AA+ Stable Reaffirmed
Kot Addu Power Company Limited 9/9/2020 CP A-1+ Preliminary
Kot Addu Power Company Limited 12/14/2020 Entity AA+ A-1+ Rating Watch - Developing Maintained
Mughal Energy Limited 7/14/2021 Entity A- A-2 Stable Initial
NASDA Green Energy 12/4/2020 Entity A- A-2 Stable Initial
National Power Parks Management Company (Pvt) Limited 12/31/2020 Entity AA+ A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 12/30/2020 Sukuk 1 AAA Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 7/1/2021 Entity AA- A-1 Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt) Limited 6/24/2021 Entity AA A-1+ Stable Reaffirmed
Quaid-e-Azam Thermal Power (Pvt) Limited 5/24/2021 Entity AA A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 6/24/2021 Entity AA A-1 Stable Reaffirmed
Thal Power (Pvt) Limited 12/29/2020 Entity AA A-1+ Stable Reaffirmed
Tricom Wind Power (Pvt) Limited 11/8/2021 Entity A A-2 Stable Initial
Yunus Energy Limited 3/1/2021 Entity A+ A-1 Stable Reaffirmed
Zephyr Power (Pvt) Limited 11/26/2020 Entity A A-2 Stable Upgrade
Zhenfa Pakistan New Energy Company Limited 12/3/2021 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries 1/18/2021 Entity A A-2 Stable Upgrade
Agha Steel Industries 1/18/2021 Sukuk 1 A+ Stable Upgrade
Aisha Steel Mills Limited 1/15/2021 Entity A- A-2 Stable Maintained
Crescent Steel & Allied Products Limited 6/25/2021 Entity A- A-2 Stable Reaffirmed
Frontier Foundary Steel (Pvt) Limited 11/1/2021 Entity A A-1 Stable Upgrade
International Industries Limited 3/12/2021 Entity AA- A-1 Stable Maintained
International Steels Limited 3/12/2021 Entity A+ A-1 Stable Maintained
Mughal Iron & Steel Industries Limited 9/25/2020 Entity A A-2 Stable Initial
Mughal Iron & Steel Industries Limited 10/5/2020 Sukuk 1 A+ Stable Preliminary
Mughal Iron & Steel Industries Limited 6/30/2021 CP A-2 Preliminary
Razaque Steels (Pvt) Limited 5/24/2021 Entity BBB- A-3 Stable Reaffirmed

Storage and Distribution

Name Date Rating Type Long Term Short Term Outlook Action
Agility Logistics (Pvt) Limited 11/18/2021 Entity A A-2 Rating Watch - Developing Maintained
Ali Gohar & Company (Pvt) Ltd 8/9/2021 Entity A A-2 Stable Reaffirmed
International Brands Limited 7/2/2021 Entity A A-2 Stable Reaffirmed
International Brands Limited 2/18/2021 Sukuk 1 AA Stable Reaffirmed
Muller & Phipps Pakistan (Pvt) Limited 1/15/2021 Entity A+ A-1 Stable Reaffirmed
Smartlink Technologies 10/14/2021 Entity BBB A-2 Stable Initial

Sugar

Name Date Rating Type Long Term Short Term Outlook Action
Al-Noor Sugar Mills Ltd. 6/30/2021 Entity A- A-2 Stable Reaffirmed
Alliance Sugar Mills (Pvt) Limited 11/12/2020 Entity A- A-2 Stable Reaffirmed
Almoiz Industries Ltd 2/1/2021 Entity A A-2 Stable Upgrade
Ashraf Sugar Mills Limited 2/22/2021 Entity A- A-2 Stable Initial
Chashma Sugar Mills Ltd 11/23/2021 Entity A- A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 7/27/2021 Entity A- A-2 Stable Reaffirmed
Etihad Sugar Mills Limited 12/6/2021 Entity A- A-2 Stable Reaffirmed
Faran Sugar Mills Limited 8/11/2021 Entity A- A-2 Negative Maintained
Fatima Sugar Mills Limited 11/5/2021 Entity A- A-2 Stable Reaffirmed
JDW Sugar Mills Ltd 7/27/2021 Entity A A-2 Stable Reaffirmed
Madina Sugar Mills Limited 10/22/2020 Entity A- A-2 Stable Reaffirmed
RYK Mills Limited 2/19/2021 Entity A A-2 Stable Reaffirmed
Shahmurad Sugar Mills Ltd 6/30/2021 Entity A- A-2 Stable Reaffirmed
Sheikhoo Sugar Mills Limited 12/29/2020 Entity A- A-2 Stable Reaffirmed
The Thal Industries Corporation Limited 2/1/2021 Entity A- A-2 Positive Maintained
Two Star Industries (Pvt) Limited 8/20/2021 Entity BBB+ A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Muhammad Shafi Tanneries (Pvt) Ltd 7/26/2021 Entity A- A-2 Negative Maintained
Shafi Lifestyle (Pvt) Ltd 11/9/2021 Entity Suspended
Universal Leather (Pvt) Ltd. 11/18/2021 Entity BBB- A-3 Positive Maintained

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 7/2/2021 Entity A- A-2 Stable Maintained
Ahmed Oriental Textile Mills Limited 11/20/2020 Entity BBB+ A-2 Stable Maintained
Akhtar Textile Industries (Pvt) Ltd 6/21/2021 Entity A A-2 Stable Upgrade
Akram Cotton Mills Limited 6/29/2021 Entity BBB A-2 Stable Maintained
Al Karam Towel Industries (Pvt) Ltd 4/20/2021 Entity A- A-2 Stable Maintained
Al-Karam Textile Mills (Pvt) Limited 3/4/2021 Entity A A-2 Stable Maintained
Arshad Corporation (Pvt) Ltd 9/27/2021 Entity A- A-2 Stable Upgrade
Arshad Textile Mills Limited 8/27/2021 Entity BB+ A-3 Positive Maintained
Artistic Apparels (Pvt) Ltd 11/16/2020 Entity BBB+ A-2 Stable Initial
Artistic Denim Mills Ltd 11/18/2020 Entity A- A-1 Stable Maintained
Artistic Milliners (Pvt) Limited 12/2/2020 Entity AA- A-1 Stable Reaffirmed
Best Exports (Pvt) Ltd 6/30/2021 Entity BBB A-2 Stable Maintained
Best Fibres (Pvt) Ltd 4/5/2021 Entity A- A-2 Stable Maintained
Bhanero Textile Mills Ltd 5/27/2021 Entity A+ A-1 Stable Maintained
Blessed Textiles Ltd 5/27/2021 Entity A- A-1 Stable Maintained
Chakwal Textile Mills Limited 9/2/2021 Entity BBB- A-2 Stable Update
Crescent Bahuman Limited 6/11/2021 Entity A- A-2 Stable Maintained
Denim Clothing Company 3/17/2021 Entity BBB A-2 Stable Initial
Faisal Spinning Mills Ltd 5/27/2021 Entity A A-1 Stable Maintained
Feroze 1888 Mills Limited 12/7/2020 Entity AA- A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 11/30/2021 Entity A+ A-1 Stable Reaffirmed
Gohar Textile Mills (Pvt) Ltd 5/26/2021 Entity A A-1 Stable Maintained
H.A Fibres (Pvt) Limited 6/7/2021 Entity A- A-2 Positive Maintained
HANTEX 2/2/2021 Entity BBB+ A-2 Stable Initial
Indigo Textile (Pvt) Limited 6/21/2021 Entity A A-1 Stable Upgrade
Indus Dyeing & Manufacturing Co Limited 6/10/2021 Entity A+ A-1 Stable Maintained
Indus Home Limited 5/25/2021 Entity A- A-2 Positive Maintained
Indus Lyallpur Limited 6/15/2021 Entity BBB+ A-2 Positive Maintained
Interloop Limited 4/20/2021 Entity A+ A-1 Stable Initial
International Textile Limited 8/6/2021 Entity Suspended
J.K Spinning Mills Limited 4/28/2021 Entity A- A-1 Stable Maintained
Kamal Limited 4/12/2021 Entity A- A-2 Positive Maintained
Khalid Shafique Spinning Mills Limited 6/11/2021 Entity BBB A-2 Stable Maintained
Kohinoor Mills Limited 4/19/2021 Entity BBB+ A-2 Stable Maintained
Kohinoor Textile Mills Limited 1/20/2021 Entity A+ A-1 Stable Maintained
Lucky Knits (Pvt) Limited 8/16/2021 Entity A- A-1 Stable Maintained
Lucky Textile Mills Limited 11/10/2020 Entity AA- A-1 Stable Reaffirmed
M.K Sons (Pvt) Ltd 3/5/2021 Entity A- A-2 Stable Maintained
Masood Textile Mills Limited 9/8/2021 Entity A- A-2 Stable Maintained
Masood Textile Mills Limited 9/8/2021 Sukuk 1 A Stable Maintained
Master Textile Mills Limited 9/2/2021 Entity A A-1 Stable Maintained
Metco Textile (Pvt) Limited 5/7/2021 Entity A- A-2 Stable Maintained
Mustaqim Dyeing and Printing Ind. (Pvt) limited 1/18/2021 Entity A- A-2 Stable Maintained
Nadeem Textile Mills Limited 11/18/2021 Entity A- A-2 Stable Upgrade
Naveena Exports Limited 2/23/2021 Entity A A-1 Stable Maintained
Naveena Industries Limited 11/20/2020 Entity BBB+ A-2 Stable Maintained
Nishat (Chunian) Limited 3/26/2021 Entity A A-2 Stable Initial
Premium Textile Mills Limited 6/18/2021 Entity A- A-2 Stable Maintained
Rajby Industries 6/3/2021 Entity A- A-2 Negative Maintained
Rajby Textiles (Pvt) Limited 6/3/2021 Entity A- A-1 Stable Maintained
Rizwan Enterprises 7/19/2021 Entity A- A-2 Stable Initial
Sadaqat Limited 6/24/2021 Entity A A-2 Positive Maintained
Sadaqat Limited 6/24/2021 TFC A Positive Maintained
Sapphire Textile Mills Limited 6/21/2021 Entity A+ A-1 Stable Maintained
Shadab Textile Mills Limited 11/22/2021 Entity A- A-2 Stable Initial
Shahbaz Garments (Pvt) Limited 7/26/2021 Entity A- A-2 Stable Upgrade
Shahtaj Textile Limited 12/29/2020 Entity A- A-2 Stable Maintained
Sitara Textile Industries Ltd 10/2/2020 Entity BBB+ A-2 Stable Initial
Sohail Textile Mills Limited 8/9/2021 Entity BBB- A-2 Stable Initial
Soorty Enterprises (Pvt) Limited 5/24/2021 Entity AA- A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 6/8/2021 Entity A- A-1 Stable Maintained
Suraj Cotton Mills Limited 12/1/2021 Entity A+ A-1 Stable Initial
Umar Spinning Mills (Pvt) Limited 5/27/2021 Entity BBB+ A-2 Stable Maintained
Union Apparel (Pvt) Ltd 12/7/2021 Entity A- A-2 Stable Reaffirmed
Union Fabrics (Pvt) Ltd 12/7/2021 Entity A- A-2 Stable Reaffirmed
Yunus Textile Mills Limited 12/2/2020 Entity AA- A-1+ Stable Reaffirmed
Z.A Corporation (Pvt) Ltd 2/26/2021 Entity BBB+ A-2 Stable Upgrade
Zaman Textile Mills (Pvt) Limited 1/25/2021 Entity A- A-2 Stable Maintained
Zephyr Textiles Limited 6/30/2021 Entity BBB+ A-2 Positive Maintained

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
ABL Asset Management Limited 12/31/2020 Management Quality AM2++ Positive Maintained
Al-Meezan Investment Management Limited 12/31/2020 Management Quality AM1 Stable Reaffirmed
Arif Habib Dolmen REIT Management Limited 9/22/2021 Management Quality AM2 +(RMC) Stable Reaffirmed
Faysal Asset Management Limited 8/10/2021 Management Quality AM2+ Stable Upgrade
HBL- Asset Management Limited 12/31/2020 Management Quality AM2++ Stable Upgrade
Magnus Investment Advisors Limited 4/1/2021 Management Quality AM2+ Stable Reaffirmed
National Investment Trust Limited 12/31/2020 Management Quality AM1 Stable Initial
UBL Fund Managers Limited 12/31/2020 Management Quality AM1 Stable Reaffirmed

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 12/31/2020 Fund Stability AA+(f) Reaffirmed
ABL Government Securities Fund 12/31/2020 Fund Stability AA- (f) Upgrade
ABL Income Fund 12/31/2020 Fund Stability A+(f) Upgrade
ABL Islamic Cash Fund 12/31/2020 Fund Stability AA(f) Reaffirmed
ABL Islamic Income Fund 12/31/2020 Fund Stability A+(f) Upgrade
Al Ameen Islamic Aggressive Income Fund 1/7/2021 Fund Stability A+(f) Upgrade
Al Ameen Islamic Cash Fund 1/7/2021 Fund Stability AA+(f) Upgrade
Al Ameen Islamic Sovereign Fund 1/7/2021 Fund Stability AA(f) Upgrade
Askari Cash Fund 12/31/2020 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 12/31/2020 Fund Stability AA- (f) Upgrade
BMA Empress Cash Fund 12/31/2020 Fund Stability AA+(f) Reaffirmed
Dolmen City REIT 9/22/2021 REIT Rating AAA (rr) Reaffirmed
Faysal Government Securities Fund 5/18/2021 Fund Stability AA Initial
Faysal Islamic Cash Fund 11/4/2021 Fund Stability AA(f) Initial
Faysal Islamic Savings Growth Fund 10/5/2020 Fund Stability A+(f) Reaffirmed
First Habib Cash Fund 12/31/2020 Fund Stability AA+(f) Upgrade
HBL Cash Fund 12/31/2020 Fund Stability AA+(f) Upgrade
HBL Government Securities Fund 12/31/2020 Fund Stability AA(f) Upgrade
HBL Income Fund 12/31/2020 Fund Stability A+(f) Upgrade
HBL Islamic Income Fund 12/31/2020 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 12/31/2020 Fund Stability AA+(f) Upgrade
HBL Money Market Fund 12/31/2020 Fund Stability AA+(f) Upgrade
Meezan Cash Fund 1/12/2021 Fund Stability AA(f) Reaffirmed
Meezan Islamic Income Fund 1/12/2021 Fund Stability A+(f) Upgrade
Meezan Rozana Amdani Fund 1/12/2021 Fund Stability AA+(f) Upgrade
Meezan Sovereign Fund 1/12/2021 Fund Stability AA(f) Upgrade
UBL Government Securities Fund 1/7/2021 Fund Stability AA(f) Upgrade
UBL Growth & Income Fund 1/7/2021 Fund Stability A+(f) Upgrade
UBL Income Opportunity Fund 1/7/2021 Fund Stability AA- (f) Upgrade
UBL Liquidity Plus Fund 1/7/2021 Fund Stability AA+(f) Upgrade
UBL Money Market Fund 1/7/2021 Fund Stability AA+(f) Upgrade