Financial Institutions

Brokerage & Securities Firms

Name Date Rating Type Long Term Short Term Outlook Action
Adam Securities Limited 10/31/2017 Entity BB+ A-3 Stable Upgrade
Adam Securities Limited 11/21/2017 BMR BMR3++ Stable Initial
AKD Securities Limited 8/2/2016 Entity A A-2 Stable Downgrade
Arif Habib Limited 11/29/2016 Entity AA- A-1 Stable Reaffirmed
BIPL Securities Limited 10/9/2017 Entity A- A-2 Stable Initial
BIPL Securities Limited 10/17/2017 BMR BMR2+ Stable Initial
BMA Capital Management Limited 10/5/2016 Entity A- A-2 Stable Initial
Concordia Securities Pvt. Limited 10/31/2017 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
Foundation Securities Private Limited 11/1/2017 Entity A- A-2 Stable Initial
Integrated Equities Limited (Formerly: Integrated Equities Private Limited) 10/24/2017 BMR BMR3++ Stable Initial
Intermarket Securities Limited 8/31/2017 Entity BBB+ A-2 Stable Reaffirmed
Intermarket Securities Limited 10/6/2017 BMR BMR2 Stable Initial
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 11/2/2017 Entity Suspended
Taurus Securities Limited 10/2/2017 Entity A A-2 Stable Reaffirmed
Topline Securities Limited (Formerly Topline Securities Pvt. Limited) 7/19/2017 Entity A- A-2 Stable Reaffirmed
Topline Securities Limited (Formerly Topline Securities Pvt. Limited) 11/7/2017 BMR BMR2 Stable Initial

Commercial Banks

Name Date Rating Type Long Term Short Term Outlook Action
Al Baraka Bank (Pakistan) Limited 5/17/2017 Entity A+ A-1 Stable Upgrade
Al Baraka Bank (Pakistan) Limited 9/5/2017 Sukuk 1 A Stable Final
Askari Bank Ltd 6/30/2017 TFC-4 AA- Stable Maintained
Askari Bank Ltd 6/30/2017 TFC-5 AA- Stable Maintained
Bank Alfalah Ltd. 8/31/2017 Entity AA+ A-1+ Stable Reaffirmed
Bank Alfalah Ltd. 11/8/2017 TFC-1 AA- Stable Preliminary
Dubai Islamic Bank Pakistan Ltd 5/17/2017 Entity AA- A-1 Stable Upgrade
Dubai Islamic Bank Pakistan Ltd 9/5/2017 Sukuk 1 A+ Stable Final
Faysal Bank Limited 6/30/2017 Entity AA A-1+ Stable Reaffirmed
Faysal Bank Limited 6/30/2017 TFC-2 AA- Stable Reaffirmed
Habib Bank Limited 9/22/2017 Entity AAA A-1+ Negative Maintained
Habib Bank Limited 9/22/2017 TFC-1 AA+ Negative Downgrade
Meezan Bank Limited 6/22/2017 Entity AA A-1+ Stable Reaffirmed
Meezan Bank Limited 6/22/2017 Sukuk 1 AA- 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
Silk Bank Limited 4/24/2017 TFC-1 A- Stable Preliminary
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
Summit Bank Limited 6/30/2017 TFC-1 A- (SO) 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 Rating Type 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
Zarai Taraqiati Bank Limited 6/20/2017 Govt. Guaranteed Obligations AAA A-1+ Stable Reaffirmed

Insurance

Name Date Rating Type Long Term Short Term Outlook Action
Allianz EFU Health Insurance Limited 9/19/2017 IFS A+ Stable Reaffirmed
Alpha Insurance Company Limited 12/7/2016 IFS A Stable Reaffirmed
Askari General Insurance Company Limited 8/31/2017 IFS AA- Stable Reaffirmed
Century Insurance Company Limited 11/15/2017 IFS A+ Stable Reaffirmed
Chubb Insurance Pakistan Limited (ACE Insurance Limited) 12/30/2016 IFS AA Stable Reaffirmed
EFU General Insurance Limited 8/25/2017 IFS AA+ Stable Reaffirmed
EFU Life Assurance Limited 5/24/2016 IFS AA+ Stable Upgrade
Jubilee General Insurance Company Limited 11/8/2016 IFS AA+ Stable Reaffirmed
Jubilee Life Insurance Company Limited 9/23/2016 IFS AA+ Stable Reaffirmed
Pak-Kuwait Takaful Company Limited 1/20/2017 IFS Suspended
Pak-Qatar Family Takaful Limited 6/23/2017 IFS A Positive Maintained
Pak-Qatar General Takaful Limited 9/28/2017 IFS A- Stable Reaffirmed
Pakistan General Insurance Company Limited 12/30/2016 IFS A- Stable Maintained
Reliance Insurance Company Limited 12/29/2016 IFS A Positive Reaffirmed
Security General Insurance Company Limited 9/14/2017 IFS AA Stable Upgrade
Takaful Pakistan Limited 1/23/2017 IFS BBB+ Stable Reaffirmed
The Co-operative Insurance Society of Pakistan Limited 11/8/2016 IFS BB Stable Upgrade
UBL Insurers Limited 5/29/2017 IFS AA- Stable Upgrade

Investment Banks

Name Date Rating Type Long Term Short Term Outlook Action
First Credit and Investment Bank Limited 12/30/2016 Entity A- A-2 Stable Reaffirmed

Leasing

Name Date Rating Type 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 Rating Type Long Term Short Term Outlook Action
Advans Pakistan Microfinance Bank Ltd 9/29/2017 Entity BBB+ A-3 Stable Reaffirmed
ASA Pakistan Limited 6/23/2017 Entity BBB+ A-3 Stable Initial
FINCA Microfinance Bank Limited 10/31/2017 Entity A A-1 Stable Reaffirmed
KASHF Foundation 10/31/2017 Entity BBB+ A-3 Stable Reaffirmed
Khushhali Microfinance Bank Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 10/30/2017 Entity A A-1 Stable Reaffirmed
NRSP Micro Finance Bank Ltd 10/30/2017 TFC-1 A Stable Reaffirmed
Pak Oman Microfinance Bank Limited 9/29/2017 Entity A- A-2 Stable Upgrade
Telenor Microfinance Bank Limited (Formerly Tameer Micro Finance Bank Ltd). 10/31/2017 Entity A+ A-1 Stable Reaffirmed
The First MicroFinanceBank Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
U Microfinance Bank Limited 9/29/2017 Entity A- A-2 Stable Reaffirmed
U Microfinance Bank Limited 3/1/2017 TFC-1 BBB+ Stable Preliminary

Modarabas

Name Date Rating Type Long Term Short Term Outlook Action
Allied Rental Modaraba 10/2/2017 Entity A+ A-1 Stable Reaffirmed
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 Rating Type 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 Rating Type Long Term Short Term Outlook Action
Attock Cement Pakistan Limited 10/31/2017 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
Power Cement Ltd 7/10/2017 BLR A (blr) Preliminary
Superhighway Construction Operation and Rehabilitation Engineering (Pvt.) Limited 10/21/2016 Entity AA- A-1 Stable Initial
Thatta Cement Company Ltd 10/27/2017 Entity A- A-2 Stable Reaffirmed

Chemicals & Pharma

Name Date Rating Type Long Term Short Term Outlook Action
Aspin Pharma (Private) Limited 10/18/2017 Entity A A-2 Stable Initial
Aspin Pharma (Private) Limited 10/18/2017 Sukuk 1 A Stable Preliminary
Ittehad Chemicals Limited 12/20/2016 Entity A- A-2 Stable Reaffirmed
Sitara Chemical Industries Limited 11/14/2017 Entity A+ A-1 Positive Maintained

Consumer Goods

Name Date Rating Type Long Term Short Term Outlook Action
Bunny's Limited 9/29/2017 Entity A- A-2 Stable Reaffirmed
Haleeb Foods Limited 10/31/2017 Entity A A-2 Stable Initial
Matco Foods 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 PTC 1 AA Stable Reaffirmed
Treet Corporation Limited 12/20/2016 Entity AA- A-1 Stable Reaffirmed
Treet Corporation Limited 12/20/2016 Sukuk 1 AA- Stable Reaffirmed

Fertilizer

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

Miscellaneous

Name Date Rating Type Long Term Short Term Outlook Action
Avari Hotels Limited 8/31/2016 BLR A (blr) Stable Reaffirmed
Independent Media Corporation Pvt. Ltd 11/2/2015 Entity BB+ A-3 Stable Downgrade
International Brands Limited 7/19/2017 Sukuk 1 AA Stable Preliminary
International Brands Limited 7/20/2017 Entity A A-2 Stable Initial
Novatex Limited 9/25/2017 Entity AA- A-1 Stable Initial
Omar Jibran Engineering Industries Limited 7/6/2017 Entity A- A-2 Stable Initial

Oil & Gas

Name Date Rating Type Long Term Short Term Outlook Action
Hascol Petroleum Limited 11/1/2017 Entity AA- A-1 Stable Upgrade
Hascol Petroleum Limited 11/1/2017 Sukuk 1 AA Stable Upgrade
Jamshoro Joint Venture Limited 1/3/2017 Entity A+ A-1 Positive Reaffirmed
Oil & Gas Development Company Limited 10/31/2017 Entity AAA A-1+ Stable Reaffirmed
PGP Consortium Limited 10/7/2016 Entity A- A-2 Stable Initial
PGP Consortium Limited 10/7/2016 Pref Share BBB Stable Preliminary
PGP Consortium Limited 10/7/2016 Sukuk 1 A Stable Preliminary

Paper & Packaging

Name Date Rating Type Long Term Short Term Outlook Action
Century Paper & Board Mills Limited 5/23/2016 Entity A+ A-1 Stable Reaffirmed

Power Companies

Name Date Rating Type Long Term Short Term Outlook Action
Foundation Wind Energy I Limited 10/31/2017 Entity A+ A-1 Stable Reaffirmed
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Entity AA A-1 Stable Note
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Sukuk 2 AA Stable Note
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Sukuk 3 AA Stable Note
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited) 11/3/2016 Sukuk 4 AA+ Stable Note
Kot Addu Power Co. Ltd. 11/28/2016 Entity AA+ A-1+ Stable Reaffirmed
National Parks Power Management Company Private Limited 10/24/2017 Entity AA+ A-1+ Stable Initial
Neelum Jhelum Hydropower Company (Pvt) Ltd 9/13/2017 Sukuk 1 AAA Stable Reaffirmed
Quaid-e-Azam Solar Power (Pvt.) Limited 11/17/2017 Entity AA- A-1 Rating Watch - Developing Maintained
Quaid-e-Azam Thermal Power (Pvt.) Limited 10/31/2017 Entity AA A-1+ 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
Zephyr Power (Pvt) Limited 8/16/2017 Entity A- A-2 Stable Initial

Steel & Allied Products

Name Date Rating Type Long Term Short Term Outlook Action
Aisha Steel Mills Limited 10/5/2017 Entity A- A-2 Stable Initial
Crescent Steel & Allied Products Limited 7/3/2017 Entity A+ A-2 Stable Initial
Crescent Steel & Allied Products Limited 7/3/2017 CP A-2 Preliminary
Data Steel Pipes Industries (Pvt) Limited 10/23/2017 Entity BBB A-3 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 Rating Type 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 10/31/2017 Entity A A-2 Stable Reaffirmed
JDW Sugar Mills Ltd 10/31/2017 Entity A+ A-1 Stable Reaffirmed
JDW Sugar Mills Ltd 10/31/2017 TFC-2 AA- Stable Reaffirmed
Shahmurad Sugar Mills Ltd 4/28/2016 Entity A- A-2 Stable Reaffirmed

Tanneries and Leather Products

Name Date Rating Type Long Term Short Term Outlook Action
Mima Leather (Pvt) Ltd. 10/9/2017 Entity BBB- A-3 Negative Downgrade
Muhammad Shafi Tanneries Pvt. Ltd 6/17/2015 Entity A- A-2 Stable Reaffirmed
Universal Leather Pvt. Ltd. 10/16/2017 Entity BBB A-3 Negative Downgrade

Textiles

Name Date Rating Type Long Term Short Term Outlook Action
Bhanero Textile Mills Ltd 9/28/2017 Entity A+ A-1 Stable Initial
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
Union Fabrics (Pvt) Ltd 11/21/2017 Entity A- A-2 Stable Initial

Transport

Name Date Rating Type Long Term Short Term Outlook Action
Ali Gohar & Company Pvt. Ltd 11/7/2017 Entity A A-2 Stable Reaffirmed
Shaheen Air International Limited 9/23/2016 Entity A- A-2 Stable Initial

Management Quality

Asset Manager Quality

Name Date Rating Type Long Term Short Term Outlook Action
ABL Asset Management Limited 12/30/2016 Management Quality AM2+ Stable Reaffirmed
Al-Meezan Investment Management Limited 3/17/2017 Management Quality AM1 Stable Upgrade
Arif Habib Dolmen REIT Management Limited 8/18/2017 Management Quality AM2 (RMC) Stable Reaffirmed
Askari Investment Management 12/30/2016 Management Quality AM3+ Downgrade on Rating Watch
AWT Investments Limited (Formerly:Primus Investment Management Ltd) 12/15/2016 Management Quality AM3+ Rating Watch-Developing
Faysal Asset Management Limited 10/12/2017 Management Quality AM3+ Stable Downgrade
HBL- Asset Management Limited 12/29/2016 Management Quality AM2 Positive Maintained
JS Investments Limited 1/5/2017 Management Quality AM2 Stable Reaffirmed
Magnus Investment Advisors Limited 10/24/2017 Management Quality AM2 (IA) Positive Maintained
UBL Fund Managers Limited 12/30/2016 Management Quality AM2++ Stable Reaffirmed

Mutual Funds

Fund Ratings

Name Date Rating Type Long Term Short Term Outlook Action
ABL Cash Fund 12/30/2016 Fund Stability AA(f) Reaffirmed
ABL Government Securities Fund 12/30/2016 Fund Stability A(f) Reaffirmed
ABL Income Fund 12/30/2016 Fund Stability A(f) Reaffirmed
ABL Islamic Income Fund 12/30/2016 Fund Stability A(f) Reaffirmed
Al Ameen Islamic Aggressive Income Fund(Formerly: Al-Ameen Islamic Income Fund) 12/30/2016 Fund Stability BBB+(f) Reaffirmed
Al Ameen Islamic Cash Fund 12/29/2016 Fund Stability AA(f) Reaffirmed
Al Ameen Islamic Sovereign Fund 12/30/2016 Fund Stability AA- (f) Reaffirmed
Askari High Yield Scheme 12/30/2016 Fund Stability A(f) Reaffirmed
Askari Islamic Income Fund 12/30/2016 Fund Stability A+(f) Reaffirmed
Askari Sovereign Cash Fund 12/30/2016 Fund Stability AA+(f) Reaffirmed
Askari Sovereign Yield Enhancer 12/30/2016 Fund Stability A+(f) Reaffirmed
BMA Empress Cash Fund 1/2/2017 Fund Stability AA+(f) Reaffirmed
Dolmen City REIT 7/25/2017 REIT Rating RR1 Reaffirmed
Faysal Islamic Savings Growth Fund 11/21/2017 Fund Stability A+(f) Upgrade
First Habib Cash Fund 1/2/2017 Fund Stability AA(f) Reaffirmed
HBL Income Fund 1/11/2017 Fund Stability A(f) Reaffirmed
HBL Islamic Money Market Fund 1/5/2017 Fund Stability AA(f) Reaffirmed
HBL Money Market Fund 1/5/2017 Fund Stability AA(f) Reaffirmed
JS Cash Fund 12/30/2016 Fund Stability AA+(f) Reaffirmed
Meezan Cash Fund 12/30/2016 Fund Stability AA(f) Reaffirmed
Meezan Islamic Income Fund 12/30/2016 Fund Stability A-(f) Reaffirmed
Meezan Sovereign Fund 12/30/2016 Fund Stability AA(f) Reaffirmed
PICIC Cash Fund 1/5/2017 Fund Stability AA(f) Reaffirmed
PICIC Income Fund 1/5/2017 Fund Stability A(f) Reaffirmed
PICIC Islamic Income Fund 1/5/2017 Fund Stability A+(f) Upgrade
UBL Government Securities Fund 12/30/2016 Fund Stability A(f) Reaffirmed
UBL Growth & Income Fund 3/10/2017 Fund Stability A(f) Upgrade
UBL Income Opportunity Fund (Formerly UBL Financial Sector Bond Fund) 12/30/2016 Fund Stability A-(f) Reaffirmed
UBL Liquidity Plus Fund 12/29/2016 Fund Stability AA(f) Reaffirmed
UBL Money Market Fund (formerly UBL Saving Income Fund) 12/29/2016 Fund Stability AA(f) Reaffirmed