Financial Institutions

Brokerage & Securities Firms

Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 10/31/2017 Entity BB+ A-3 Stable Upgrade
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
BMA Capital Management Limited 10/5/2016 Entity A- A-2 Stable Initial
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
Intermarket Securities Limited 8/31/2017 Entity BBB+ A-2 Stable Reaffirmed
Next Capital Limited 1/19/2016 Entity A- A-2 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

Commercial Banks

Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 5/17/2017 Entity A+ A-1 Stable Upgrade
Bank Alfalah Ltd. 8/31/2017 Entity AA+ A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 5/17/2017 Entity AA- A-1 Stable Upgrade
Faysal Bank Limited 6/30/2017 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 9/22/2017 Entity AAA A-1+ Negative Maintained
Meezan Bank Limited 6/22/2017 Entity AA A-1+ Stable Reaffirmed
National Bank of Pakistan 6/30/2017 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/23/2017 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 6/30/2017 Entity A- A-2 Stable Reaffirmed
Sindh Bank Ltd 6/30/2017 Entity AA A-1+ Rating Watch - Developing Maintained
Summit Bank Limited 6/30/2017 Entity A- A-1 Rating Watch - Developing Maintained
The Bank of Khyber 6/29/2017 Entity A A-1 Stable Reaffirmed
United Bank Limited 6/30/2017 Entity AAA A-1+ Stable Reaffirmed

DFIs

Name Date Sector Long Term Short Term Outlook Action
House Building Finance Company Limited 6/23/2017 Entity A A-1 Stable Upgrade
Pak Brunei Investment Company Limited 6/2/2017 Entity AA+ A-1+ Stable Initial
Pak China Investment Company Limited 6/30/2017 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/2/2017 Entity AA+ A-1+ Stable Reaffirmed
Saudi Pak Industrial and Agricultural Investment Company Limited 6/19/2017 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/20/2017 Entity AAA A-1+ Stable Reaffirmed

Investment Banks

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

Leasing

Name Date Sector Long Term Short Term Outlook Action
Grays Leasing Limited 12/26/2017 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 12/30/2016 Entity A- A-2 Stable Reaffirmed
Sindh Leasing Company Limited 6/20/2017 Entity A+ A-1 Stable Reaffirmed

Micro Finance

Name Date Sector Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 9/29/2017 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 6/23/2017 Entity BBB+ A-3 Stable Initial
FINCA Microfinance Bank Limited 10/31/2017 Entity A A-1 Stable Reaffirmed
KASHF Foundation 10/31/2017 Entity BBB+ A-3 Stable Reaffirmed
Khushhali Microfinance Bank Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 10/30/2017 Entity A A-1 Stable Reaffirmed
Pak Oman Microfinance Bank Limited 9/29/2017 Entity A- A-2 Stable Upgrade
Telenor Microfinance Bank Limited (Formerly Tameer Micro Finance Bank Ltd). 10/31/2017 Entity A+ A-1 Stable Reaffirmed
The First MicroFinanceBank Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 9/29/2017 Entity A- A-2 Stable Reaffirmed

Modarabas

Name Date Sector 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 12/6/2016 Entity BBB- A-3 Positive Initial

NBFCs

Name Date Sector 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

Cement & Construction

Name Date Sector Long Term Short Term Outlook Action
Attock Cement Pakistan Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
Deokjae Connecting Roads (Pvt.) Limited 6/13/2016 Entity A+ A-1 Stable Initial
International Complex Projects Limited 12/31/2016 Entity AA- A-1 Stable Initial
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
Thatta Cement Company Ltd 10/27/2017 Entity A- A-2 Stable Reaffirmed

Chemicals & Pharma

Name Date Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/18/2017 Entity A A-2 Stable Initial
Ittehad Chemicals Limited 12/20/2016 Entity A- A-2 Stable Reaffirmed
Sitara Chemical Industries Limited 11/14/2017 Entity A+ A-1 Positive Maintained

Consumer Goods

Name Date Sector Long Term Short Term Outlook Action
Bunny's Limited 9/29/2017 Entity A- A-2 Stable Reaffirmed
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
National Foods Limited 12/9/2016 Entity AA- A-1 Stable Reaffirmed
Treet Corporation Limited 12/20/2016 Entity AA- A-1 Stable Reaffirmed

Engineering

Name Date Sector Long Term Short Term Outlook Action
Omar Jibran Engineering Industries Limited 7/6/2017 Entity A- A-2 Stable Initial

Fertilizer

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

Miscellaneous

Name Date Sector Long Term Short Term Outlook Action
International Brands Limited 7/20/2017 Entity A A-2 Stable Initial
Novatex Limited 9/25/2017 Entity AA- A-1 Stable Initial

Oil & Gas

Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/1/2017 Entity AA- A-1 Stable Upgrade
Jamshoro Joint Venture Limited 1/3/2017 Entity A+ A-1 Positive Reaffirmed
Oil & Gas Development Company Limited 10/31/2017 Entity AAA A-1+ Stable Reaffirmed
PGP Consortium Limited 10/7/2016 Entity A- A-2 Stable Initial

Paper & Packaging

Name Date Sector Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 12/11/2017 Entity A+ A-1 Stable Reaffirmed

Power Companies

Name Date Sector Long Term Short Term Outlook Action
Foundation Wind Energy I Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Entity AA A-1 Stable Note
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
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 10/31/2017 Entity AA A-1+ Stable Reaffirmed
Zephyr Power (Pvt) Limited 8/16/2017 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Sector Long Term Short Term Outlook Action
Agha Steel Industries 12/5/2017 Entity A A-1 Stable Initial
Aisha Steel Mills Limited 10/5/2017 Entity A- A-2 Stable Initial
Crescent Steel & Allied Products Limited 7/3/2017 Entity A+ A-2 Stable Initial
Data Steel Pipes Industries (Pvt) Limited 10/23/2017 Entity BBB A-3 Stable Initial
International Industries Limited 1/13/2017 Entity AA- A-1 Stable Initial
International Steels Limited 1/13/2017 Entity A+ A-1 Stable Initial

Sugar

Name Date Sector 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
Shahmurad Sugar Mills Ltd 11/30/2017 Entity A- A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Sector Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 10/9/2017 Entity BBB- A-3 Negative Downgrade
Universal Leather Pvt. Ltd. 10/16/2017 Entity BBB A-3 Negative Downgrade

Textiles

Name Date Sector Long Term Short Term Outlook Action
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
Indus Dyeing & Manufacturing Co Limited 1/26/2017 Entity A+ A-1 Stable Reaffirmed
Rajby Textiles (Pvt) Limited 12/29/2017 Entity A- A-1 Stable Reaffirmed
Sadaqat Limited 12/27/2016 Entity A A-2 Stable Upgrade
Sapphire Textile Mills Limited 10/25/2016 Entity A+ A-1 Positive Reaffirmed
Shahtaj Textile Limited 12/14/2017 Entity A- A-2 Stable Initial
Union Fabrics (Pvt) Ltd 11/21/2017 Entity A- A-2 Stable Initial

Transport

Name Date Sector Long Term Short Term Outlook Action
Ali Gohar & Company Pvt. Ltd 11/7/2017 Entity A A-2 Stable Reaffirmed
Shaheen Air International Limited 9/23/2016 Entity A- A-2 Stable Initial