Financial Institutions

Commercial Banks
Name Date Sector Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/29/2018 Sukuk 1 A Negative Maintained
Askari Bank Ltd 6/29/2018 TFC-5 AA- Stable Reaffirmed
Bank Alfalah Ltd. 6/29/2018 TFC-1 AA- Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 1/9/2019 Sukuk 2 A Stable Final
Dubai Islamic Bank Pakistan Ltd 6/29/2018 Sukuk 1 A+ Stable Reaffirmed
Habib Bank Limited 12/31/2018 TFC-2 AA+ Stable Preliminary
Habib Bank Limited 12/31/2018 TFC-1 AAA Stable Upgrade
Meezan Bank Limited 8/20/2018 Sukuk 2 AA- Stable Final
Meezan Bank Limited 5/30/2018 Sukuk 1 AA Stable Upgrade
Silk Bank Limited 11/20/2018 TFC-1 A- Stable Final
United Bank Limited 9/6/2018 TFC-5 AA+ Stable Final

Micro Finance
Name Date Sector Long Term Short Term Outlook Action
Khushhali Microfinance Bank Limited 4/26/2018 TFC-1 A Stable Final
U Microfinance Bank Limited 1/11/2019 TFC-1 A- Stable Reaffirmed

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 12/14/2018 Sukuk 1 A Stable Final

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
Avari Hotels Limited 9/17/2018 TFC-3 AA Stable Preliminary
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

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 Maintained
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 3/8/2018 Sukuk 3 AA Rating Watch - Developing Maintained
Neelum Jhelum Hydropower Company (Pvt) Ltd 1/2/2019 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 8/24/2018 Sukuk 1 A+ Stable Final
Crescent Steel & Allied Products Limited 12/26/2018 Sukuk 1 A+ Stable Preliminary