Ratings that Matter

Faheem Ahmad

Founder VIS Group

President & CEO

JCR-VIS Credit Rating Company Limited


Ambassador For International Relations

Chairman (2013-2017)

Association of Credit Rating Agencies in Asia


President - Strategic

Planning and Global Relationships

Islamic International Rating Agency

Serving the Islamic Ummah

Islamic International Rating Agency, Bahrain

Founder Shareholder

Technical Partner & Management Services Provider

Credit Rating Information and Services Limited, Bangladesh

Founder Shareholder


JCR-VIS Assigns Initial Entity Ratings to Razaque Steels (Private) Limited JCR-VIS Assigns Initial Entity Ratings to Thal Limited JCR-VIS assigns initial ratings to Chashma Sugar Mills Limited JCR-VIS finalizes rating of Basel 3 Tier 2 instrument by Silk Bank Limited JCR-VIS Reaffirms Entity Ratings of Matco Foods Limited at A-/A-2 JCR-VIS Reaffirms Ratings of Sitara Chemical Industries Limited JCR-VIS upgrades rating of outstanding PPTFC of Sindh Nooriabad Power Company Phase-I (Pvt.) Limited. Rating of ‘A+’ assigned to proposed Sukuk issue of Rs. 3billion JCR-VIS upgrades rating of outstanding PPTFC of Sindh Nooriabad Power Company Phase-I (Pvt.) Limited. Rating of ‘A+’ assigned to proposed Sukuk issue of Rs. 3billion JCR-VIS upgrades rating of outstanding PPTFC of Sindh Nooriabad Power Company Phase-II (Pvt.) Limited. Rating of ‘A+’ assigned to proposed Sukuk issue of Rs. 3billion JCR-VIS upgrades rating of outstanding PPTFC of Sindh Nooriabad Power Company Phase-II (Pvt.) Limited. Rating of ‘A+’ assigned to proposed Sukuk issue of Rs. 3billion
Name Date Rating Type Long Term Short Term Outlook Action
Thal Limited 11/20/2018 Entity AA    A-1+ Stable Initial
Silk Bank Limited 11/20/2018 TFC-1 A-    Stable Final
Razaque Steels (Pvt.) Limited 11/19/2018 Entity BBB-    A-3 Stable Initial
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 Sukuk 1 A+    Stable Preliminary
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 TFC-2 A    Stable Upgrade
Sindh Nooriabad Power Company Limited 11/15/2018 Sukuk 1 A+    Stable Preliminary
Sindh Nooriabad Power Company Limited 11/15/2018 TFC-1 A    Stable Upgrade
Chashma Sugar Mills Ltd 11/15/2018 Entity BBB+    A-2 Stable Initial
Matco Foods Limited (Formerly Matco Foods Pvt. Ltd) 11/15/2018 Entity A-    A-2 Stable Reaffirmed
Sitara Chemical Industries Limited 11/14/2018 Entity A+    A-1 Positive Reaffirmed
Rating Process
In order to provide independent evaluations of their credit-worthiness or the credit risk of their debt issue, an entity may choose to have a credit rating assigned to themselves. A step-by-step process is followed to fully assess the issuer’s credit quality and arrive at a rating.Read More
Understanding Ratings
A credit rating is an assessment of the ability and willingness of an entity to fulfill its financial commitments. It is a measure of the credit worthiness of an issuer and can be used by investors to help make investment decisions when comparing different issuers and debt issues.