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Financial Institutions

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
Bank Alfalah Ltd. 6/30/2021 TFC-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 Sukuk 1 AA- Stable Reaffirmed
Habib Bank Limited 6/30/2021 TFC-2 AA+ Stable Reaffirmed
Meezan Bank Limited 11/24/2021 Sukuk 3 AAA Stable Upgrade
Meezan Bank Limited 11/24/2021 Sukuk 2 AA+ Stable Upgrade
Meezan Bank Limited 11/24/2021 Sukuk 1 AAA Stable Upgrade
Meezan Bank Limited 11/24/2021 Sukuk 4 AAA Stable Preliminary
Silk Bank Limited 6/30/2021 TFC-1 BBB+ Rating Watch - Negative Note
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
United Bank Limited 6/30/2021 TFC-5 AA+ Stable Reaffirmed

Micro Finance
Name Date RATING TYPE Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 4/30/2021 TFC-2 A Rating Watch - Developing Reaffirmed
Khushhali Microfinance Bank Limited 4/30/2021 TFC-1 A Rating Watch - Developing Reaffirmed
U Microfinance Bank Limited 4/29/2021 TFC-1 A Stable Upgrade

Modarabas
Name Date RATING TYPE Long Term Short Term Outlook Action
BRR Guardian Modaraba 7/9/2010 TFC-1 D Default

NBFCs
Name Date RATING TYPE Long Term Short Term Outlook Action
Al-Zamin Leasing Corporation Limited 1/9/2013 TFC-2 D Default
Saudi Pak Leasing Company Limited 10/4/2010 TFC-1 D Default

Corporates

Cement & Construction
Name Date RATING TYPE Long Term Short Term Outlook Action
Eden Housing Ltd. 1/27/2010 TFC-1 D Default
Javedan Corporation Ltd. 12/21/2020 Sukuk 1 AA- Stable Reaffirmed

Consumer Goods
Name Date RATING TYPE Long Term Short Term Outlook Action
Shakarganj Food Products Limited 11/23/2020 Sukuk 1 BBB+ Negative Downgrade

Medical and Pharmaceutical
Name Date RATING TYPE Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 10/6/2021 Sukuk 1 A Stable Reaffirmed
OBS AGP (Pvt) Limited 5/3/2021 Sukuk 1 A+ Stable Preliminary

Miscellaneous
Name Date RATING TYPE Long Term Short Term Outlook Action
Avari Hotels Limited 6/9/2021 TFC-3 AA Stable Reaffirmed
Telecard Ltd 6/3/2011 TFC-1 D Default

Oil & Gas
Name Date RATING TYPE Long Term Short Term Outlook Action
PGP Consortium Limited 11/25/2021 Pref Share BBB Rating Watch - Developing Reaffirmed

Power Companies
Name Date RATING TYPE Long Term Short Term Outlook Action
K-Electric Limited 7/26/2021 Sukuk 4 AA+ Stable Reaffirmed
K-Electric Limited 4/28/2021 Sukuk 5 AA+ Stable Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 12/30/2020 Sukuk 1 AAA Stable Reaffirmed

Steel & Allied Products
Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries 1/18/2021 Sukuk 1 A+ Stable Upgrade
Mughal Iron & Steel Industries Limited 10/5/2020 Sukuk 1 A+ Stable Preliminary

Storage and Distribution
Name Date RATING TYPE Long Term Short Term Outlook Action
International Brands Limited 2/18/2021 Sukuk 1 AA Stable Reaffirmed

Textiles
Name Date RATING TYPE Long Term Short Term Outlook Action
Amtex Limited 1/3/2011 TFC-1 D Default
Masood Textile Mills Limited 9/8/2021 Sukuk 1 A Stable Maintained
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default