Financial Institutions

Commercial Banks
Name Date RATING TYPE Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/29/2022 Sukuk 2 A Stable Final
Al Baraka Bank (Pakistan) Limited 6/29/2022 Sukuk 1 A Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 11/28/2022 Sukuk 3 AA- Stable Preliminary
Dubai Islamic Bank Pakistan Ltd 6/29/2022 Sukuk 2 A+ Stable Reaffirmed
Habib Bank Limited 12/15/2022 TFC-3 AA+ Stable Final
Habib Bank Limited 6/29/2022 TFC-2 AA+ Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 4 AAA Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 3 AAA Stable Reaffirmed
Meezan Bank Limited 6/29/2022 Sukuk 2 AA+ Stable Reaffirmed
Silk Bank Limited 11/10/2022 TFC-1 B+ Rating Watch - Negative Downgrade
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
United Bank Limited 6/30/2022 TFC-5 AA+ Stable Reaffirmed

Micro Finance
Name Date RATING TYPE Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 4/28/2023 TFC-1 B Rating Watch - Negative Downgrade
Khushhali Microfinance Bank Limited 4/28/2023 TFC-2 B Rating Watch - Negative Downgrade
U Microfinance Bank Limited 4/28/2023 TFC-2 A- Stable Reaffirmed
U Microfinance Bank Limited 4/28/2023 TFC-1 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. 3/28/2022 Sukuk 1 AA- Stable Reaffirmed

Communication
Name Date RATING TYPE Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 5/8/2023 Sukuk 1 AAA Stable Preliminary

Consumer Goods
Name Date RATING TYPE Long Term Short Term Outlook Action
Shakarganj Food Products Limited 3/2/2023 Sukuk 1 BBB+ Positive Maintained

Medical and Pharmaceutical
Name Date RATING TYPE Long Term Short Term Outlook Action
Aspin Pharma (Pvt) Limited 9/30/2022 Sukuk 1 A Stable Reaffirmed
OBS AGP (Pvt) Limited 6/17/2022 Sukuk 1 A+ Stable Final
OBS Pakistan (Pvt) Limited 4/18/2023 Sukuk 1 A+ Stable Preliminary

Miscellaneous
Name Date RATING TYPE Long Term Short Term Outlook Action
Avari Hotels Limited 5/30/2022 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 11/28/2022 Pref Share BBB Rating Watch - Developing Reaffirmed

Power Companies
Name Date RATING TYPE Long Term Short Term Outlook Action
K-Electric Limited 4/14/2023 Sukuk 5 AA+ Stable Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 1/12/2023 Sukuk 1 AAA Stable Reaffirmed

Steel & Allied Products
Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries 4/20/2023 Sukuk 1 A+ Rating Watch - Developing Maintained
Crescent Steel & Allied Products Limited 3/31/2023 Sukuk 1 A- Rating Watch - Negative Maintained
Mughal Iron & Steel Industries Limited 3/31/2023 Sukuk 1 A+ Rating Watch - Developing Maintained

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
Amtex Limited 1/3/2011 TFC-1 D Default
Masood Textile Mills Limited 12/14/2022 Sukuk 1 A Stable Reaffirmed
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default