VIS Reaffirms Entity Ratings of Halan Microfinance Bank Limited VIS Finalizes Short Term Rating of Short-Term Sukuk XI (STS-XI) of Pakistan Telecommunication Company Limited (PTCL) VIS Reaffirms Entity Ratings of Sindh Microfinance Bank Limited VIS Suspends Entity Ratings of Universal Leather (Pvt) Limited VIS Suspends Entity Ratings of Muhammad Shafi Tanneries (Private) Limited VIS Reaffirms Entity Ratings of Artistic Denim Mills Limited VIS Reaffirms Entity Ratings of Zephyr Power Limited VIS suspends Broker Fiduciary Rating of First National Equities Limited VIS Maintains Entity Ratings of Ittehad Chemicals Limited VIS Maintains Broker Management Rating of Mohammad Munir Muhammad Ahmed Khanani Securities Limited

China Chengxin International Credit Rating Co.Ltd CCXI:    Press Release    |    COUNTRY RISK REPORT ALONG THE BELT AND ROAD (2022)

International Collaborations:    Japan Credit Rating Agency, Ltd    |    China Chengxin International Credit Rating Co., Ltd


Press Release:    VIS Announces Strategic Promotions in Executive Leadership

Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
Halan Microfinance Bank Limited (Formerly: Advans Pakistan Microfinance Bank Ltd) 4/30/2025 Entity
BBB Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A3 Fair likelihood of timely repayment of short-term debt obligations with satisfactory liquidity factors
Positive Reaffirmed
Sindh Microfinance Bank Limited 4/30/2025 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A1 Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors
Stable Reaffirmed
Zephyr Power Limited 4/30/2025 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A1 Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors
Stable Reaffirmed
Pakistan Telecommunication Company Limited 4/30/2025 STS-11
A1+ Strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors
Final
Artistic Denim Mills Ltd 4/30/2025 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Stable Reaffirmed
Agriauto Stamping Company (Pvt) Limited 4/9/2025 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Stable Under Review
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 4/29/2025 BMR
BMR2 Sound regulatory compliance, control environment, and financial management; governance and risk management frameworks are effective; HR, IT, and customer services are proactive.
Negative Maintained
Ittehad Chemicals Limited 4/29/2025 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Positive Maintained
HBL Mehfooz Munafa Fund Plan-I (Under HBL Mehfooz Munafa Fund) 4/29/2025 Fund Stability
Matured
Z.A Corporation (Pvt) Ltd 4/28/2025 Entity
BBB+ Adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy.
A2 Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors
Stable Reaffirmed
See All