Financial Institutions

Brokerage & Securities Firms

Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 3/30/2018 Entity BBB- A-3 Stable Upgrade
AKD Securities Limited 1/19/2018 Entity A A-2 Stable Reaffirmed
Arif Habib Limited 1/17/2019 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 2/19/2019 Entity A- A-2 Negative Maintained
BMA Capital Management Limited 4/2/2019 Entity A- A-2 Negative Maintained
Dawood Equities Limited 3/4/2019 Entity Suspended
Elixir Securities Pakistan (Pvt.) Limited 2/8/2019 Entity BBB A-3 Stable Reaffirmed
Foundation Securities Private Limited 4/1/2019 Entity A- A-2 Negative Maintained
Intermarket Securities Limited 4/25/2018 Entity BBB+ A-2 Stable Reaffirmed
Next Capital Limited 4/10/2019 Entity A- A-2 Stable Reaffirmed
Pearl Securities Limited 12/6/2018 Entity BBB- A-3 Negative Downgrade
Taurus Securities Limited 12/31/2018 Entity A A-2 Stable Reaffirmed
Topline Securities Limited (Formerly Topline Securities Pvt. Limited) 1/18/2019 Entity A- A-2 Stable Reaffirmed

Commercial Banks

Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/28/2019 Entity A+ A-1 Stable Maintained
Bank Alfalah Ltd. 7/2/2019 Entity AA+ A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/28/2019 Entity AA A-1+ Stable Upgrade
Faysal Bank Limited 6/27/2019 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/28/2019 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/28/2019 Entity AA+ A-1+ Stable Reaffirmed
National Bank of Pakistan 6/28/2019 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/24/2019 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 6/27/2019 Entity A- A-2 Stable Maintained
Sindh Bank Ltd 6/28/2019 Entity A+ A-1 Stable Downgrade
Summit Bank Limited 2/1/2019 Entity Suspended
The Bank of Khyber 6/26/2019 Entity A A-1 Stable Reaffirmed
United Bank Limited 6/28/2019 Entity AAA A-1+ Stable Reaffirmed

DFIs

Name Date Sector Long Term Short Term Outlook Action
House Building Finance Company Limited 5/13/2019 Entity A A-1 Positive Maintained
Pak Brunei Investment Company Limited 6/26/2019 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/21/2019 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/24/2019 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 5/7/2019 Entity AAA A-1+ Stable Initial
Saudi Pak Industrial and Agricultural Investment Company Limited 5/31/2019 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/26/2019 Entity AAA A-1+ Stable Reaffirmed

Investment Banks

Name Date Sector Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/28/2018 Entity A- A-2 Stable Reaffirmed
Security Investment Bank Limited 4/4/2019 Entity BBB+ A-2 Stable Initial

Leasing

Name Date Sector Long Term Short Term Outlook Action
Grays Leasing Limited 12/31/2018 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 4/15/2019 Entity A- A-2 Stable Reaffirmed
Sindh Leasing Company Limited 6/21/2019 Entity A+ A-1 Rating Watch-Developing

Micro Finance

Name Date Sector Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/26/2019 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 4/30/2019 Entity BBB+ A-3 Stable Reaffirmed
FINCA Microfinance Bank Limited 4/30/2019 Entity A A-1 Stable Reaffirmed
KASHF Foundation 5/14/2019 Entity A- A-2 Stable Upgrade
Khushhali Microfinance Bank Limited 4/30/2019 Entity A+ A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 4/30/2019 Entity A A-1 Stable Reaffirmed
Pak Oman Microfinance Bank Limited 4/25/2019 Entity A- A-2 Stable Reaffirmed
Telenor Microfinance Bank Limited (Formerly Tameer Micro Finance Bank Ltd). 4/30/2019 Entity A+ A-1 Stable Reaffirmed
The First MicroFinanceBank Limited 3/25/2019 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 1/11/2019 Entity A A-1 Stable Upgrade

Modarabas

Name Date Sector Long Term Short Term Outlook Action
Allied Rental Modaraba 12/31/2018 Entity A+ A-1 Stable Reaffirmed
First Paramount Modaraba 12/28/2018 Entity BBB A-3 Stable Reaffirmed
Sindh Modaraba 2/22/2019 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 1/26/2018 Entity BBB- A-3 Stable Maintained

NBFCs

Name Date Sector Long Term Short Term Outlook Action
Cyan Limited 1/2/2019 Entity A A-1 Stable Reaffirmed
LSE Financial Services Limited 12/12/2018 Entity A A-1 Stable Upgrade

Corporates

Auto & Allied

Name Date Sector Long Term Short Term Outlook Action
Al-Ghazi Tractors Ltd. 12/24/2018 Entity A A-1 Stable Initial
Indus Motor Company Ltd 6/17/2019 Entity AA+ A-1+ Stable Initial
Master Motor Corporation (Pvt) Limited 4/6/2018 Entity A- A-2 Stable Initial
Thal Limited 11/20/2018 Entity AA A-1+ Stable Initial

Cement & Construction

Name Date Sector Long Term Short Term Outlook Action
Askari Cement Limited 8/20/2018 Entity A A-1 Stable Initial
Attock Cement Pakistan Limited 6/12/2018 Entity A+ A-1 Stable Reaffirmed
Deokjae Connecting Roads (Pvt.) Limited 4/20/2018 Entity A+ A-1 Stable Reaffirmed
International Complex Projects Limited 10/19/2018 Entity AA A-1 Positive Upgrade
Javedan Corporation Ltd. 4/4/2018 Entity A+ A-1 Stable Initial
Lahore Sialkot Motorway Infrastructure Management (Pvt.) Ltd 3/11/2019 Entity A- A-2 Stable Initial
Power Cement Ltd 10/2/2018 Entity A- A-2 Stable Reaffirmed
Shajar Roads Limited 1/4/2018 Entity A A-2 Stable Initial
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 11/30/2018 Entity AA- A-1 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 6/26/2019 Entity A- A-2 Stable Reaffirmed

Chemicals & Pharma

Name Date Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 12/14/2018 Entity A A-2 Stable Reaffirmed
Engro Polymer & Chemicals Ltd. 7/19/2018 Entity AA- A-1+ Stable Initial
Ittehad Chemicals Limited 1/25/2018 Entity A- A-2 Stable Reaffirmed
Macter International Limited 6/1/2018 Entity A A-1 Stable Initial
Saakh Pharma (pvt.) Ltd 10/25/2018 Entity BBB+ A-2 Stable Initial
Sitara Chemical Industries Limited 11/14/2018 Entity A+ A-1 Positive Reaffirmed

Communication

Name Date Sector Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 10/11/2018 Entity AAA A-1+ Stable Initial

Consumer Goods

Name Date Sector Long Term Short Term Outlook Action
Al Makkah Oil Refinery Ltd 3/27/2019 Entity BBB A-2 Stable Upgrade
Bunny's Limited 9/11/2018 Entity A- A-2 Stable Reaffirmed
Clover Pakistan Limited 6/19/2019 Entity A- A-2 Stable Initial
Faisalabad Oil Refinery (Pvt) Limited 6/28/2019 Entity BBB+ A-2 Stable Reaffirmed
Gujranwala Food Industries (Pvt) Ltd 12/10/2018 Entity BBB- A-3 Stable Initial
Habib Oil Mills Limited 5/29/2018 Entity BBB A-3 Stable Initial
Haleeb Foods Limited 1/11/2019 Entity A A-2 Stable Reaffirmed
Hilal Foods (Pvt.) Limited 5/14/2019 Entity A A-2 Stable Initial
Khalis Oil & Ghee Industries Limited 9/28/2018 Entity BBB+ A-2 Stable Initial
Matco Foods Limited (Formerly Matco Foods Pvt. Ltd) 11/15/2018 Entity A- A-2 Stable Reaffirmed
Olympia Oils (Pvt.) Limited 5/31/2019 Entity BBB+ A-2 Stable Reaffirmed
Pan Asia Food Products (Pvt) Ltd 3/28/2019 Entity BBB+ A-2 Stable Upgrade
Shakarganj Food Products Limited 7/18/2019 Entity A- A-2 Stable Reaffirmed
Tahir Omer Industries Limited 12/11/2018 Entity A- A-2 Stable Initial
Treet Corporation Limited 5/21/2019 Entity AA- A-1 Stable Reaffirmed

Engineering

Name Date Sector Long Term Short Term Outlook Action
Allied Industries Hub (Pvt.) Ltd 6/28/2019 Entity BBB A-2 Stable Initial
Digital World Pakistan Pvt. Limited 2/27/2019 Entity A- A-2 Stable Initial
Fast Cables Limited 12/28/2018 Entity A- A-2 Stable Initial
Omar Jibran Engineering Industries Limited 4/23/2019 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt.) Limited 3/26/2019 Entity A A-2 Stable Initial
Pakistan Cables Limited 9/4/2018 Entity A A-1 Stable Initial
Procon Engineering (Pvt) Limited 4/6/2018 Entity A A-2 Stable Initial
Waves Singer Pakistan Limited (Formerly: Singer Pakistan Limited) 9/24/2018 Entity A A-2 Stable Initial

Fertilizer

Name Date Sector Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 12/22/2017 Entity AA- A-1 Stable Reaffirmed

Miscellaneous

Name Date Sector Long Term Short Term Outlook Action
Al-Rahim Trading Company Pvt. Limited 2/28/2019 Entity A- A-2 Stable Initial
Ali Gohar & Company Pvt. Ltd 9/28/2018 Entity A A-2 Stable Reaffirmed
Arif Habib Equity Limited 12/31/2018 Entity AA- A-1 Stable Initial
Associated Technologies (Pvt) Limited 2/27/2019 Entity A- A-1 Stable Upgrade
DWP Technologies (Pvt.) Limited 2/27/2019 Entity A- A-2 Stable Initial
International Brands Limited 4/4/2019 Entity A A-2 Stable Reaffirmed
Muller & Phipps Pakistan (Pvt.) Limited 12/31/2018 Entity A+ A-1 Stable Initial
Rural Community Development Programs 2/8/2019 Entity BBB A-3 Stable Initial
Shifa International Hospitals Limited 3/1/2018 Entity AA- A-1 Stable Initial

Oil & Gas

Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 4/24/2019 Entity AA- A-1 Negative Maintained
Hi-Tech Lubricants Limited 2/22/2018 Entity A A-1 Stable Initial
Jamshoro Joint Venture Limited 10/15/2018 Entity Suspended
Oil & Gas Development Company Limited 2/15/2019 Entity AAA A-1+ Stable Reaffirmed
Pakistan State Oil Company Limited 6/19/2019 Entity AA+ A-1+ Stable Initial
PGP Consortium Limited 4/16/2018 Entity A- A-2 Positive Maintained

Paper & Packaging

Name Date Sector Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 11/23/2018 Entity A+ A-1 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 2/1/2019 Entity BBB+ A-2 Stable Initial
Novatex Limited 12/5/2018 Entity AA- A-1 Positive Maintained

Power Companies

Name Date Sector Long Term Short Term Outlook Action
Artistic Energy (Pvt) Ltd 4/9/2019 Entity A A-1 Stable Reaffirmed
Engro Powergen Qadirpur Limited 4/23/2019 Entity AA- A-1 Stable Initial
FFBL Power Company Ltd 7/26/2018 Entity AA- A-1 Stable Initial
Foundation Wind Energy - II Limited 6/28/2019 Entity A+ A-1 Stable Reaffirmed
Foundation Wind Energy I Limited 6/28/2019 Entity A+ A-1 Stable Reaffirmed
Gharo Solar (Pvt) Ltd 5/3/2019 Entity A- A-2 Stable Initial
K-Electric Limited 2/25/2019 Entity AA A-1 Rating Watch - Developing Reaffirmed
Kot Addu Power Co. Ltd. 12/31/2018 Entity AA+ A-1+ Stable Reaffirmed
National Power Parks Management Company Private Limited 12/31/2018 Entity AA+ A-1+ Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt.) Limited 3/4/2019 Entity AA- A-1 Positive Maintained
Quaid-e-Azam Thermal Power (Pvt.) Limited 7/4/2019 Entity AA A-1+ Stable Reaffirmed
Rousch (Pakistan) Power Limited 6/28/2019 Entity AA- A-1 Stable Initial
Yunus Energy Limited 4/11/2019 Entity A+ A-1 Stable Initial
Zephyr Power (Pvt) Limited 8/16/2017 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Sector Long Term Short Term Outlook Action
Agha Steel Industries 3/1/2019 Entity A A-1 Stable Reaffirmed
Aisha Steel Mills Limited 10/2/2018 Entity A- A-2 Stable Reaffirmed
Crescent Steel & Allied Products Limited 12/26/2018 Entity A A-2 Stable Downgrade
Ferrous Engineering Industry 5/23/2019 Entity BBB- A-2 Stable Initial
Frontier Foundary Steel (Pvt.) Limited (Formerly: Frontier Foundary Pvt. Limited) 2/11/2019 Entity A- A-2 Stable Initial
International Industries Limited 6/21/2019 Entity AA- A-1 Stable Reaffirmed
International Steels Limited 6/21/2019 Entity A+ A-1 Stable Reaffirmed
Mannan Shahid Forgings Limited 4/18/2019 Entity A- A-2 Stable Initial
Razaque Steels (Pvt.) Limited 11/19/2018 Entity BBB- A-3 Stable Initial

Sugar

Name Date Sector Long Term Short Term Outlook Action
Al-Noor Sugar Mills Ltd. 2/27/2019 Entity A- A-2 Stable Reaffirmed
Almoiz Industries Ltd 10/29/2018 Entity A- A-2 Stable Initial
Chashma Sugar Mills Ltd 11/15/2018 Entity BBB+ A-2 Stable Initial
Deharki Sugar Mills (Pvt) Limited 3/13/2019 Entity A- A-2 Stable Downgrade
Faran Sugar Mills Limited 2/20/2019 Entity A- A-2 Stable Initial
JDW Sugar Mills Ltd 3/13/2019 Entity A A-2 Stable Downgrade
Madina Sugar Mills Limited 6/29/2018 Entity A- A-2 Stable Initial
Shahmurad Sugar Mills Ltd 2/27/2019 Entity A- A-2 Stable Reaffirmed
Sheikhoo Sugar Mills Limited 10/16/2018 Entity A- A-2 Stable Initial
The Thal Industries Corporation Limited 10/29/2018 Entity A- A-2 Stable Initial
Two Star Industries (pvt.) Limited 4/22/2019 Entity A- A-2 Stable Initial

Tanneries and Leather Products

Name Date Sector Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 11/28/2018 Entity BB+ A-3 Negative Downgrade
Muhammad Shafi Tanneries Pvt. Ltd 5/2/2019 Entity A- A-2 Negative Maintained
Universal Leather Pvt. Ltd. 5/9/2019 Entity BBB- A-3 Stable Downgrade

Textiles

Name Date Sector Long Term Short Term Outlook Action
AA Spinning Mills Limited 9/17/2018 Entity A- A-2 Stable Initial
Ahmed Oriental Textile Mills Limited 10/25/2018 Entity BBB+ A-2 Stable Initial
Akhtar Textile Industries (Pvt) Ltd 6/28/2018 Entity A- A-2 Stable Initial
Akram Cotton Mills Limited 7/3/2019 Entity BBB- A-2 Stable Initial
Al Karam Towel Industries (Pvt) Ltd 12/17/2018 Entity A- A-2 Stable Initial
Al Nasr Textiles Limited 4/30/2019 Entity A- A-2 Stable Initial
Al-Karam Textile Mills (Pvt) Limited 3/28/2019 Entity A A-2 Stable Initial
Arshad Corporation (Pvt) Ltd 4/3/2019 Entity BBB+ A-2 Stable Initial
Arshad Textile Mills Limited 4/3/2019 Entity BB+ A-3 Stable Initial
Artistic Denim Mills Ltd 5/7/2018 Entity A- A-1 Stable Initial
Artistic Milliners (Pvt) Limited 11/14/2018 Entity AA- A-1 Stable Reaffirmed
Best Exports Private Ltd 11/5/2018 Entity BBB A-2 Stable Initial
Bhanero Textile Mills Ltd 2/21/2019 Entity A+ A-1 Stable Reaffirmed
Bhimra Textile Mills (Pvt.) Limited 3/26/2019 Entity BBB- A-2 Stable Initial
Blessed Textiles Ltd 2/21/2019 Entity A- A-1 Stable Reaffirmed
Chakwal Textile Mills Limited 6/19/2019 Entity BBB- A-2 Stable Initial
Din Textile Mills Limited 12/31/2018 Entity BBB+ A-2 Stable Initial
Eastern Spinning Mills Limited 10/15/2018 Entity A- A-1 Stable Initial
Faisal Spinning Mills Ltd 2/21/2019 Entity A A-1 Stable Reaffirmed
Feroze 1888 Mills Limited 11/12/2018 Entity AA- A-1 Stable Initial
Gadoon Textile Mills Limited 10/29/2018 Entity A+ A-1 Stable Initial
Gohar Textile Mills (Pvt.) Ltd 3/26/2019 Entity A A-1 Stable Initial
H.A Fibres Pvt. Limited 4/3/2019 Entity A- A-2 Stable Initial
Indigo Textile (Pvt.) Limited 11/5/2018 Entity A- A-2 Stable Initial
Indus Dyeing & Manufacturing Co Limited 5/9/2019 Entity A+ A-1 Stable Reaffirmed
Indus Home Limited 5/8/2019 Entity A- A-2 Stable Initial
International Textile Limited 3/4/2019 Entity A A-2 Stable Initial
J.K Spinning Mills Limited 3/28/2019 Entity A- A-1 Stable Initial
Kamal Limited 12/31/2018 Entity A- A-2 Stable Initial
Khalid Shafique Spinning Mills Limited 2/18/2019 Entity BBB A-2 Stable Initial
Kohinoor Mills Limited 3/11/2019 Entity BBB+ A-2 Stable Initial
Lucky Knits (Pvt.) Limited 3/18/2019 Entity A- A-1 Stable Initial
Masood Textile Mills Limited 6/21/2019 Entity A- A-2 Stable Reaffirmed
Master Textile Mills Limited 4/18/2019 Entity A A-1 Stable Initial
Metco Textile (Pvt.) Limited 2/8/2019 Entity A- A-2 Stable Initial
MIMA Knit (Pvt) Limited 9/25/2018 Entity BB B Stable Initial
Mustaqim Dyeing and Printing Ind. (Pvt.) limited 12/13/2018 Entity A- A-2 Stable Initial
Nadeem Textile Mills Limited 12/18/2018 Entity BBB A-2 Stable Upgrade
Naveena Exports Limited 4/8/2019 Entity A- A-1 Positive Upgrade
Naveena Industries Limited 12/31/2018 Entity BBB+ A-2 Stable Initial
Orient Textile Mills Limited 9/28/2018 Entity BBB A-3 Stable Initial
Pak kuwait Textiles Limited 4/30/2019 Entity BBB+ A-2 Stable Initial
Premium Textile Mills Limited 7/19/2018 Entity BBB+ A-2 Stable Initial
Rajby Textiles (Pvt) Limited 12/26/2018 Entity A- A-1 Stable Reaffirmed
Riaz Textile Mills (Pvt) Limited 12/31/2018 Entity A A-1 Stable Initial
Sadaqat Limited 7/18/2019 Entity A A-2 Stable Reaffirmed
Sapphire Textile Mills Limited 12/19/2018 Entity A+ A-1 Positive Reaffirmed
Shahbaz Garments Private Limited 5/2/2019 Entity BBB+ A-2 Stable Initial
Shahkam Industries (Pvt) Ltd 12/21/2018 Entity BBB A-2 Stable Initial
Shahtaj Textile Limited 1/18/2019 Entity A- A-2 Stable Reaffirmed
Siara Textile Mills (Pvt.) Limited 1/28/2019 Entity BBB- A-2 Stable Initial
Soorty Enterprises (Pvt) Limited 12/31/2018 Entity AA- A-1 Stable Reaffirmed
Umar Spinning Mills (Pvt.) Limited 2/13/2019 Entity BBB+ A-2 Stable Initial
Union Fabrics (Pvt) Ltd 12/26/2018 Entity A- A-2 Stable Reaffirmed
Yunus Textile Mills Limited 6/28/2019 Entity AA- A-1+ Stable Initial
Zaman Textile Mills (Pvt.) Limited 11/22/2018 Entity A- A-2 Stable Initial
Zephyr Textiles Limited 10/11/2018 Entity BBB+ A-2 Stable Initial