Financial Institutions

Brokerage & Securities Firms

Name Date Sector Long Term Short Term Outlook Action
Adam Securities Limited 4/3/2017 Entity BB A-3 Stable Reaffirmed
AKD Securities Limited 8/2/2016 Entity A A-2 Stable Downgrade
Arif Habib Limited 11/29/2016 Entity AA- A-1 Stable Reaffirmed
BMA Capital Management Limited 10/5/2016 Entity A- A-2 Stable Initial
Concordia Securities Pvt. Limited 3/7/2017 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
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 3/7/2017 Entity BB A-3 Stable Reaffirmed
Taurus Securities Limited 6/28/2016 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 12/30/2016 Entity A- A-2 Stable Reaffirmed

Leasing

Name Date Sector Long Term Short Term Outlook Action
Grays Leasing Limited 11/9/2016 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 3/16/2017 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 6/23/2017 Entity BBB+ A-3 Stable Initial
FINCA Microfinance Bank Limited (Formerly KASHF Microfinance Bank Ltd.) 4/27/2017 Entity A A-1 Stable Reaffirmed
KASHF Foundation 4/5/2017 Entity BBB+ A-3 Stable Reaffirmed
Khushhali Microfinance Bank Limited (Formerly Khushhali Bank Ltd). 4/28/2017 Entity A+ A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 4/28/2017 Entity A A-1 Stable Reaffirmed
Pak Oman Microfinance Bank Limited 4/28/2017 Entity BBB+ A-3 Rating Watch-Positive
Telenor Microfinance Bank Limited (Formerly Tameer Micro Finance Bank Ltd). 4/28/2017 Entity A+ A-1 Stable Reaffirmed
The First MicroFinanceBank Limited 4/28/2017 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 4/28/2017 Entity A- A-2 Stable Reaffirmed

Modarabas

Name Date Sector Long Term Short Term Outlook Action
Allied Rental Modaraba 12/28/2015 Entity A+ A-1 Stable Reaffirmed
First National Bank Modaraba 5/3/2017 Entity BBB+ A-3 Rating Watch-Negative
First Paramount Modaraba 12/30/2016 Entity BBB A-3 Stable Maintained
Sindh Modaraba 1/16/2017 Entity A+ A-1 Stable Initial
Trust Modaraba 12/6/2016 Entity BBB- A-3 Positive Initial

NBFCs

Name Date Sector Long Term Short Term Outlook Action
Cyan Limited 12/13/2016 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 4/13/2017 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
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 10/21/2016 Entity AA- A-1 Stable Initial
Thatta Cement Company Ltd 11/30/2016 Entity A- A-2 Stable Initial

Chemicals & Pharma

Name Date Sector Long Term Short Term Outlook Action
Ittehad Chemicals Limited 12/20/2016 Entity A- A-2 Stable Reaffirmed
Linde Pakistan Limited 2/21/2017 Entity A A-2 Rating Watch-Developing
Sitara Chemical Industries Limited 6/7/2016 Entity A+ A-1 Stable Reaffirmed

Consumer Goods

Name Date Sector Long Term Short Term Outlook Action
Bunny's Limited 3/21/2017 Entity A- A-2 Stable Initial
Matco Foods Pvt. Ltd. (Previously: Matco Rice Processing Pvt. Ltd.) 4/4/2017 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

Fertilizer

Name Date Sector Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 12/21/2016 Entity AA- A-1 Stable Reaffirmed

Miscellaneous

Name Date Sector Long Term Short Term Outlook Action
Independent Media Corporation Pvt. Ltd 11/2/2015 Entity BB+ A-3 Stable Downgrade
International Brands Limited 7/20/2017 Entity A A-2 Stable Initial
Omar Jibran Engineering Industries Limited 7/6/2017 Entity A- A-2 Stable Initial

Oil & Gas

Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/2/2016 Entity A+ A-1 Stable Reaffirmed
Jamshoro Joint Venture Limited 1/3/2017 Entity A+ A-1 Positive Reaffirmed
Oil & Gas Development Company Limited 4/28/2017 Entity AAA A-1+ Stable Initial
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 5/23/2016 Entity A+ A-1 Stable Reaffirmed

Power Companies

Name Date Sector Long Term Short Term Outlook Action
Foundation Wind Energy I Limited 4/3/2017 Entity A+ A-1 Stable Initial
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Entity AA A-1 Stable Note
Kot Addu Power Co. Ltd. 11/28/2016 Entity AA+ A-1+ Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt.) Limited 11/17/2016 Entity AA- A-1 Stable Initial
Quaid-e-Azam Thermal Power (Pvt.) Limited 4/6/2017 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
Crescent Steel & Allied Products Limited 7/3/2017 Entity A+ A-2 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. 4/27/2016 Entity A- A-2 Stable Reaffirmed
Deharki Sugar Mills (Pvt) Limited 4/13/2017 Entity A A-2 Stable Upgrade
JDW Sugar Mills Ltd 4/13/2017 Entity A+ A-1 Stable Upgrade
Shahmurad Sugar Mills Ltd 4/28/2016 Entity A- A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Sector Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 6/3/2016 Entity BBB A-3 Stable Reaffirmed
Muhammad Shafi Tanneries Pvt. Ltd 6/17/2015 Entity A- A-2 Stable Reaffirmed
Universal Leather Pvt. Ltd. 5/20/2016 Entity BBB+ A-3 Stable Reaffirmed

Textiles

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

Transport

Name Date Sector Long Term Short Term Outlook Action
Ali Gohar & Company Pvt. Ltd 3/7/2016 Entity A A-2 Stable Upgrade
Shaheen Air International Limited 9/23/2016 Entity A- A-2 Stable Initial