Instrument

Financial Institutions

Commercial Banks
Name Date RATING TYPE Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/30/2024 Sukuk 2 A Positive Maintained
Bank Makramah Limited (Formerly:Summit Bank Limited) 6/27/2023 TFC-1 B Rating Watch - Negative Harmonised
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Sukuk 3 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/27/2024 Sukuk 2 A+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 TFC-3 AA+ Stable Reaffirmed
Habib Bank Limited 6/28/2024 TFC-2 AA+ Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/28/2024 Sukuk 2 AA+ Stable Reaffirmed
Silk Bank Limited 3/19/2025 TFC-1 Suspended
United Bank Limited 6/26/2024 TFC-5 AA+ Stable Reaffirmed

Micro Finance
Name Date RATING TYPE Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 5/30/2024 TFC-2 B Negative Maintained
Khushhali Microfinance Bank Limited 5/30/2024 TFC-1 B Negative Maintained
U Microfinance Bank Limited 6/10/2024 TFC-2 A- Stable Reaffirmed

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. 10/9/2024 Sukuk 1 AA- Stable Reaffirmed

Chemicals
Name Date RATING TYPE Long Term Short Term Outlook Action
Sitara Chemical Industries Limited 4/24/2025 Sukuk 1 AA- Stable Reaffirmed

Consumer Goods
Name Date RATING TYPE Long Term Short Term Outlook Action
Shakarganj Food Products Limited 7/3/2024 Sukuk 1 BBB- Stable Downgrade
Sunridge Foods (Private) Limited 12/26/2024 Sukuk 1 AAA (plim) Stable Preliminary

Medical and Pharmaceutical
Name Date RATING TYPE Long Term Short Term Outlook Action
OBS AGP (Pvt) Limited 10/31/2024 Sukuk 1 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 11/5/2024 Sukuk 2 A+ Stable Reaffirmed
OBS Pakistan (Pvt) Limited 11/5/2024 Sukuk 1 A+ Stable Reaffirmed

Miscellaneous
Name Date RATING TYPE Long Term Short Term Outlook Action
Telecard Ltd 6/3/2011 TFC-1 D Default

Oil & Gas
Name Date RATING TYPE Long Term Short Term Outlook Action
PGP Consortium Limited 9/10/2024 Sukuk 1 AA- (plim) Stable Preliminary
PGP Consortium Limited 9/10/2024 Pref Share BBB+ Stable Upgrade

Power Companies
Name Date RATING TYPE Long Term Short Term Outlook Action
K-Electric Limited 1/23/2025 Sukuk 5 AA+ Stable Reaffirmed
Mughal Energy Limited 2/26/2025 Sukuk 1 A+ (plim) Stable Preliminary
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/16/2024 Sukuk 1 AAA Stable Note

Steel & Allied Products
Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries Limited 5/22/2024 Sukuk 3 D Default
Crescent Steel & Allied Products Limited 12/17/2024 Sukuk 1 A- Stable Reaffirmed
Mughal Iron & Steel Industries Limited 2/25/2025 Sukuk 2 AA- (plim) Stable Preliminary
Mughal Iron & Steel Industries Limited 11/18/2024 Sukuk 1 A+ Stable Reaffirmed

Sugar
Name Date RATING TYPE Long Term Short Term Outlook Action
Shahmurad Sugar Mills Ltd 8/17/2010 Sukuk 1 A- Stable Reaffirmed

Textiles
Name Date RATING TYPE Long Term Short Term Outlook Action
Al-Karam Textile Mills (Pvt) Limited 8/27/2024 Sukuk 1 A Stable Final
Amtex Limited 1/3/2011 TFC-1 D Default
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default