Financial Institutions

Brokerage & Securities Firms

Name Date RATING TYPE Long Term Short Term Outlook Action
Adam Securities Limited 2/18/2020 Entity BBB+ A-2 Stable Upgrade
AKD Securities Limited 9/27/2019 Entity A A-2 Stable Reaffirmed
Arif Habib Limited 4/13/2020 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 4/13/2020 Entity A- A-2 Rating Watch - Developing Maintained
BMA Capital Management Limited 5/12/2020 Entity A- A-2 Stable Maintained
Foundation Securities Private Limited 4/23/2020 Entity A- A-2 Stable Maintained
Growth Securities (Pvt.) Limited 5/19/2020 Entity A- A-2 Stable Initial
Intermarket Securities Limited 9/5/2019 Entity A- A-2 Stable Upgrade
MRA Securities Limited 2/4/2020 Entity A- A-2 Stable Initial
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 5/7/2020 Entity A- A-2 Stable Initial
Next Capital Limited 6/15/2020 Entity A- A-2 Stable Reaffirmed
Taurus Securities Limited 12/3/2019 Entity A A-2 Stable Reaffirmed
Topline Securities Limited 4/24/2020 Entity A- A-2 Positive Maintained

Commercial Banks

Name Date RATING TYPE Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/27/2020 Entity A+ A-1 Stable Reaffirmed
Bank Alfalah Ltd. 6/30/2020 Entity AA+ A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/30/2020 Entity AA A-1+ Stable Reaffirmed
Faysal Bank Limited 6/29/2020 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/30/2020 Entity AAA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/30/2020 Entity AA+ A-1+ Stable Reaffirmed
National Bank of Pakistan 6/29/2020 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/23/2020 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 1/3/2020 Entity A- A-2 Rating Watch - Developing Reaffirmed on Rating Watch
Sindh Bank Ltd 6/30/2020 Entity A+ A-1 Stable Reaffirmed
Summit Bank Limited 2/1/2019 Entity Suspended
The Bank of Khyber 6/30/2020 Entity A A-1 Stable Reaffirmed
United Bank Limited 6/29/2020 Entity AAA A-1+ Stable Reaffirmed

DFIs

Name Date RATING TYPE Long Term Short Term Outlook Action
House Building Finance Company Limited 6/12/2020 Entity A A-1 Stable Maintained
Pak Brunei Investment Company Limited 6/29/2020 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/25/2020 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/30/2020 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 4/6/2020 Entity AAA A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/10/2020 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/30/2020 Entity AAA A-1+ Stable Reaffirmed

Investment Banks

Name Date RATING TYPE Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/31/2019 Entity A- A-2 Stable Reaffirmed

Leasing

Name Date RATING TYPE Long Term Short Term Outlook Action
Grays Leasing Limited 12/10/2019 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 6/30/2020 Entity A- A-2 Stable Reaffirmed
Sindh Leasing Company Limited 6/21/2019 Entity A+ A-1 Rating Watch-Developing

Micro Finance

Name Date RATING TYPE Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/28/2020 Entity BBB+ A-3 Rating Watch - Developing Maintained
ASA Pakistan Limited 4/30/2020 Entity BBB+ A-3 Rating Watch - Negative Maintained
FINCA Microfinance Bank Limited 4/30/2020 Entity A A-1 Rating Watch - Developing Maintained
Khushhali Microfinance Bank Limited 4/29/2020 Entity A+ A-1 Rating Watch - Developing Maintained
NRSP Micro Finance Bank Ltd 4/29/2020 Entity A A-1 Rating Watch - Negative Maintained
Pak Oman Microfinance Bank Limited 4/30/2020 Entity A- A-2 Rating Watch - Negative Maintained
Rural Community Development Programs 4/30/2020 Entity Suspended
Telenor Microfinance Bank Limited 4/30/2020 Entity A+ A-1 Rating Watch - Negative Maintained
The First MicroFinanceBank Limited 4/30/2020 Entity A+ A-1 Rating Watch - Developing Maintained
U Microfinance Bank Limited 4/30/2020 Entity A A-1 Rating Watch - Developing Maintained

Modarabas

Name Date RATING TYPE Long Term Short Term Outlook Action
Allied Rental Modaraba 12/26/2019 Entity A+ A-1 Stable Reaffirmed
First Paramount Modaraba 12/27/2019 Entity BBB A-3 Stable Reaffirmed
Sindh Modaraba 6/30/2020 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 8/27/2019 Entity BBB- A-3 Rating Watch-Negative

NBFCs

Name Date RATING TYPE Long Term Short Term Outlook Action
Cyan Limited 12/31/2019 Entity A A-1 Stable Reaffirmed
LSE Financial Services Limited 11/5/2019 Entity A A-1 Stable Reaffirmed

Corporates

Auto & Allied

Name Date RATING TYPE Long Term Short Term Outlook Action
Al-Ghazi Tractors Ltd. 12/31/2019 Entity A A-1 Stable Reaffirmed
Automobile Corporation of Pakistan (Pvt.) Limited 5/21/2020 Entity BBB A-2 Rating Watch - Negative Maintained
Indus Motor Company Ltd 6/12/2020 Entity AA+ A-1+ Stable Reaffirmed
Master Motor Corporation (Pvt) Limited 5/21/2020 Entity A- A-2 Rating Watch - Negative Maintained
Omar Jibran Engineering Industries Limited 5/14/2020 Entity A- A-2 Rating Watch - Negative Maintained
Procon Engineering (Pvt) Limited 5/21/2020 Entity A A-2 Rating Watch - Negative Maintained
Thal Limited 12/12/2019 Entity AA A-1+ Stable Reaffirmed

Cement & Construction

Name Date RATING TYPE Long Term Short Term Outlook Action
Askari Cement Limited 1/7/2020 Entity A A-1 Negative Maintained
Attock Cement Pakistan Limited 10/24/2019 Entity A+ A-1 Stable Reaffirmed
Deokjae Connecting Roads (Pvt.) Limited 3/12/2020 Entity A+ A-1 Stable Reaffirmed
International Complex Projects Limited 3/13/2020 Entity AA A-1 Stable Initial
Izhar Construction (Pvt.) Limited 12/31/2019 Entity A- A-1 Stable Initial
Javedan Corporation Ltd. 8/27/2019 Entity A+ A-1 Stable Reaffirmed
Lahore Sialkot Motorway Infrastructure Management (Pvt.) Ltd 3/11/2019 Entity A- A-2 Stable Initial
Lucky Cement Limited 2/19/2020 Entity AA+ A-1+ Stable Initial
Maple Leaf Cement Factory Ltd 4/2/2020 Entity A A-1 Stable Initial
Park View Enclave (Pvt.) Limited 10/23/2019 Entity A A-2 Stable Initial
Power Cement Ltd 10/25/2019 Entity A- A-2 Negative Maintained
Shajar Roads Limited 9/25/2019 Entity A A-2 Rating Watch - Developing Maintained
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 10/30/2019 Entity AA- A-1 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 6/30/2020 Entity A- A-2 Stable Reaffirmed
Vision Builders (Pvt.) Limited 1/10/2020 Entity BBB A-2 Stable Initial
Vision Developers Pvt. Ltd 12/17/2019 Entity A- A-2 Stable Initial

Chemicals

Name Date RATING TYPE Long Term Short Term Outlook Action
Ittehad Chemicals Limited 8/26/2019 Entity A- A-2 Positive Maintained
Sitara Chemical Industries Limited 11/8/2019 Entity A+ A-1 Stable Maintained

Communication

Name Date RATING TYPE Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 10/11/2019 Entity AAA A-1+ Stable Reaffirmed

Consumer Goods

Name Date RATING TYPE Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases (Pvt.) Limited 8/22/2019 Entity BBB- A-2 Stable Initial
Bunny's Limited 12/5/2019 Entity A- A-2 Stable Reaffirmed
Clover Pakistan Limited 6/19/2019 Entity A- A-2 Stable Initial
Dairyland (Private) Limited 10/15/2019 Entity A- A-2 Stable Initial
Faisalabad Oil Refinery (Pvt) Limited 4/8/2020 Entity BBB+ A-2 Stable Reaffirmed
Habib Oil Mills Limited 8/26/2019 Entity BBB A-3 Stable Reaffirmed
Haleeb Foods Limited 6/24/2020 Entity A- A-2 Negative Downgrade
Hilal Foods (Pvt.) Limited 6/23/2020 Entity Suspended
Matco Foods Limited 12/10/2019 Entity A- A-2 Positive Maintained
Olympia Oils (Pvt.) Limited 5/31/2019 Entity BBB+ A-2 Stable Reaffirmed
Shakarganj Food Products Limited 7/18/2019 Entity A- A-2 Stable Reaffirmed
Treet Corporation Limited 9/24/2019 Entity A A-2 Negative Downgrade
Unity Foods Limited 10/1/2019 Entity A- A-2 Stable Initial

Engineering

Name Date RATING TYPE Long Term Short Term Outlook Action
Allied Industries Hub (Pvt.) Ltd 6/28/2019 Entity BBB A-2 Stable Initial
Avanceon Limited 9/30/2019 Entity BBB- A-2 Stable Initial
Digital World Pakistan Pvt. Limited 2/27/2019 Entity A- A-2 Stable Initial
Fast Cables Limited 12/17/2019 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt.) Limited 6/26/2020 Entity BBB+ A-2 Stable Downgrade
Pakistan Cables Limited 10/11/2019 Entity A A-1 Stable Reaffirmed
Waves Singer Pakistan Limited 11/21/2019 Entity A A-1 Stable Upgrade

Fertilizer

Name Date RATING TYPE Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 8/26/2019 Entity AA- A-1 Stable Reaffirmed
Fauji Fertilizer Bin Qasim Limited 8/27/2019 Entity A+ A-1 Stable Initial

Medical and Pharmaceutical

Name Date RATING TYPE Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/3/2019 Entity A A-2 Stable Reaffirmed
Macter International Limited 9/17/2019 Entity A A-2 Stable Downgrade
P.D.H. Laboratories Pvt. Ltd 12/30/2019 Entity BB+ B Stable Initial
Radiant Medical (Pvt.) Ltd 3/16/2020 Entity BBB+ A-2 Stable Initial
Saakh Pharma (pvt.) Ltd 2/25/2020 Entity BBB+ A-2 Stable Reaffirmed
Shifa International Hospitals Limited 11/6/2019 Entity AA- A-1 Stable Reaffirmed
The Searle Pakistan Ltd 12/9/2019 Entity AA- A-1 Stable Initial

Miscellaneous

Name Date RATING TYPE Long Term Short Term Outlook Action
Airwaves Media (Pvt.) Limited 4/15/2020 Entity BBB- A-3 Stable Initial
Arif Habib Equity Limited 12/30/2019 Entity AA- A-1 Stable Reaffirmed
Cine Star SMC Pvt. Ltd 4/18/2020 Entity BBB+ A-2 Rating Watch - Negative Downgrade
Commtel 4/13/2020 Entity BB A-3 Stable Initial
DWP Technologies (Pvt.) Limited 2/27/2019 Entity A- A-2 Stable Initial
Inbox Business Technologies Ltd 3/18/2020 Entity BBB- A-3 Stable Initial

Oil & Gas

Name Date RATING TYPE Long Term Short Term Outlook Action
Hascol Petroleum Limited 4/17/2020 Entity BB+ A-3 Negative Downgrade
Hi-Tech Lubricants Limited 4/21/2020 Entity A A-2 Rating Watch - Negative Maintained
Jamshoro Joint Venture Limited 10/15/2018 Entity Suspended
Oil & Gas Development Company Limited 1/20/2020 Entity AAA A-1+ Stable Reaffirmed
Pakistan State Oil Company Limited 5/4/2020 Entity AA+ A-1+ Rating Watch - Developing Maintained
PGP Consortium Limited 10/31/2019 Entity A- A-2 Rating Watch - Developing Update

Paper & Packaging

Name Date RATING TYPE Long Term Short Term Outlook Action
CBM Plastics (Pvt.) Limited 11/13/2019 Entity BBB+ A-2 Stable Initial
Century Paper & Board Mills Limited 11/21/2019 Entity A+ A-1 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 4/8/2020 Entity BBB+ A-2 Stable Reaffirmed
Novatex Limited 12/5/2018 Entity AA- A-1 Positive Maintained
Syntronics Limited 12/10/2019 Entity BBB+ A-2 Stable Initial

Power Companies

Name Date RATING TYPE Long Term Short Term Outlook Action
Artistic Energy (Pvt) Ltd 3/16/2020 Entity A A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 3/16/2020 Entity A- A-2 Stable Initial
Din Energy Limited 6/15/2020 Entity A- A-2 Stable Initial
Engro Powergen Qadirpur Limited 6/5/2020 Entity AA- A-1 Stable Reaffirmed
FFBL Power Company Ltd 9/12/2019 Entity AA- 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 4/16/2020 Entity AA A-1+ Stable Reaffirmed
Kot Addu Power Company Limited 12/2/2019 Entity AA+ A-1+ Stable Reaffirmed
National Power Parks Management Company Private Limited 12/31/2019 Entity AA+ A-1+ Rating Watch - Developing Maintained
Nishat Chunian Power Limited 4/6/2020 Entity A+ A-2 Stable Initial
Punjab Thermal Power (Pvt.) Limited 6/10/2020 Entity AA- A-1 Stable Initial
Quaid-e-Azam Solar Power (Pvt.) Limited 3/13/2020 Entity AA A-1+ Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt.) Limited 4/28/2020 Entity AA A-1 Stable Downgrade
Rousch (Pakistan) Power Limited 6/28/2019 Entity AA- A-1 Stable Initial
Thal Power (Pvt.) Limited 12/12/2019 Entity AA A-1+ Stable Initial
Yunus Energy Limited 3/18/2020 Entity A+ A-1 Stable Reaffirmed
Zephyr Power (Pvt) Limited 8/26/2019 Entity A- A-2 Stable Reaffirmed

Steel & Allied Products

Name Date RATING TYPE Long Term Short Term Outlook Action
Agha Steel Industries 10/18/2019 Entity A- A-2 Stable Downgrade
Agro Steel Industry 4/10/2020 Entity BBB- A-2 Stable Initial
Aisha Steel Mills Limited 10/31/2019 Entity A- A-2 Negative Maintained
Crescent Steel & Allied Products Limited 4/8/2020 Entity A- A-2 Stable Downgrade
Ferrous Engineering Industry 6/30/2020 Entity Suspended
Frontier Foundary Steel (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 6/30/2020 Entity Suspended
Mehboob Steel Pipe Industry 8/27/2019 Entity BBB- A-2 Stable Initial
Razaque Steels (Pvt.) Limited 3/9/2020 Entity BBB- A-3 Stable Reaffirmed

Storage and Distribution

Name Date RATING TYPE Long Term Short Term Outlook Action
Agility Logistics (Pvt.) Limited 12/31/2019 Entity A A-2 Stable Initial
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
International Brands Limited 5/21/2020 Entity A A-2 Stable Reaffirmed
Muller & Phipps Pakistan (Pvt.) Limited 12/31/2019 Entity A+ A-1 Stable Reaffirmed
Premier Agencies 12/31/2019 Entity BBB+ A-2 Stable Initial

Sugar

Name Date RATING TYPE Long Term Short Term Outlook Action
Al-Noor Sugar Mills Ltd. 3/30/2020 Entity A- A-2 Stable Reaffirmed
Alliance Sugar Mills (Pvt.) Limited 1/20/2020 Entity A- A-2 Stable Initial
Almoiz Industries Ltd 2/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Chashma Sugar Mills Ltd 10/18/2019 Entity A- A-2 Stable Upgrade
Deharki Sugar Mills (Pvt) Limited 4/27/2020 Entity A- A-2 Stable Reaffirmed
Etihad Sugar Mills Limited 1/10/2020 Entity A- A-2 Stable Initial
Faran Sugar Mills Limited 3/20/2020 Entity A- A-2 Stable Reaffirmed
Fatima Sugar Mills Limited 2/12/2020 Entity A- A-2 Stable Initial
JDW Sugar Mills Ltd 4/27/2020 Entity A A-2 Stable Reaffirmed
Madina Sugar Mills Limited 7/24/2019 Entity A- A-2 Stable Reaffirmed
RYK Mills Limited 1/17/2020 Entity A A-2 Stable Initial
Shahmurad Sugar Mills Ltd 4/2/2020 Entity A- A-2 Stable Reaffirmed
Sheikhoo Sugar Mills Limited 11/7/2019 Entity A- A-2 Stable Reaffirmed
The Thal Industries Corporation Limited 2/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Two Star Industries (pvt.) Limited 5/16/2020 Entity BBB+ A-2 Stable Downgrade

Tanneries and Leather Products

Name Date RATING TYPE Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 3/9/2020 Entity BB+ A-3 Stable Maintained
Muhammad Shafi Tanneries Pvt. Ltd 6/30/2020 Entity A- A-2 Rating Watch - Developing Maintained
Universal Leather Pvt. Ltd. 5/9/2019 Entity BBB- A-3 Stable Downgrade

Textiles

Name Date RATING TYPE Long Term Short Term Outlook Action
AA A AA 12/2/2019 Entity AA+ A-1 Stable Initial
AA Spinning Mills Limited 4/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Ahmed Oriental Textile Mills Limited 4/24/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Akhtar Textile Industries (Pvt) Ltd 4/24/2020 Entity A- A-2 Rating Watch - Negative Maintained
Akram Cotton Mills Limited 4/24/2020 Entity BBB A-2 Rating Watch - Negative Maintained
Al Karam Towel Industries (Pvt) Ltd 4/23/2020 Entity A- A-2 Rating Watch - Developing Maintained
Al Nasr Textiles Limited 4/28/2020 Entity A- A-2 Rating Watch - Developing Maintained
Al-Karam Textile Mills (Pvt) Limited 4/24/2020 Entity A A-2 Rating Watch - Negative Maintained
Arshad Corporation (Pvt) Ltd 4/23/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Arshad Textile Mills Limited 4/28/2020 Entity BB+ A-3 Rating Watch - Negative Maintained
Artistic Denim Mills Ltd 4/24/2020 Entity A- A-1 Rating Watch - Developing Maintained
Artistic Milliners (Pvt) Limited 11/1/2019 Entity AA- A-1 Stable Reaffirmed
Best Exports Private Ltd 4/27/2020 Entity BBB A-2 Rating Watch - Developing Maintained
Best Fibres (Pvt.) Ltd 4/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Bhanero Textile Mills Ltd 4/22/2020 Entity A+ A-1 Rating Watch - Developing Maintained
Bhimra Textile Mills (Pvt.) Limited 4/28/2020 Entity BBB- A-2 Rating Watch - Negative Maintained
Blessed Textiles Ltd 4/22/2020 Entity A- A-1 Rating Watch - Developing Maintained
Chakwal Textile Mills Limited 4/27/2020 Entity BBB- A-2 Rating Watch - Negative Maintained
Crescent Bahuman Limited 4/22/2020 Entity A- A-2 Rating Watch - Developing Maintained
Din Textile Mills Limited 4/27/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Eastern Spinning Mills Limited 2/13/2020 Entity Suspended
Faisal Spinning Mills Ltd 4/22/2020 Entity A A-1 Rating Watch - Developing Maintained
Feroze 1888 Mills Limited 11/13/2019 Entity AA- A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 4/24/2020 Entity A+ A-1 Rating Watch - Developing Maintained
Gohar Textile Mills (Pvt.) Ltd 4/17/2020 Entity A A-1 Rating Watch - Negative Maintained
H.A Fibres Pvt. Limited 4/24/2020 Entity A- A-2 Rating Watch - Developing Maintained
Indigo Textile (Pvt.) Limited 4/24/2020 Entity A- A-2 Rating Watch - Developing Maintained
Indus Dyeing & Manufacturing Co Limited 4/29/2020 Entity A+ A-1 Rating Watch - Developing Maintained
Indus Home Limited 4/29/2020 Entity A- A-2 Rating Watch - Developing Maintained
Indus Lyallpur Limited 4/22/2020 Entity BBB+ A-2 Rating Watch - Developing Maintained
International Textile Limited 5/11/2020 Entity A A-2 Rating Watch - Developing Maintained
J.K Spinning Mills Limited 4/24/2020 Entity A- A-1 Rating Watch - Developing Maintained
Kamal Limited 4/23/2020 Entity A- A-2 Rating Watch - Developing Maintained
Khalid Shafique Spinning Mills Limited 4/14/2020 Entity BBB A-2 Rating Watch - Negative Maintained
Kohinoor Mills Limited 4/27/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Kohinoor Textile Mills Limited 6/17/2020 Entity A+ A-1 Rating Watch - Developing Initial
Lucky Knits (Pvt.) Limited 4/29/2020 Entity A- A-1 Rating Watch - Developing Maintained
Lucky Textile Mills Limited 11/18/2019 Entity AA- A-1 Stable Initial
M.K Sons Pvt. Ltd 4/27/2020 Entity A- A-2 Rating Watch - Negative Maintained
Masood Textile Mills Limited 4/27/2020 Entity A- A-2 Rating Watch - Negative Maintained
Master Textile Mills Limited 4/28/2020 Entity A A-1 Rating Watch - Developing Maintained
Metco Textile (Pvt.) Limited 4/16/2020 Entity A- A-2 Rating Watch - Developing Maintained
Mustaqim Dyeing and Printing Ind. (Pvt.) limited 4/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Nadeem Textile Mills Limited 4/24/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Naveena Exports Limited 4/22/2020 Entity A A-1 Rating Watch - Developing Maintained
Naveena Industries Limited 4/24/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Pak kuwait Textiles Limited 4/28/2020 Entity BBB+ A-2 Rating Watch - Developing Maintained
Premium Textile Mills Limited 4/27/2020 Entity A- A-2 Rating Watch - Negative Maintained
Rajby Industries 4/23/2020 Entity A- A-2 Rating Watch - Negative Maintained
Rajby Textiles (Pvt) Limited 4/24/2020 Entity A- A-1 Rating Watch - Developing Maintained
Riaz Textile Mills (Pvt) Limited 2/13/2020 Entity Suspended
Rizwan Enterprises 4/23/2020 Entity A- A-2 Rating Watch - Developing Maintained
Sadaqat Limited 4/15/2020 Entity A A-2 Rating Watch - Negative Maintained
Sapphire Textile Mills Limited 4/22/2020 Entity A+ A-1 Rating Watch - Developing Maintained
Shahbaz Garments Private Limited 4/30/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Shahkam Industries (Pvt) Ltd 2/13/2020 Entity Suspended
Shahtaj Textile Limited 4/23/2020 Entity A- A-2 Rating Watch - Developing Maintained
Siara Textile Mills (Pvt.) Limited 4/27/2020 Entity BBB- A-2 Rating Watch - Negative Maintained
Sohail Textile Mills Limited 4/28/2020 Entity BBB- A-2 Rating Watch - Negative Maintained
Soorty Enterprises (Pvt) Limited 3/25/2020 Entity AA- A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 4/22/2020 Entity A- A-1 Rating Watch - Developing Maintained
Suraj Cotton Mills Limited 4/27/2020 Entity A+ A-1 Rating Watch - Developing Maintained
Umar Spinning Mills (Pvt.) Limited 4/29/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained
Union Apparel (Pvt.) Ltd 4/24/2020 Entity BBB A-2 Rating Watch - Negative Maintained
Union Fabrics (Pvt) Ltd 4/24/2020 Entity A- A-2 Rating Watch - Developing Maintained
Yunus Textile Mills Limited 6/28/2019 Entity AA- A-1+ Stable Initial
Z.A Corporation (Pvt.) Ltd 4/28/2020 Entity BBB A-2 Rating Watch - Negative Maintained
Zaman Textile Mills (Pvt.) Limited 4/24/2020 Entity A- A-2 Rating Watch - Developing Maintained
Zephyr Textiles Limited 4/23/2020 Entity BBB+ A-2 Rating Watch - Negative Maintained

Transport

Name Date RATING TYPE Long Term Short Term Outlook Action
FM Express 5/19/2020 Entity BBB A-3 Rating Watch - Negative Maintained
Sania Enterprises 5/19/2020 Entity BBB- A-3 Rating Watch - Negative Maintained