Financial Institutions

Commercial Banks
Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 9/5/2017 Sukuk 1 A Stable Final
Askari Bank Ltd 6/30/2017 TFC-5 AA- Stable Maintained
Askari Bank Ltd 6/30/2017 TFC-4 AA- Stable Maintained
Bank Alfalah Ltd. 1/17/2018 TFC-1 AA- Stable Final
Dubai Islamic Bank Pakistan Ltd 9/5/2017 Sukuk 1 A+ Stable Final
Habib Bank Limited 9/22/2017 TFC-1 AA+ Negative Downgrade
Meezan Bank Limited 6/22/2017 Sukuk 1 AA- Stable Reaffirmed
Silk Bank Limited 4/24/2017 TFC-1 A- Stable Preliminary
Summit Bank Limited 6/30/2017 TFC-1 A- (SO) Rating Watch - Developing Maintained

Micro Finance
Name Date Sector Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 12/13/2017 TFC-1 A Stable Preliminary
NRSP Micro Finance Bank Ltd 10/30/2017 TFC-1 A Stable Reaffirmed
U Microfinance Bank Limited 3/1/2017 TFC-1 BBB+ Stable Preliminary

Corporates

Cement & Construction
Name Date Sector Long Term Short Term Outlook Action
Javedan Corporation Ltd. 4/4/2018 Sukuk 1 AA- Stable Preliminary

Chemicals & Pharma
Name Date Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/18/2017 Sukuk 1 A Stable Preliminary

Consumer Goods
Name Date Sector Long Term Short Term Outlook Action
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

Miscellaneous
Name Date Sector Long Term Short Term Outlook Action
International Brands Limited 7/19/2017 Sukuk 1 AA Stable Preliminary

Oil & Gas
Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/1/2017 Sukuk 1 AA Stable Upgrade
PGP Consortium Limited 4/16/2018 Pref Share BBB Positive Maintained
PGP Consortium Limited 10/7/2016 Sukuk 1 A Stable Preliminary

Power Companies
Name Date Sector Long Term Short Term Outlook Action
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 4 AA+ Rating Watch-Developing
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 3 AA Rating Watch-Developing
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 2 AA Rating Watch-Developing
Neelum Jhelum Hydropower Company (Pvt) Ltd 9/13/2017 Sukuk 1 AAA 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

Sugar
Name Date Sector Long Term Short Term Outlook Action
JDW Sugar Mills Ltd 10/31/2017 TFC-2 AA- Stable Reaffirmed

Textiles
Name Date Sector Long Term Short Term Outlook Action
Saif Textile Mills Limited 4/17/2018 Sukuk 1 A Stable Preliminary