Financial Institutions

Brokerage & Securities Firms

Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 3/30/2018 Entity BBB- 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 3/6/2018 Entity A- A-2 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 4/25/2018 Entity BBB+ A-2 Stable Reaffirmed
Next Capital Limited 3/19/2018 Entity A- A-2 Stable Reaffirmed
Pearl Securities Limited 12/6/2018 Entity BBB- A-3 Negative Downgrade
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 6/29/2018 Entity A+ A-1 Negative Maintained
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
Faysal Bank Limited 6/29/2018 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/29/2018 Entity AAA A-1+ Negative Reaffirmed
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
Sindh Bank Ltd 7/10/2018 Entity AA A-1+ Rating Watch - Developing Note
Summit Bank Limited 11/23/2018 Entity BBB- A-3 Rating Watch - Negative Downgrade
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

DFIs

Name Date Sector 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

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 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 Sector 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
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

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 1/26/2018 Entity BBB- A-3 Stable Maintained

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

Auto & Allied

Name Date Sector Long Term Short Term Outlook Action
Master Motor Corporation (Pvt) Limited 4/6/2018 Entity A- A-2 Stable Initial
Thal Limited 11/20/2018 Entity AA A-1+ Stable Initial

Cement & Construction

Name Date Sector 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
International Complex Projects Limited 10/19/2018 Entity AA A-1 Positive Upgrade
Javedan Corporation Ltd. 4/4/2018 Entity A+ A-1 Stable Initial
Power Cement Ltd 10/2/2018 Entity A- A-2 Stable Reaffirmed
Shajar Roads Limited 1/4/2018 Entity A A-2 Stable Initial
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 11/30/2018 Entity AA- A-1 Stable Reaffirmed
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 Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/18/2017 Entity A A-2 Stable Initial
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
Saakh Pharma (pvt.) Ltd 10/25/2018 Entity BBB+ A-2 Stable Initial
Sitara Chemical Industries Limited 11/14/2018 Entity A+ A-1 Positive Reaffirmed

Communication

Name Date Sector Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 10/11/2018 Entity AAA A-1+ Stable Initial

Consumer Goods

Name Date Sector 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
Gujranwala Food Industries (Pvt) Ltd 12/10/2018 Entity BBB- A-3 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
Khalis Oil & Ghee Industries Limited 9/28/2018 Entity BBB+ A-2 Stable Initial
Matco Foods Limited (Formerly Matco Foods Pvt. Ltd) 11/15/2018 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
Tahir Omer Industries Limited 12/11/2018 Entity A- A-2 Stable Initial
Treet Corporation Limited 2/8/2018 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
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
Waves Singer Pakistan Limited (Formerly: Singer Pakistan Limited) 9/24/2018 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
Ali Gohar & Company Pvt. Ltd 9/28/2018 Entity A A-2 Stable Reaffirmed
Associated Technologies (Pvt) Limited 2/14/2018 Entity A- A-2 Stable Initial
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 Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/1/2017 Entity AA- A-1 Stable Upgrade
Hi-Tech Lubricants Limited 2/22/2018 Entity A A-1 Stable Initial
Jamshoro Joint Venture Limited 10/15/2018 Entity Suspended
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

Paper & Packaging

Name Date Sector Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 11/23/2018 Entity A+ A-1 Stable Reaffirmed
Novatex Limited 12/5/2018 Entity AA- A-1 Positive Maintained

Power Companies

Name Date Sector 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
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 7/4/2018 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 10/2/2018 Entity A- A-2 Stable Reaffirmed
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
Razaque Steels (Pvt.) Limited 11/19/2018 Entity BBB- A-3 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
Almoiz Industries Ltd 10/29/2018 Entity A- A-2 Stable Initial
Chashma Sugar Mills Ltd 11/15/2018 Entity BBB+ A-2 Stable Initial
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
Sheikhoo Sugar Mills Limited 10/16/2018 Entity A- A-2 Stable Initial
The Thal Industries Corporation Limited 10/29/2018 Entity A- A-2 Stable Initial

Tanneries and Leather Products

Name Date Sector Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 11/28/2018 Entity BB+ 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 Sector Long Term Short Term Outlook Action
AA Spinning Mills Limited 9/17/2018 Entity A- A-2 Stable Initial
Ahmed Oriental Textile Mills Limited 10/25/2018 Entity BBB+ 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 11/14/2018 Entity AA- A-1 Stable Reaffirmed
Best Exports Private Ltd 11/5/2018 Entity BBB A-2 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
Eastern Spinning Mills Limited 10/15/2018 Entity A- A-1 Stable Initial
Faisal Spinning Mills Ltd 3/30/2018 Entity A A-1 Stable Initial
Feroze 1888 Mills Limited 11/12/2018 Entity AA- A-1 Stable Initial
Gadoon Textile Mills Limited 10/29/2018 Entity A+ A-1 Stable Initial
Indigo Textile (Pvt.) Limited 11/5/2018 Entity A- A-2 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
MIMA Knit (Pvt) Limited 9/25/2018 Entity BB B 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
Orient Textile Mills Limited 9/28/2018 Entity BBB A-3 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
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
Zaman Textile Mills (Pvt.) Limited 11/22/2018 Entity A- A-2 Stable Initial
Zephyr Textiles Limited 10/11/2018 Entity BBB+ A-2 Stable Initial