Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 2/18/2020 Entity BBB+ A-2 Stable Upgrade
Adam Securities Limited 1/13/2020 BMR BMR2 Stable Upgrade
AKD Securities Limited 3/4/2019 BMR BMR2++ Stable Reaffirmed
AKD Securities Limited 9/27/2019 Entity A A-2 Stable Reaffirmed
Arif Habib Limited 1/17/2019 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 2/19/2019 Entity A- A-2 Negative Maintained
BIPL Securities Limited 3/31/2020 BMR BMR2+ Stable Reaffirmed
BMA Capital Management Limited 3/27/2020 BMR BMR2+ Stable Reaffirmed
BMA Capital Management Limited 4/2/2019 Entity A- A-2 Negative Maintained
Elixir Securities Pakistan (Pvt.) Limited 2/8/2019 Entity BBB A-3 Stable Reaffirmed
Foundation Securities Private Limited 4/1/2019 Entity A- A-2 Negative Maintained
Foundation Securities Private Limited 7/10/2019 BMR BMR2 Stable Reaffirmed
Integrated Equities Limited 1/9/2020 BMR BMR3++ Stable Reaffirmed
Intermarket Securities Limited 3/5/2020 BMR BMR2 Stable Reaffirmed
Intermarket Securities Limited 9/5/2019 Entity A- A-2 Stable Upgrade
MRA Securities Limited 2/4/2020 Entity A- A-2 Stable Initial
Muhammad Munir Muhammad Ahmed Khanani Securities Limited 3/13/2020 BMR BMR2 Stable Initial
Next Capital Limited 2/26/2019 BMR BMR2++ Stable Reaffirmed
Next Capital Limited 4/10/2019 Entity A- A-2 Stable Reaffirmed
Pearl Securities Limited 10/22/2019 BMR BMR2 Stable Initial
Taurus Securities Limited 12/3/2019 Entity A A-2 Stable Reaffirmed
Topline Securities Limited 1/18/2019 Entity A- A-2 Stable Reaffirmed
Topline Securities Limited 2/6/2019 BMR BMR2 Stable Reaffirmed

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 6/28/2019 Sukuk 1 A Stable Maintained
Al Baraka Bank (Pakistan) Limited 6/28/2019 Entity A+ A-1 Stable Maintained
Askari Bank Ltd 6/26/2019 TFC-5 AA- Stable Reaffirmed
Bank Alfalah Ltd. 7/2/2019 TFC-1 AA- Stable Reaffirmed
Bank Alfalah Ltd. 7/2/2019 Entity AA+ A-1+ Stable Reaffirmed
Dubai Islamic Bank Pakistan Ltd 6/28/2019 Entity AA A-1+ Stable Upgrade
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
Faysal Bank Limited 6/27/2019 Entity AA A-1+ Stable Reaffirmed
Habib Bank Limited 6/28/2019 Entity AAA A-1+ Stable Reaffirmed
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
Meezan Bank Limited 6/28/2019 Entity AA+ A-1+ Stable Reaffirmed
National Bank of Pakistan 6/28/2019 Entity AAA A-1+ Stable Reaffirmed
Samba Bank Limited 6/24/2019 Entity AA A-1 Stable Reaffirmed
Silk Bank Limited 1/3/2020 Entity A- A-2 Rating Watch - Developing Reaffirmed on Rating Watch
Silk Bank Limited 1/3/2020 TFC-1 BBB+ Rating Watch - Developing Downgrade on Rating Watch
Sindh Bank Ltd 6/28/2019 Entity A+ A-1 Stable Downgrade
Summit Bank Limited 2/1/2019 Entity Suspended
Summit Bank Limited 2/1/2019 TFC-1 D (SO) Default
The Bank of Khyber 6/26/2019 Entity A A-1 Stable Reaffirmed
United Bank Limited 6/28/2019 Entity AAA A-1+ Stable Reaffirmed
United Bank Limited 6/28/2019 TFC-5 AA+ Stable Reaffirmed

DFIs

Name Date Rating Type Long Term Short Term Outlook Action
House Building Finance Company Limited 5/13/2019 Entity A A-1 Positive Maintained
Pak Brunei Investment Company Limited 6/26/2019 Entity AA+ A-1+ Stable Reaffirmed
Pak China Investment Company Limited 6/21/2019 Entity AAA A-1+ Stable Reaffirmed
Pak Oman Investment Company Limited 6/24/2019 Entity AA+ A-1+ Stable Reaffirmed
Pakistan Mortgage Refinance Company 5/7/2019 Entity AAA A-1+ Stable Initial
Saudi Pak Industrial and Agricultural Investment Company Limited 5/31/2019 Entity AA+ A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/26/2019 Entity AAA A-1+ Stable Reaffirmed
Zarai Taraqiati Bank Limited 6/26/2019 Govt. Guaranteed Obligations AAA A-1+ Stable Reaffirmed

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Allianz EFU Health Insurance Limited 7/3/2019 IFS A Stable Downgrade
Alpha Insurance Company Limited 6/28/2019 IFS A Negative Maintained
Askari General Insurance Company Limited 12/27/2019 IFS AA Stable Reaffirmed
Century Insurance Company Limited 12/31/2019 IFS AA- Stable Upgrade
Chubb Insurance Pakistan Limited (ACE Insurance Limited) 12/24/2019 IFS AA Stable Reaffirmed
EFU General Insurance Limited 7/30/2019 IFS AA+ Stable Reaffirmed
EFU Life Assurance Limited 3/15/2019 IFS AA+ Stable Reaffirmed
IGI General Insurance Limited 12/6/2019 IFS AA Stable Reaffirmed
Jubilee General Insurance Company Limited 12/31/2019 IFS AA+ Stable Reaffirmed
Jubilee Life Insurance Company Limited 12/19/2019 IFS AA+ Stable Reaffirmed
Pak-Kuwait Takaful Company Limited 1/20/2017 IFS Suspended
Pak-Qatar Family Takaful Limited 10/15/2019 IFS A+ Stable Reaffirmed
Pak-Qatar General Takaful Limited 11/1/2019 IFS A- Stable Reaffirmed
Pakistan Reinsurance Company Limited 12/19/2019 IFS AA Stable Reaffirmed
Reliance Insurance Company Limited 12/31/2019 IFS A Positive Reaffirmed
Security General Insurance Company Limited 12/4/2019 IFS AA Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 12/31/2019 IFS BB Stable Reaffirmed
The United Insurance Company of Pakistan Limited 3/22/2019 IFS AA- Stable Initial
UBL Insurers Limited 9/27/2019 IFS AA Stable Upgrade

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/31/2019 Entity A- A-2 Stable Reaffirmed
Security Investment Bank Limited 4/4/2019 Entity BBB+ A-2 Stable Initial

Leasing

Name Date Rating Type Long Term Short Term Outlook Action
Grays Leasing Limited 12/10/2019 Entity BB- B Stable Reaffirmed
Pak-Gulf Leasing Company Limited 4/15/2019 Entity A- A-2 Stable Reaffirmed
Sindh Leasing Company Limited 6/21/2019 Entity A+ A-1 Rating Watch-Developing

Micro Finance

Name Date Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 4/26/2019 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 4/30/2019 Entity BBB+ A-3 Stable Reaffirmed
FINCA Microfinance Bank Limited 4/30/2019 Entity A A-1 Stable Reaffirmed
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
Khushhali Microfinance Bank Limited 4/30/2019 Entity A+ A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 4/30/2019 Entity A A-1 Stable Reaffirmed
Pak Oman Microfinance Bank Limited 4/25/2019 Entity A- A-2 Stable Reaffirmed
Rural Community Development Programs 2/8/2019 Entity BBB A-3 Stable Initial
Telenor Microfinance Bank Limited 4/30/2019 Entity A+ A-1 Stable Reaffirmed
The First MicroFinanceBank Limited 3/25/2019 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 1/11/2019 Entity A A-1 Stable Upgrade
U Microfinance Bank Limited 1/11/2019 TFC-1 A- Stable Reaffirmed

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 12/26/2019 Entity A+ A-1 Stable Reaffirmed
First Paramount Modaraba 12/27/2019 Entity BBB A-3 Stable Reaffirmed
Sindh Modaraba 2/22/2019 Entity A+ A-1 Stable Reaffirmed
Trust Modaraba 8/27/2019 Entity BBB- A-3 Rating Watch-Negative

NBFCs

Name Date Rating Type Long Term Short Term Outlook Action
Cyan Limited 12/31/2019 Entity A A-1 Stable Reaffirmed
LSE Financial Services Limited 11/5/2019 Entity A A-1 Stable Reaffirmed

Corporates

Auto & Allied

Name Date Rating Type Long Term Short Term Outlook Action
Al-Ghazi Tractors Ltd. 12/31/2019 Entity A A-1 Stable Reaffirmed
Automobile Corporation of Pakistan (Pvt.) Limited 7/25/2019 Entity BBB A-2 Stable Initial
Indus Motor Company Ltd 6/17/2019 Entity AA+ A-1+ Stable Initial
Master Motor Corporation (Pvt) Limited 8/26/2019 Entity A- A-2 Stable Reaffirmed
Thal Limited 12/12/2019 Entity AA A-1+ Stable Reaffirmed

Cement & Construction

Name Date Rating Type Long Term Short Term Outlook Action
Askari Cement Limited 1/7/2020 Entity A A-1 Negative Maintained
Attock Cement Pakistan Limited 10/24/2019 Entity A+ A-1 Stable Reaffirmed
Deokjae Connecting Roads (Pvt.) Limited 3/12/2020 Entity A+ A-1 Stable Reaffirmed
Elite Estates (Private) Limited 6/12/2018 BLR BBB- (blr) Initial
International Complex Projects Limited 3/13/2020 Entity AA A-1 Stable Initial
Izhar Construction (Pvt.) Limited 12/31/2019 Entity A- A-1 Stable Initial
Javedan Corporation Ltd. 8/27/2019 Entity A+ A-1 Stable Reaffirmed
Javedan Corporation Ltd. 8/27/2019 Sukuk 1 AA- Stable Final
Lahore Sialkot Motorway Infrastructure Management (Pvt.) Ltd 3/11/2019 Entity A- A-2 Stable Initial
Lucky Cement Limited 2/19/2020 Entity AA+ A-1+ Stable Initial
Maple Leaf Cement Factory Ltd 4/2/2020 Entity A A-1 Stable Initial
Park View Enclave (Pvt.) Limited 10/23/2019 Entity A A-2 Stable Initial
Park View Enclave (Pvt.) Limited 10/23/2019 Sukuk/TFC AA- Stable Preliminary
Power Cement Ltd 10/25/2019 BLR A (blr) Negative Maintained
Power Cement Ltd 10/25/2019 Entity A- A-2 Negative Maintained
Shajar Roads Limited 9/25/2019 Entity A A-2 Rating Watch - Developing Maintained
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 10/30/2019 Entity AA- A-1 Stable Reaffirmed
Swat Expressway Planning Construction and Operations (Pvt) Limited 6/26/2019 Entity A- A-2 Stable Reaffirmed
Vision Builders (Pvt.) Limited 1/10/2020 Entity BBB A-2 Stable Initial
Vision Developers Pvt. Ltd 12/17/2019 Entity A- A-2 Stable Initial

Chemicals & Pharma

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/3/2019 Entity A A-2 Stable Reaffirmed
Aspin Pharma (Private) Limited 10/3/2019 Sukuk 1 A A-2 Stable Reaffirmed
Ittehad Chemicals Limited 8/26/2019 Entity A- A-2 Positive Maintained
Macter International Limited 9/17/2019 Entity A A-2 Stable Downgrade
Radiant Medical (Pvt.) Ltd 3/16/2020 Entity BBB+ A-2 Stable Initial
Saakh Pharma (pvt.) Ltd 2/25/2020 Entity BBB+ A-2 Stable Reaffirmed
Sitara Chemical Industries Limited 11/8/2019 Entity A+ A-1 Stable Maintained
The Searle Pakistan Ltd 12/9/2019 Entity AA- A-1 Stable Initial

Communication

Name Date Rating Type Long Term Short Term Outlook Action
Pakistan Telecommunication Company Limited 10/11/2019 Entity AAA A-1+ Stable Reaffirmed

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Agro Processors and Atmospheric Gases (Pvt.) Limited 8/22/2019 Entity BBB- A-2 Stable Initial
Bunny's Limited 12/5/2019 Entity A- A-2 Stable Reaffirmed
Clover Pakistan Limited 6/19/2019 Entity A- A-2 Stable Initial
Dairyland (Private) Limited 10/15/2019 Entity A- A-2 Stable Initial
Faisalabad Oil Refinery (Pvt) Limited 6/28/2019 Entity BBB+ A-2 Stable Reaffirmed
Habib Oil Mills Limited 8/26/2019 Entity BBB A-3 Stable Reaffirmed
Haleeb Foods Limited 1/11/2019 Entity A A-2 Stable Reaffirmed
Hilal Foods (Pvt.) Limited 5/14/2019 Entity A A-2 Stable Initial
Matco Foods Limited 12/10/2019 Entity A- A-2 Positive Maintained
Olympia Oils (Pvt.) Limited 5/31/2019 Entity BBB+ A-2 Stable Reaffirmed
Shakarganj Food Products Limited 7/18/2019 Entity A- A-2 Stable Reaffirmed
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
Treet Corporation Limited 9/24/2019 Entity A A-2 Negative Downgrade
Unity Foods Limited 10/1/2019 Entity A- A-2 Stable Initial

Engineering

Name Date Rating Type Long Term Short Term Outlook Action
Allied Industries Hub (Pvt.) Ltd 6/28/2019 Entity BBB A-2 Stable Initial
Avanceon Limited 9/30/2019 Entity BBB- A-2 Stable Initial
Digital World Pakistan Pvt. Limited 2/27/2019 Entity A- A-2 Stable Initial
Fast Cables Limited 12/17/2019 Entity A- A-2 Stable Reaffirmed
Omar Jibran Engineering Industries Limited 4/23/2019 Entity A- A-2 Stable Reaffirmed
Orient Electronics (Pvt.) Limited 3/26/2019 Entity A A-2 Stable Initial
Pakistan Cables Limited 10/11/2019 Entity A A-1 Stable Reaffirmed
Procon Engineering (Pvt) Limited 8/27/2019 Entity A A-2 Stable Reaffirmed
Waves Singer Pakistan Limited 11/21/2019 Entity A A-1 Stable Upgrade

Fertilizer

Name Date Rating Type Long Term Short Term Outlook Action
Fatima Fertilizer Company Limited 8/26/2019 Entity AA- A-1 Stable Reaffirmed
Fauji Fertilizer Bin Qasim Limited 8/27/2019 Entity A+ A-1 Stable Initial

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Agility Logistics (Pvt.) Limited 12/31/2019 Entity A A-2 Stable Initial
Al-Rahim Trading Company Pvt. Limited 2/28/2019 Entity A- A-2 Stable Initial
Ali Gohar & Company Pvt. Ltd 9/28/2018 Entity A A-2 Stable Reaffirmed
Arif Habib Equity Limited 12/30/2019 Entity AA- A-1 Stable Reaffirmed
Avari Hotels Limited 9/17/2018 TFC-3 AA Stable Preliminary
CBM Plastics (Pvt.) Limited 11/13/2019 Entity BBB+ A-2 Stable Initial
Cine Star SMC Pvt. Ltd 12/31/2019 Entity A- A-2 Stable Initial
DWP Technologies (Pvt.) Limited 2/27/2019 Entity A- A-2 Stable Initial
Inbox Business Technologies Ltd 3/18/2020 Entity BBB- A-3 Stable Initial
International Brands Limited 4/4/2019 Entity A A-2 Stable Reaffirmed
International Brands Limited 4/4/2019 Sukuk 1 AA Stable Final
Muller & Phipps Pakistan (Pvt.) Limited 12/31/2019 Entity A+ A-1 Stable Reaffirmed
P.D.H. Laboratories Pvt. Ltd 12/30/2019 Entity BB+ B Stable Initial
Premier Agencies 12/31/2019 Entity BBB+ A-2 Stable Initial
Shifa International Hospitals Limited 11/6/2019 Entity AA- A-1 Stable Reaffirmed

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hascol Petroleum Limited 9/4/2019 Entity BBB A-3 Negative Downgrade
Hascol Petroleum Limited 9/4/2019 Sukuk 1 BBB+ Negative Downgrade
Hascol Petroleum Limited 9/4/2019 CP-4 A-3 Preliminary - Downgrade
Hi-Tech Lubricants Limited 9/12/2019 Entity A A-2 Stable Downgrade
Jamshoro Joint Venture Limited 10/15/2018 Entity Suspended
Oil & Gas Development Company Limited 1/20/2020 Entity AAA A-1+ Stable Reaffirmed
Pakistan State Oil Company Limited 6/19/2019 Entity AA+ A-1+ Stable Initial
PGP Consortium Limited 10/31/2019 Entity A- A-2 Rating Watch - Developing Update
PGP Consortium Limited 10/31/2019 Pref Share BBB Rating Watch - Developing Update

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 11/21/2019 Entity A+ A-1 Stable Reaffirmed
Kompass Pakistan (Pvt) Ltd 2/1/2019 Entity BBB+ A-2 Stable Initial
Novatex Limited 12/5/2018 Entity AA- A-1 Positive Maintained
Syntronics Limited 12/10/2019 Entity BBB+ A-2 Stable Initial

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
Artistic Energy (Pvt) Ltd 3/16/2020 Entity A A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 3/16/2020 Entity A- A-2 Stable Initial
Engro Powergen Qadirpur Limited 4/23/2019 Entity AA- A-1 Stable Initial
FFBL Power Company Ltd 9/12/2019 Entity AA- A-1 Stable Reaffirmed
Foundation Wind Energy - II Limited 6/28/2019 Entity A+ A-1 Stable Reaffirmed
Foundation Wind Energy I Limited 6/28/2019 Entity A+ A-1 Stable Reaffirmed
Gharo Solar (Pvt) Ltd 5/3/2019 Entity A- A-2 Stable Initial
K-Electric Limited 10/14/2019 Entity AA A-1+ Stable Upgrade
K-Electric Limited 10/14/2019 Sukuk 4 AA+ Stable Reaffirmed
K-Electric Limited 2/13/2020 Sukuk 5 AA+ Stable Final
K-Electric Limited 10/14/2019 CP-3 A-1+ Upgrade
K-Electric Limited 3/12/2020 CP-5 A-1+ Final
K-Electric Limited 3/24/2020 CP-8 A-1+ Preliminary
Kot Addu Power Company Limited 12/2/2019 Entity AA+ A-1+ Stable Reaffirmed
National Power Parks Management Company Private Limited 12/31/2019 Entity AA+ A-1+ Rating Watch - Developing Maintained
Neelum Jhelum Hydropower Company (Pvt) Ltd 12/24/2019 Sukuk 1 AAA Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt.) Limited 3/13/2020 Entity AA A-1+ Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt.) Limited 7/4/2019 Entity AA A-1+ Stable Reaffirmed
Rousch (Pakistan) Power Limited 6/28/2019 Entity AA- A-1 Stable Initial
Sindh Nooriabad Power Company Limited 11/15/2018 TFC-1 A Stable Upgrade
Sindh Nooriabad Power Company Phase-II (Pvt.) Limited 11/15/2018 TFC-2 A Stable Upgrade
Thal Power (Pvt.) Limited 12/12/2019 Entity AA A-1+ Stable Initial
Yunus Energy Limited 3/18/2020 Entity A+ A-1 Stable Reaffirmed
Zephyr Power (Pvt) Limited 8/26/2019 Entity A- A-2 Stable Reaffirmed

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Agha Steel Industries 10/18/2019 Entity A- A-2 Stable Downgrade
Agha Steel Industries 10/18/2019 Sukuk 1 A Stable Downgrade
Aisha Steel Mills Limited 10/31/2019 Entity A- A-2 Negative Maintained
Crescent Steel & Allied Products Limited 12/26/2018 Entity A A-2 Stable Downgrade
Crescent Steel & Allied Products Limited 12/26/2018 Sukuk 1 A+ Stable Preliminary
Ferrous Engineering Industry 5/23/2019 Entity BBB- A-2 Stable Initial
Frontier Foundary Steel (Pvt.) Limited 2/11/2019 Entity A- A-2 Stable Initial
International Industries Limited 6/21/2019 Entity AA- A-1 Stable Reaffirmed
International Steels Limited 6/21/2019 Entity A+ A-1 Stable Reaffirmed
Mannan Shahid Forgings Limited 4/18/2019 Entity A- A-2 Stable Initial
Mehboob Steel Pipe Industry 8/27/2019 Entity BBB- A-2 Stable Initial
Razaque Steels (Pvt.) Limited 3/9/2020 Entity BBB- A-3 Stable Reaffirmed

Sugar

Name Date Rating Type Long Term Short Term Outlook Action
Al-Noor Sugar Mills Ltd. 3/30/2020 Entity A- A-2 Stable Reaffirmed
Alliance Sugar Mills (Pvt.) Limited 1/20/2020 Entity A- A-2 Stable Initial
Almoiz Industries Ltd 2/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Chashma Sugar Mills Ltd 10/18/2019 Entity A- A-2 Stable Upgrade
Deharki Sugar Mills (Pvt) Limited 3/13/2019 Entity A- A-2 Stable Downgrade
Etihad Sugar Mills Limited 1/10/2020 Entity A- A-2 Stable Initial
Faran Sugar Mills Limited 3/20/2020 Entity A- A-2 Stable Reaffirmed
Fatima Sugar Mills Limited 2/12/2020 Entity A- A-2 Stable Initial
JDW Sugar Mills Ltd 3/13/2019 Entity A A-2 Stable Downgrade
Madina Sugar Mills Limited 7/24/2019 Entity A- A-2 Stable Reaffirmed
RYK Mills Limited 1/17/2020 Entity A A-2 Stable Initial
Shahmurad Sugar Mills Ltd 4/2/2020 Entity A- A-2 Stable Reaffirmed
Sheikhoo Sugar Mills Limited 11/7/2019 Entity A- A-2 Stable Reaffirmed
The Thal Industries Corporation Limited 2/27/2020 Entity A- A-2 Rating Watch - Developing Maintained
Two Star Industries (pvt.) Limited 4/22/2019 Entity A- A-2 Stable Initial

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 3/9/2020 Entity BB+ A-3 Stable Maintained
Muhammad Shafi Tanneries Pvt. Ltd 5/2/2019 Entity A- A-2 Negative Maintained
Universal Leather Pvt. Ltd. 5/9/2019 Entity BBB- A-3 Stable Downgrade

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
AA Spinning Mills Limited 2/26/2020 Entity A- A-2 Stable Reaffirmed
Ahmed Oriental Textile Mills Limited 1/17/2020 Entity BBB+ A-2 Stable Reaffirmed
Akhtar Textile Industries (Pvt) Ltd 11/27/2019 Entity A- A-2 Stable Reaffirmed
Akram Cotton Mills Limited 12/16/2019 Entity BBB A-2 Stable Upgrade
Al Karam Towel Industries (Pvt) Ltd 3/3/2020 Entity A- A-2 Stable Reaffirmed
Al Nasr Textiles Limited 4/30/2019 Entity A- A-2 Stable Initial
Al-Karam Textile Mills (Pvt) Limited 3/28/2019 Entity A A-2 Stable Initial
Arshad Corporation (Pvt) Ltd 4/3/2019 Entity BBB+ A-2 Stable Initial
Arshad Textile Mills Limited 4/3/2019 Entity BB+ A-3 Stable Initial
Artistic Denim Mills Ltd 9/5/2019 Entity A- A-1 Stable Reaffirmed
Artistic Milliners (Pvt) Limited 11/1/2019 Entity AA- A-1 Stable Reaffirmed
Best Exports Private Ltd 12/30/2019 Entity BBB A-2 Stable Reaffirmed
Best Fibres (Pvt.) Ltd 12/31/2019 Entity A- A-2 Stable Initial
Bhanero Textile Mills Ltd 2/21/2019 Entity A+ A-1 Stable Reaffirmed
Bhimra Textile Mills (Pvt.) Limited 3/26/2019 Entity BBB- A-2 Stable Initial
Blessed Textiles Ltd 2/21/2019 Entity A- A-1 Stable Reaffirmed
Chakwal Textile Mills Limited 6/19/2019 Entity BBB- A-2 Stable Initial
Crescent Bahuman Limited 12/20/2019 Entity A- A-2 Stable Initial
Din Textile Mills Limited 12/31/2018 Entity BBB+ A-2 Stable Initial
Eastern Spinning Mills Limited 2/13/2020 Entity Suspended
Faisal Spinning Mills Ltd 2/21/2019 Entity A A-1 Stable Reaffirmed
Feroze 1888 Mills Limited 11/13/2019 Entity AA- A-1 Stable Reaffirmed
Gadoon Textile Mills Limited 12/13/2019 Entity A+ A-1 Stable Reaffirmed
Gohar Textile Mills (Pvt.) Ltd 3/26/2019 Entity A A-1 Stable Initial
H.A Fibres Pvt. Limited 4/3/2019 Entity A- A-2 Stable Initial
Indigo Textile (Pvt.) Limited 11/27/2019 Entity A- A-2 Stable Reaffirmed
Indus Dyeing & Manufacturing Co Limited 5/9/2019 Entity A+ A-1 Stable Reaffirmed
Indus Home Limited 5/8/2019 Entity A- A-2 Stable Initial
Indus Lyallpur Limited 9/20/2019 Entity BBB+ A-2 Stable Initial
International Textile Limited 3/4/2019 Entity A A-2 Stable Initial
J.K Spinning Mills Limited 3/28/2019 Entity A- A-1 Stable Initial
Kamal Limited 2/27/2020 Entity A- A-2 Stable Reaffirmed
Khalid Shafique Spinning Mills Limited 2/18/2019 Entity BBB A-2 Stable Initial
Kohinoor Mills Limited 3/11/2019 Entity BBB+ A-2 Stable Initial
Lucky Knits (Pvt.) Limited 3/18/2019 Entity A- A-1 Stable Initial
Lucky Textile Mills Limited 11/18/2019 Entity AA- A-1 Stable Initial
M.K Sons Pvt. Ltd 12/30/2019 Entity A- A-2 Stable Initial
Masood Textile Mills Limited 6/21/2019 Entity A- A-2 Stable Reaffirmed
Masood Textile Mills Limited 6/21/2019 Sukuk 1 A Stable Preliminary
Master Textile Mills Limited 4/18/2019 Entity A A-1 Stable Initial
Metco Textile (Pvt.) Limited 2/8/2019 Entity A- A-2 Stable Initial
Mustaqim Dyeing and Printing Ind. (Pvt.) limited 12/13/2018 Entity A- A-2 Stable Initial
Nadeem Textile Mills Limited 3/9/2020 Entity BBB+ A-2 Stable Upgrade
Naveena Exports Limited 1/31/2020 Entity A A-1 Stable Upgrade
Naveena Industries Limited 2/28/2020 Entity BBB+ A-2 Positive Maintained
Pak kuwait Textiles Limited 4/30/2019 Entity BBB+ A-2 Stable Initial
Premium Textile Mills Limited 9/24/2019 Entity A- A-2 Stable Upgrade
Rajby Industries 11/29/2019 Entity A- A-2 Stable Initial
Rajby Textiles (Pvt) Limited 2/21/2020 Entity A- A-1 Stable Reaffirmed
Riaz Textile Mills (Pvt) Limited 2/13/2020 Entity Suspended
Rizwan Enterprises 1/13/2020 Entity A- A-2 Stable Initial
Sadaqat Limited 7/18/2019 Entity A A-2 Stable Reaffirmed
Sadaqat Limited 1/29/2020 TFC A Stable Preliminary
Sapphire Textile Mills Limited 12/5/2019 Entity A+ A-1 Positive Maintained
Shahbaz Garments Private Limited 5/2/2019 Entity BBB+ A-2 Stable Initial
Shahkam Industries (Pvt) Ltd 2/13/2020 Entity Suspended
Shahtaj Textile Limited 12/26/2019 Entity A- A-2 Stable Reaffirmed
Siara Textile Mills (Pvt.) Limited 3/26/2020 Entity BBB- A-2 Stable Reaffirmed
Sohail Textile Mills Limited 12/13/2019 Entity BBB- A-2 Stable Initial
Soorty Enterprises (Pvt) Limited 3/25/2020 Entity AA- A-1 Stable Reaffirmed
Sunrays Textile Mills Limited 12/30/2019 Entity A- A-1 Stable Initial
Suraj Cotton Mills Limited 1/9/2020 Entity A+ A-1 Stable Initial
Umar Spinning Mills (Pvt.) Limited 3/16/2020 Entity BBB+ A-2 Stable Reaffirmed
Union Apparel (Pvt.) Ltd 12/17/2019 Entity BBB A-2 Stable Initial
Union Fabrics (Pvt) Ltd 12/17/2019 Entity A- A-2 Stable Reaffirmed
Yunus Textile Mills Limited 6/28/2019 Entity AA- A-1+ Stable Initial
Z.A Corporation (Pvt.) Ltd 10/31/2019 Entity BBB A-2 Stable Initial
Zaman Textile Mills (Pvt.) Limited 11/29/2019 Entity A- A-2 Stable Reaffirmed
Zephyr Textiles Limited 12/4/2019 Entity BBB+ A-2 Stable Reaffirmed

Transport

Name Date Rating Type Long Term Short Term Outlook Action
FM Express 8/28/2019 Entity BBB A-3 Stable Initial
Sania Enterprises 8/28/2019 Entity BBB- A-3 Stable Initial

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
ABL Asset Management Limited 12/31/2019 Management Quality AM2++ Stable Reaffirmed
Al-Meezan Investment Management Limited 12/31/2019 Management Quality AM1 Stable Maintained
Arif Habib Dolmen REIT Management Limited 10/18/2019 Management Quality AM2 +(RMC) Stable Upgrade
AWT Investments Limited 1/18/2019 Management Quality AM3+ Stable Reaffirmed
Faysal Asset Management Limited 2/18/2020 Management Quality AM2 Stable Upgrade
HBL- Asset Management Limited 12/31/2019 Management Quality AM2+ Positive Reaffirmed
JS Investments Limited 12/31/2019 Management Quality AM2 Stable Maintained
Magnus Investment Advisors Limited 2/11/2020 Management Quality AM2+ (IA) Stable Reaffirmed
UBL Fund Managers Limited 12/31/2019 Management Quality AM1 Stable Reaffirmed

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 1/20/2020 Fund Stability AA+(f) Upgrade
ABL Government Securities Fund 1/20/2020 Fund Stability A+(f) Upgrade
ABL Income Fund 1/20/2020 Fund Stability A(f) Reaffirmed
ABL Islamic Income Fund 1/20/2020 Fund Stability A(f) Reaffirmed
Al Ameen Islamic Aggressive Income Fund 12/31/2019 Fund Stability BBB+(f) Reaffirmed
Al Ameen Islamic Cash Fund 12/31/2019 Fund Stability AA(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 12/31/2019 Fund Stability AA- (f) Reaffirmed
Askari Cash Fund 11/26/2019 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 11/26/2019 Fund Stability A+(f) Reaffirmed
BMA Empress Cash Fund 12/26/2019 Fund Stability AA+(f) Reaffirmed
Dolmen City REIT 10/18/2019 REIT Rating AAA (rr) Harmonised
Faysal Islamic Savings Growth Fund 5/13/2019 Fund Stability A+(f) Reaffirmed
First Habib Cash Fund 12/31/2019 Fund Stability AA(f) Reaffirmed
HBL Cash Fund 12/30/2019 Fund Stability AA(f) Reaffirmed
HBL Government Securities Fund 12/30/2019 Fund Stability A+(f) Reaffirmed
HBL Income Fund 12/30/2019 Fund Stability A(f) Reaffirmed
HBL Islamic Income Fund 12/30/2019 Fund Stability A+(f) Reaffirmed
HBL Islamic Money Market Fund 12/30/2019 Fund Stability AA(f) Reaffirmed
HBL Money Market Fund 12/30/2019 Fund Stability AA(f) Reaffirmed
Meezan Cash Fund 12/30/2019 Fund Stability AA(f) Reaffirmed
Meezan Islamic Income Fund 12/30/2019 Fund Stability A(f) Reaffirmed
Meezan Rozana Amdani Fund 5/16/2019 Fund Stability AA(f) Initial
Meezan Sovereign Fund 12/30/2019 Fund Stability AA- (f) Reaffirmed
UBL Government Securities Fund 12/31/2019 Fund Stability A+(f) Reaffirmed
UBL Growth & Income Fund 12/31/2019 Fund Stability A(f) Reaffirmed
UBL Income Opportunity Fund 12/31/2019 Fund Stability A-(f) Reaffirmed
UBL Liquidity Plus Fund 12/31/2019 Fund Stability AA(f) Reaffirmed
UBL Money Market Fund 12/31/2019 Fund Stability AA(f) Reaffirmed