Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 3/30/2018 Entity BBB- A-3 Stable Upgrade
Adam Securities Limited 11/21/2017 BMR BMR3++ Stable Initial
AKD Securities Limited 12/20/2017 BMR BMR2++ Stable Initial
AKD Securities Limited 1/19/2018 Entity A A-2 Stable Reaffirmed
Arif Habib Limited 11/24/2017 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 10/9/2017 Entity A- A-2 Stable Initial
BIPL Securities Limited 10/17/2017 BMR BMR2+ Stable Initial
BMA Capital Management Limited 12/8/2017 BMR BMR2+ Stable Initial
BMA Capital Management Limited 3/6/2018 Entity A- A-2 Stable Reaffirmed
Concordia Securities Pvt. Limited 10/31/2017 Entity BB+ A-3 Stable Reaffirmed
Dawood Equities Limited 6/23/2017 Entity BB- A-3 Stable Downgrade
Elixir Securities Pakistan (Pvt.) Limited 4/10/2017 Entity BBB A-3 Stable Initial
Foundation Securities Private Limited 11/1/2017 Entity A- A-2 Stable Initial
Foundation Securities Private Limited 5/28/2018 BMR BMR2 Stable Initial
Integrated Equities Limited (Formerly: Integrated Equities Private Limited) 10/24/2017 BMR BMR3++ Stable Initial
Intermarket Securities Limited 10/6/2017 BMR BMR2 Stable Initial
Intermarket Securities Limited 4/25/2018 Entity BBB+ A-2 Stable Reaffirmed
Next Capital Limited 3/19/2018 Entity A- A-2 Stable Reaffirmed
Next Capital Limited 2/23/2018 BMR BMR2++ Stable Initial
Pearl Securities Limited 8/31/2017 Entity BBB A-3 Negative Reaffirmed
RFJ Equity (Pvt.) Limited 11/2/2017 Entity Suspended
Taurus Securities Limited 10/2/2017 Entity A A-2 Stable Reaffirmed
Topline Securities Limited (Formerly Topline Securities Pvt. Limited) 7/19/2017 Entity A- A-2 Stable Reaffirmed
Topline Securities Limited (Formerly Topline Securities Pvt. Limited) 11/7/2017 BMR BMR2 Stable Initial

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/29/2018 Sukuk 1 A Negative Maintained
Al Baraka Bank (Pakistan) Limited 6/29/2018 Entity A+ A-1 Negative Maintained
Askari Bank Ltd 6/29/2018 TFC-5 AA- Stable Reaffirmed
Bank Alfalah Ltd. 6/29/2018 TFC-1 AA- Stable Reaffirmed
Bank Alfalah Ltd. 6/29/2018 Entity AA+ A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/29/2018 Entity AA- A-1 Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/29/2018 Sukuk 1 A+ Stable Reaffirmed
Faysal Bank Limited 6/29/2018 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/29/2018 Entity AAA A-1+ Negative Reaffirmed
Habib Bank Limited 6/29/2018 TFC-1 AA+ Negative Reaffirmed
Meezan Bank Limited 5/30/2018 Sukuk 1 AA Stable Upgrade
Meezan Bank Limited 8/20/2018 Sukuk 2 AA- Stable Final
Meezan Bank Limited 5/30/2018 Entity AA+ A-1+ Stable Upgrade
National Bank of Pakistan 6/29/2018 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/22/2018 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 6/29/2018 Entity A- A-2 Positive Maintained
Silk Bank Limited 4/24/2017 TFC-1 A- Stable Preliminary
Sindh Bank Ltd 7/10/2018 Entity AA A-1+ Rating Watch - Developing Note
Summit Bank Limited 7/10/2018 Entity A- A-1 Rating Watch - Developing Note
Summit Bank Limited 6/29/2018 TFC-1 A- (SO) Rating Watch - Developing Reaffirmed on Rating Watch
The Bank of Khyber 6/29/2018 Entity A A-1 Stable Reaffirmed
United Bank Limited 7/10/2018 Entity AAA A-1+ Stable Note
United Bank Limited 9/6/2018 TFC-5 AA+ Stable Final

DFIs

Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 5/14/2018 Entity A A-1 Stable Reaffirmed
Pak Brunei Investment Company Limited 6/27/2018 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/20/2018 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/27/2018 Entity AA+ A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/12/2018 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/28/2018 Entity AAA A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/28/2018 Govt. Guaranteed Obligations AAA A-1+ Stable Reaffirmed

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Allianz EFU Health Insurance Limited 4/26/2018 IFS A+ Stable Reaffirmed
Alpha Insurance Company Limited 1/31/2018 IFS A Stable Reaffirmed
Askari General Insurance Company Limited 12/27/2017 IFS AA- Stable Reaffirmed
Century Insurance Company Limited 11/15/2017 IFS A+ Stable Reaffirmed
Chubb Insurance Pakistan Limited (ACE Insurance Limited) 12/29/2017 IFS AA Stable Reaffirmed
EFU General Insurance Limited 6/29/2018 IFS AA+ Stable Reaffirmed
EFU Life Assurance Limited 12/4/2017 IFS AA+ Stable Reaffirmed
IGI General Insurance Limited 9/13/2018 IFS AA Stable Initial
Jubilee General Insurance Company Limited 1/23/2018 IFS AA+ Stable Reaffirmed
Jubilee Life Insurance Company Limited 5/30/2018 IFS AA+ Stable Reaffirmed
Pak-Kuwait Takaful Company Limited 1/20/2017 IFS Suspended
Pak-Qatar Family Takaful Limited 7/18/2018 IFS A+ Stable Upgrade
Pak-Qatar General Takaful Limited 8/27/2018 IFS A- Stable Reaffirmed
Pakistan General Insurance Company Limited 1/10/2018 IFS Suspended
Reliance Insurance Company Limited 11/27/2017 IFS A Positive Reaffirmed
Security General Insurance Company Limited 9/14/2017 IFS AA Stable Upgrade
Takaful Pakistan Limited 3/27/2018 IFS BBB+ Rating Watch - Developing Update
The Co-operative Insurance Society of Pakistan Limited 12/19/2017 IFS BB Stable Reaffirmed
UBL Insurers Limited 8/20/2018 IFS AA- Stable Reaffirmed

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/29/2017 Entity A- A-2 Stable Reaffirmed

Leasing

Name Date Rating Type Long Term Short Term Outlook Action
Grays Leasing Limited 12/26/2017 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 1/30/2018 Entity A- A-2 Stable Reaffirmed
Sindh Leasing Company Limited 5/28/2018 Entity A+ A-1 Stable Reaffirmed

Micro Finance

Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/25/2018 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 8/16/2018 Entity BBB+ A-3 Stable Reaffirmed
FINCA Microfinance Bank Limited 4/23/2018 Entity A A-1 Stable Reaffirmed
KASHF Foundation 4/12/2018 Entity BBB+ A-3 Stable Reaffirmed
Khushhali Microfinance Bank Limited 4/26/2018 Entity A+ A-1 Stable Reaffirmed
Khushhali Microfinance Bank Limited 4/26/2018 TFC-1 A Stable Final
NRSP Micro Finance Bank Ltd 4/27/2018 Entity A A-1 Stable Reaffirmed
Pak Oman Microfinance Bank Limited 4/27/2018 Entity A- A-2 Stable Reaffirmed
Telenor Microfinance Bank Limited (Formerly Tameer Micro Finance Bank Ltd). 4/27/2018 Entity A+ A-1 Rating Watch - Developing Maintained
The First MicroFinanceBank Limited 4/30/2018 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 4/27/2018 Entity A A-2 Stable Upgrade
U Microfinance Bank Limited 4/27/2018 TFC-1 A- Stable Upgrade

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 10/2/2017 Entity A+ A-1 Stable Reaffirmed
First Paramount Modaraba 12/29/2017 Entity BBB A-3 Stable Reaffirmed
Sindh Modaraba 12/29/2017 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 1/26/2018 Entity BBB- A-3 Stable Maintained

NBFCs

Name Date Rating Type Long Term Short Term Outlook Action
Cyan Limited 12/27/2017 Entity A A-1 Stable Reaffirmed
LSE Financial Services Limited 8/31/2017 Entity A A-2 Stable Reaffirmed

Corporates

Auto & Allied

Name Date Rating Type Long Term Short Term Outlook Action
Master Motor Corporation (Pvt) Limited 4/6/2018 Entity A- A-2 Stable Initial

Cement & Construction

Name Date Rating Type 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
Elite Estates (Private) Limited 6/12/2018 BLR BBB- (blr) Initial
International Complex Projects Limited 3/5/2018 Entity AA- A-1 Stable Reaffirmed
Javedan Corporation Ltd. 4/4/2018 Entity A+ A-1 Stable Initial
Javedan Corporation Ltd. 4/4/2018 Sukuk 1 AA- Stable Preliminary
Power Cement Ltd 7/10/2017 BLR A (blr) Preliminary
Power Cement Ltd 7/10/2017 Entity A- A-2 Stable Initial
Shajar Roads Limited 1/4/2018 Entity A A-2 Stable Initial
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 10/21/2016 Entity AA- A-1 Stable Initial
Swat Expressway Planning Construction and Operations (Pvt) Limited 4/25/2018 Entity A- A-2 Stable Initial
Thatta Cement Company Ltd 10/27/2017 Entity A- A-2 Stable Reaffirmed

Chemicals & Pharma

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/18/2017 Entity A A-2 Stable Initial
Aspin Pharma (Private) Limited 10/18/2017 Sukuk 1 A Stable Preliminary
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
Sitara Chemical Industries Limited 11/14/2017 Entity A+ A-1 Positive Maintained

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Al Makkah Oil Refinery Ltd 7/12/2018 Entity BBB- A-2 Stable Initial
Bunny's Limited 9/11/2018 Entity A- A-2 Stable Reaffirmed
Faisalabad Oil Refinery (Pvt) Limited 6/29/2018 Entity BBB+ A-2 Stable Initial
Habib Oil Mills Limited 5/29/2018 Entity BBB A-3 Stable Initial
Haleeb Foods Limited 10/31/2017 Entity A A-2 Stable Initial
Matco Foods Limited (Formerly Matco Foods Pvt. Ltd) 1/1/2018 Entity A- A-2 Stable Reaffirmed
Olympia Oils (Pvt.) Limited 4/12/2018 Entity BBB+ A-2 Stable Initial
Pan Asia Food Products (Pvt) Ltd 7/12/2018 Entity BBB A-2 Stable Initial
Shakarganj Food Products Limited 3/20/2018 Entity A- A-2 Stable Initial
Shakarganj Food Products Limited 3/20/2018 Sukuk 1 A Stable Preliminary
Treet Corporation Limited 2/8/2018 Sukuk 1 AA- Stable Reaffirmed
Treet Corporation Limited 2/8/2018 PTC 1 AA Stable Reaffirmed
Treet Corporation Limited 2/8/2018 Entity AA- A-1 Stable Reaffirmed

Engineering

Name Date Rating Type Long Term Short Term Outlook Action
Omar Jibran Engineering Industries Limited 7/6/2017 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

Fertilizer

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

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Ali Gohar & Company Pvt. Ltd 11/7/2017 Entity A A-2 Stable Reaffirmed
Associated Technologies (Pvt) Limited 2/14/2018 Entity A- A-2 Stable Initial
Avari Hotels Limited 3/28/2018 BLR A (blr) Stable Reaffirmed
Avari Hotels Limited 9/17/2018 TFC-3 AA Stable Preliminary
International Brands Limited 7/19/2017 Sukuk 1 AA Stable Preliminary
International Brands Limited 7/20/2017 Entity A A-2 Stable Initial
Joyland Limited 2/19/2018 Entity A- A-2 Stable Initial
Mega Conglomerate (Pvt.) Ltd 7/10/2018 Entity AA- A-1 Stable Initial
Shifa International Hospitals Limited 3/1/2018 Entity AA- A-1 Stable Initial

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/1/2017 Entity AA- A-1 Stable Upgrade
Hascol Petroleum Limited 11/1/2017 Sukuk 1 AA Stable Upgrade
Hascol Petroleum Limited 7/2/2018 CP-2 A-1 Preliminary
Hi-Tech Lubricants Limited 2/22/2018 Entity A A-1 Stable Initial
Jamshoro Joint Venture Limited 3/28/2018 Entity A+ A-1 Stable Maintained
Oil & Gas Development Company Limited 2/22/2018 Entity AAA A-1+ Stable Reaffirmed
PGP Consortium Limited 4/16/2018 Entity A- A-2 Positive Maintained
PGP Consortium Limited 4/16/2018 Pref Share BBB Positive Maintained

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 12/11/2017 Entity A+ A-1 Stable Reaffirmed
Novatex Limited 9/25/2017 Entity AA- A-1 Stable Initial

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
Artistic Energy (Pvt) Ltd 6/26/2018 Entity A A-1 Stable Initial
FFBL Power Company Ltd 7/26/2018 Entity AA- A-1 Stable Initial
Foundation Wind Energy - II (Pvt) Limited 2/16/2018 Entity A+ A-1 Stable Initial
Foundation Wind Energy I Limited 8/7/2018 Entity A+ A-1 Stable Reaffirmed
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Entity AA A-1 Rating Watch - Developing Maintained
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 2 AA Rating Watch - Developing Maintained
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 7/3/2018 CP A-1 Preliminary
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 3 AA Rating Watch - Developing Maintained
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 4 AA+ Rating Watch - Developing Maintained
Kot Addu Power Co. Ltd. 12/18/2017 Entity AA+ A-1+ Stable Reaffirmed
National Parks Power Management Company Private Limited 10/24/2017 Entity AA+ A-1+ Stable Initial
Neelum Jhelum Hydropower Company (Pvt) Ltd 9/13/2017 Sukuk 1 AAA Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt.) Limited 11/17/2017 Entity AA- A-1 Rating Watch - Developing Maintained
Quaid-e-Azam Thermal Power (Pvt.) Limited 7/4/2018 Entity AA A-1+ Stable Reaffirmed
Sindh Nooriabad Power Company Limited 10/14/2016 TFC-1 A- Negative Final
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 10/14/2016 TFC-2 A- Negative Final
Zephyr Power (Pvt) Limited 8/16/2017 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries 12/5/2017 Entity A A-1 Stable Initial
Agha Steel Industries 8/24/2018 Sukuk 1 A+ Stable Final
Aisha Steel Mills Limited 10/5/2017 Entity A- A-2 Stable Initial
Crescent Steel & Allied Products Limited 5/29/2018 Entity A+ A-2 Negative Maintained
International Industries Limited 4/10/2018 Entity AA- A-1 Stable Reaffirmed
International Steels Limited 4/4/2018 Entity A+ A-1 Stable Reaffirmed

Sugar

Name Date Rating Type Long Term Short Term Outlook Action
Al-Noor Sugar Mills Ltd. 11/30/2017 Entity A- A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 10/31/2017 Entity A A-2 Stable Reaffirmed
JDW Sugar Mills Ltd 10/31/2017 Entity A+ A-1 Stable Reaffirmed
Madina Sugar Mills Limited 6/29/2018 Entity A- A-2 Stable Initial
Shahmurad Sugar Mills Ltd 11/30/2017 Entity A- A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 10/9/2017 Entity BBB- A-3 Negative Downgrade
Muhammad Shafi Tanneries Pvt. Ltd 1/26/2018 Entity A- A-2 Stable Reaffirmed
Universal Leather Pvt. Ltd. 10/16/2017 Entity BBB A-3 Negative Downgrade

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 9/17/2018 Entity A- A-2 Stable Initial
Akhtar Textile Industries (Pvt) Ltd 6/28/2018 Entity A- A-2 Stable Initial
Artistic Denim Mills Ltd 5/7/2018 Entity A- A-1 Stable Initial
Artistic Milliners (Pvt) Limited 12/28/2017 Entity AA- A-1 Stable Initial
Bhanero Textile Mills Ltd 9/28/2017 Entity A+ A-1 Stable Initial
Blessed Textiles Ltd 3/30/2018 Entity A- A-1 Stable Initial
Faisal Spinning Mills Ltd 3/30/2018 Entity A A-1 Stable Initial
Indus Dyeing & Manufacturing Co Limited 7/31/2018 Entity A+ A-1 Stable Reaffirmed
Masood Textile Mills Limited 6/29/2018 Entity A- A-2 Stable Initial
Nadeem Textile Mills Limited 3/12/2018 Entity BBB- A-3 Stable Initial
Naveena Exports Limited 4/19/2018 Entity A- A-2 Stable Initial
Premium Textile Mills Limited 7/19/2018 Entity BBB+ A-2 Stable Initial
Rajby Textiles (Pvt) Limited 12/29/2017 Entity A- A-1 Stable Reaffirmed
Sadaqat Limited 2/23/2018 Entity A A-2 Stable Reaffirmed
Saif Textile Mills Limited 4/17/2018 Sukuk 1 A Stable Preliminary
Sapphire Textile Mills Limited 1/30/2018 Entity A+ A-1 Positive Reaffirmed
Shahtaj Textile Limited 12/14/2017 Entity A- A-2 Stable Initial
Soorty Enterprises (Pvt) Limited 3/22/2018 Entity AA- A-1 Stable Initial
Union Fabrics (Pvt) Ltd 11/21/2017 Entity A- A-2 Stable Initial

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
ABL Asset Management Limited 12/29/2017 Management Quality AM2++ Stable Upgrade
Al-Meezan Investment Management Limited 12/29/2017 Management Quality AM1 Stable Reaffirmed
Arif Habib Dolmen REIT Management Limited 9/17/2018 Management Quality AM2 (RMC) Stable Reaffirmed
AWT Investments Limited (Formerly:Primus Investment Management Ltd) 12/15/2016 Management Quality AM3+ Rating Watch-Developing
Faysal Asset Management Limited 3/19/2018 Management Quality AM3 Rating Watch - Developing Downgrade
HBL- Asset Management Limited 12/29/2017 Management Quality AM2+ Stable Upgrade
JS Investments Limited 1/4/2018 Management Quality AM2 Stable Reaffirmed
Magnus Investment Advisors Limited 10/24/2017 Management Quality AM2 (IA) Positive Maintained
UBL Fund Managers Limited 12/29/2017 Management Quality AM1 Stable Upgrade

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 1/16/2018 Fund Stability AA(f) Reaffirmed
ABL Government Securities Fund 1/16/2018 Fund Stability A(f) Reaffirmed
ABL Income Fund 1/16/2018 Fund Stability A(f) Reaffirmed
ABL Islamic Income Fund 1/16/2018 Fund Stability A(f) Reaffirmed
Al Ameen Islamic Aggressive Income Fund(Formerly: Al-Ameen Islamic Income Fund) 12/29/2017 Fund Stability BBB+(f) Reaffirmed
Al Ameen Islamic Cash Fund 12/29/2017 Fund Stability AA(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 12/29/2017 Fund Stability AA- (f) Reaffirmed
Askari Cash Fund (Formerly:Askari Sovereign Cash Fund) 7/5/2018 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 7/5/2018 Fund Stability A+(f) Reaffirmed
BMA Empress Cash Fund 12/29/2017 Fund Stability AA+(f) Reaffirmed
Dolmen City REIT 9/17/2018 REIT Rating RR1 Reaffirmed
Faysal Islamic Savings Growth Fund 11/21/2017 Fund Stability A+(f) Upgrade
First Habib Cash Fund 1/15/2018 Fund Stability AA(f) Reaffirmed
HBL Cash Fund (Formerly PICIC Cash Fund) 12/29/2017 Fund Stability AA(f) Reaffirmed
HBL Government Securities Fund (Formerly PICIC Income Fund) 1/15/2018 Fund Stability A+(f) Upgrade
HBL Income Fund 12/29/2017 Fund Stability A(f) Reaffirmed
HBL Islamic Income Fund (Formerly PICIC Islamic Income Fund) 12/29/2017 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 12/29/2017 Fund Stability AA(f) Reaffirmed
HBL Money Market Fund 12/29/2017 Fund Stability AA(f) Reaffirmed
Meezan Cash Fund 12/29/2017 Fund Stability AA(f) Reaffirmed
Meezan Islamic Income Fund 12/29/2017 Fund Stability A(f) Upgrade
Meezan Sovereign Fund 12/29/2017 Fund Stability AA- (f) Downgrade
UBL Government Securities Fund 12/29/2017 Fund Stability A+(f) Upgrade
UBL Growth & Income Fund 12/29/2017 Fund Stability A(f) Reaffirmed
UBL Income Opportunity Fund (Formerly UBL Financial Sector Bond Fund) 12/29/2017 Fund Stability A-(f) Reaffirmed
UBL Liquidity Plus Fund 12/29/2017 Fund Stability AA(f) Reaffirmed
UBL Money Market Fund (formerly UBL Saving Income Fund) 12/29/2017 Fund Stability AA(f) Reaffirmed