Financial Institutions

Commercial Banks
Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/28/2019 Sukuk 1 A Stable Maintained
Askari Bank Ltd 6/26/2019 TFC-5 AA- Stable Reaffirmed
Bank Alfalah Ltd. 7/2/2019 TFC-1 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/28/2019 Sukuk 2 A+ Stable Upgrade
Dubai Islamic Bank Pakistan Ltd 6/28/2019 Sukuk 1 AA- Stable Upgrade
Habib Bank Limited 6/28/2019 TFC-1 AAA Stable Reaffirmed
Habib Bank Limited 6/28/2019 TFC-2 AA+ Stable Final
Meezan Bank Limited 1/21/2020 Sukuk 3 AA Stable Final
Meezan Bank Limited 6/28/2019 Sukuk 2 AA- Stable Reaffirmed
Meezan Bank Limited 6/28/2019 Sukuk 1 AA Stable Reaffirmed
Silk Bank Limited 1/3/2020 TFC-1 BBB+ Rating Watch - Developing Downgrade on Rating Watch
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
United Bank Limited 6/28/2019 TFC-5 AA+ Stable Reaffirmed

Micro Finance
Name Date Sector Long Term Short Term Outlook Action
FINCA Microfinance Bank Limited 4/22/2019 TFC-1 A- Stable Preliminary
Khushhali Microfinance Bank Limited 12/11/2019 TFC-2 A Stable Preliminary
Khushhali Microfinance Bank Limited 4/30/2019 TFC-1 A Stable Reaffirmed
U Microfinance Bank Limited 1/11/2019 TFC-1 A- Stable Reaffirmed

Modarabas
Name Date Sector Long Term Short Term Outlook Action
BRR Guardian Modaraba 7/9/2010 TFC-1 D Default

NBFCs
Name Date Sector Long Term Short Term Outlook Action
Al-Zamin Leasing Corporation Limited 1/9/2013 TFC-2 D Default
Saudi Pak Leasing Company Limited 10/4/2010 TFC-1 D Default

Corporates

Cement & Construction
Name Date Sector Long Term Short Term Outlook Action
Eden Housing Ltd. 1/27/2010 TFC-1 D Default
Javedan Corporation Ltd. 8/27/2019 Sukuk 1 AA- Stable Final

Chemicals & Pharma
Name Date Sector Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/3/2019 Sukuk 1 A A-2 Stable Reaffirmed

Consumer Goods
Name Date Sector Long Term Short Term Outlook Action
Shakarganj Food Products Limited 7/18/2019 Sukuk 1 A Stable Final
Treet Corporation Limited 9/24/2019 Sukuk 1 A Negative Downgrade
Treet Corporation Limited 5/21/2019 PTC 1 AA Stable Reaffirmed

Miscellaneous
Name Date Sector Long Term Short Term Outlook Action
Avari Hotels Limited 9/17/2018 TFC-3 AA Stable Preliminary
International Brands Limited 4/4/2019 Sukuk 1 AA Stable Final
Telecard Ltd 6/3/2011 TFC-1 D Default

Oil & Gas
Name Date Sector Long Term Short Term Outlook Action
Hascol Petroleum Limited 9/4/2019 Sukuk 1 BBB+ Negative Downgrade
PGP Consortium Limited 10/31/2019 Pref Share BBB Rating Watch - Developing Update

Power Companies
Name Date Sector Long Term Short Term Outlook Action
K-Electric Limited 10/14/2019 Sukuk 4 AA+ Stable Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 12/24/2019 Sukuk 1 AAA Stable Reaffirmed
Sindh Nooriabad Power Company Limited 11/15/2018 Sukuk 1 A+ Stable Preliminary
Sindh Nooriabad Power Company Limited 11/15/2018 TFC-1 A Stable Upgrade
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 Sukuk 1 A+ Stable Preliminary
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 TFC-2 A Stable Upgrade

Steel & Allied Products
Name Date Sector Long Term Short Term Outlook Action
Agha Steel Industries 10/18/2019 Sukuk 1 A Stable Downgrade
Crescent Steel & Allied Products Limited 12/26/2018 Sukuk 1 A+ Stable Preliminary

Textiles
Name Date Sector Long Term Short Term Outlook Action
Amtex Limited 1/3/2011 TFC-1 D Default
Masood Textile Mills Limited 6/21/2019 Sukuk 1 A Stable Preliminary
Quetta Textile Mills Ltd 3/30/2012 TFC-1 D Default
Sadaqat Limited 12/13/2019 Sukuk 1 A Stable Preliminary