| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | HBL Microfinance Bank Limited | Tier 2 Capital TFC | PKR 1.5bln | Mar-24 Press Release | Report | History |
Banks | Debt Instrument | 03-May-24 | Initial | A | Stable | - |
| 2 | Ismail Industries Limited | PPSTS | PKR 4bln | Feb 24 Press Release | Report | History |
Food and Allied | Debt Instrument | 30-Apr-24 | Initial | A+ | Stable | - |
| 3 | K-Electric Limited | PPSTS-24 | PKR 2.804bln | Mar’24 Press Release | Report | History |
Energy | Debt Instrument | 30-Apr-24 | Initial | AA | Stable | - |
| 4 | K-Electric Limited | PPSTS-23 | PKR 5bln | Feb’24 Press Release | Report | History |
Energy | Debt Instrument | 30-Apr-24 | Initial | AA | Stable | - |
| 5 | Ismail Industries Limited | PPSTS | PKR 6bln | TBI Press Release | Report | History |
Food and Allied | Debt Instrument | 29-Apr-24 | Preliminary | A+ | Stable | - |
| 6 | The Hub Power Company Limited | PPSTS | PKR 6bln | TBI Press Release | Report | History |
Energy | Debt Instrument | 29-Apr-24 | Preliminary | AA+ | Stable | - |
| 7 | Mughal Iron & Steel Industries Limited | PP Sukuk Press Release | Report | History |
Infrastructure | Debt Instrument | 15-Apr-24 | Maintain | A+ | Stable | - |
| 8 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk II | PKR 1 Bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 08-Apr-24 | Initial | A | Stable | - |
| 9 | Mughal Iron & Steel Industries Limited | PPSTS | PKR 3bln | Apr-24 Press Release | Report | History |
Infrastructure | Debt Instrument | 05-Apr-24 | Preliminary | A+ | Stable | - |
| 10 | The Bank of Punjab | Additional Tier 1 Capital TFC | PKR 3.95bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 03-Apr-24 | Initial | AA- | Stable | - |
| 11 | Ghani Chemical Industries Limited | PP Sukuk | PKR 800mln | Jan-24 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 03-Apr-24 | Initial | A+ | Stable | - |
| 12 | Lucky Electric Power Company Limited | PPSTS-18 | PKR 7bln | TBI Press Release | Report | History |
Energy | Debt Instrument | 01-Apr-24 | Preliminary | AA | Stable | - |
| 13 | Lucky Electric Power Company Limited | PPSTS-16 | PKR 7bln | Feb24 Press Release | Report | History |
Energy | Debt Instrument | 28-Mar-24 | Initial | AA | Stable | - |
| 14 | Lucky Electric Power Company Limited | PPSTS-17 | PKR 5bln | TBI Press Release | Report | History |
Energy | Debt Instrument | 25-Mar-24 | Preliminary | AA | Stable | - |
| 15 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 01-Mar-24 | Maintain | AA- | Stable | - |
| 16 | OLP Financial Services Pakistan Limited | PPTFC (Formerly ORIX Leasing Pakistan Limited | PPTFC) Press Release | Report | History |
Non Banking Financial Institutes | Debt Instrument | 01-Mar-24 | Maintain | AA+ | Stable | - |
| 17 | Pakistan Mobile Communications Limited | PPSTS | PKR 15bln | TBI Press Release | Report | History |
Communication | Debt Instrument | 29-Feb-24 | Preliminary | AA | Stable | - |
| 18 | Engro PowerGen Thar (Private) Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 28-Feb-24 | Maintain | AA- | Stable | - |
| 19 | Airlink Communication Limited | PPSTS-I | PKR 3bln | Mar-24 Press Release | Report | History |
Communication | Debt Instrument | 23-Feb-24 | Preliminary | A+ | Stable | - |
| 20 | TPL Properties Limited | PPTFC | PKR 1.575bln | Dec 23 Press Release | Report | History |
Infrastructure | Debt Instrument | 19-Feb-24 | Initial | A+ | Stable | - |
| 21 | U Microfinance Bank Limited | TFC | PKR 3.5bln | Jun21
Press Release | Report | History |
Banks | Debt Instrument | 17-Feb-24 | Maintain | AA- | Stable | - |
| 22 | Lucky Electric Power Company Limited | PPSTS-15 | PKR 6bln | Dec23 Press Release | Report | History |
Energy | Debt Instrument | 16-Feb-24 | Initial | AA | Stable | - |
| 23 | Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 14-Feb-24 | Maintain | AA- | Stable | - |
| 24 | Bank Alfalah Limited | Additional Tier 1 TFC | 7bln Press Release | Report | History |
Banks | Debt Instrument | 14-Feb-24 | Maintain | AA- | Stable | - |
| 25 | K-Electric Limited - PPSTS-XXII | PKR 5.0 Bln | Jan'24 Press Release | Report | History |
Energy | Debt Instrument | 14-Feb-24 | Initial | AA | Stable | - |
| 26 | Mughal Iron & Steel Industries Limited | PP Sukuk | PKR 2.5bln | Dec-23 Press Release | Report | History |
Infrastructure | Debt Instrument | 06-Feb-24 | Initial | AA- | Stable | - |
| 27 | Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Press Release | Report | History |
Banks | Debt Instrument | 02-Feb-24 | Maintain | A- | Stable | - |
| 28 | Ghani Chemical Industries Limited | Sukuk | Feb-17 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 29-Jan-24 | Maintain | A | Stable | - |
| 29 | Khushhali Microfinance Bank Limited | PPTFC | PKR 1.5bln | Jun-22 Press Release | Report | History |
Banks | Debt Instrument | 19-Jan-24 | Downgrade | C | Negative | Yes |
| 30 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 12-Jan-24 | Maintain | AA- | Stable | Yes |
| 31 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 12-Jan-24 | Maintain | AA- | Stable | - |
| 32 | Pak Elektron Limited | PPSTS | PKR 2bln | TBI Press Release | Report | History |
Consumers Goods & Services | Debt Instrument | 11-Jan-24 | Preliminary | A+ | Stable | - |
| 33 | Nishat Mills Limited | PPSTS | PKR 10bln | Nov-23 Press Release | Report | History |
Textile & Allied | Debt Instrument | 05-Jan-24 | Initial | AA | Stable | - |
| 34 | JS Bank Limited | Tier II TFC | 3.5bln | Aug-23 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Initial | A+ | Positive | - |
| 35 | The Bank of Punjab | TFC II | April-18 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AA | Stable | - |
| 36 | Bank AL Habib Limited | Tier II TFC VIII | Sep-21 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AAA | Stable | - |
| 37 | Bank AL Habib Limited | Tier-II | TFC X | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AAA | Stable | - |
| 38 | Bank AL Habib Limited | Tier-I | TFC VI | Dec-17 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AA+ | Stable | - |
| 39 | Bank AL Habib Limited | Tier-I | TFC IX | Apr-22 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AA+ | Stable | - |
| 40 | Bank AL Habib Limited | Tier-II TFC (TFC-VII) Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AAA | Stable | - |
| 41 | The Bank of Punjab | Tier 2 | TFC-III | Apr-23 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AA | Stable | - |
| 42 | The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | AA- | Stable | - |
| 43 | JS Bank Limited | PPTFC | Dec-21 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | A+ | Positive | - |
| 44 | JS Bank Limited | TFC Tier 1 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Maintain | A | Positive | - |
| 45 | The Bank of Punjab | Tier 2 Capital TFC | PKR 10bln | TBI Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-23 | Preliminary | AA | Stable | - |
| 46 | Thar Energy Limited PP Short Term Sukuk - PKR 5.0 Bln | Apr-24 Press Release | Report | History |
Energy | Debt Instrument | 29-Dec-23 | Preliminary | AA- | Stable | - |
| 47 | WAPDA Dasu TFC-E Press Release | Report | History |
Energy | Debt Instrument | 29-Dec-23 | Preliminary | AAA | Stable | - |
| 48 | WAPDA Dasu Sukuk-E Press Release | Report | History |
Energy | Debt Instrument | 29-Dec-23 | Preliminary | AAA | Stable | - |
| 49 | Pakistan Services Limited | Sukuk | Mar-18 Press Release | Report | History |
Consumers Goods & Services | Debt Instrument | 29-Dec-23 | Downgrade | BB | Negative | Yes |
| 50 | Askari Bank Limited | Tier-II TFC (TFC-VII) Press Release | Report | History |
Banks | Debt Instrument | 28-Dec-23 | Maintain | AA | Stable | - |
| 51 | Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18 Press Release | Report | History |
Banks | Debt Instrument | 28-Dec-23 | Maintain | AA- | Stable | - |
| 52 | Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 28-Dec-23 | Maintain | A+ | Stable | - |
| 53 | Soneri Bank Limited | Tier 1 TFC Press Release | Report | History |
Banks | Debt Instrument | 28-Dec-23 | Maintain | A | Stable | - |
| 54 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk I | PKR 2 Bln| Apr-20 Press Release | Report | History |
Banks | Debt Instrument | 28-Dec-23 | Maintain | A | Stable | - |
| 55 | Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23 Press Release | Report | History |
Banks | Debt Instrument | 23-Dec-23 | Initial | AAA | Stable | - |
| 56 | Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 22-Dec-23 | Initial | AA | Stable | - |
| 57 | NRSP Microfinance Bank Limited | Tier II TFC Press Release | Report | History |
Banks | Debt Instrument | 21-Dec-23 | Maintain | A- | Negative | Yes |
| 58 | WAPDA Dasu Sukuk-D Press Release | Report | History |
Energy | Debt Instrument | 15-Dec-23 | Initial | AAA | Stable | - |
| 59 | WAPDA Dasu TFC-D Press Release | Report | History |
Energy | Debt Instrument | 15-Dec-23 | Initial | AAA | Stable | - |
| 60 | WAPDA | PPTFC | May-17 Press Release | Report | History |
Energy | Debt Instrument | 15-Dec-23 | Maintain | AAA | Stable | - |
| 61 | WAPDA | Sukuk | May-17 Press Release | Report | History |
Energy | Debt Instrument | 15-Dec-23 | Maintain | AAA | Stable | - |
| 62 | The Hub Power Company Limited | PPSTS | PKR 6bln | Nov-23 Press Release | Report | History |
Energy | Debt Instrument | 13-Dec-23 | Initial | AA+ | Stable | - |
| 63 | Hub Power Holdings Limited | Sukuk Press Release | Report | History |
Holding Company | Debt Instrument | 01-Dec-23 | Maintain | AA+ | Stable | - |
| 64 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 24-Nov-23 | Maintain | A | Stable | - |
| 65 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 21-Nov-23 | Maintain | A+ | Stable | - |
| 66 | WAPDA Dasu Sukuk-B Press Release | Report | History |
Energy | Debt Instrument | 20-Nov-23 | Maintain | AAA | Stable | - |
| 67 | WAPDA Dasu TFC-B Press Release | Report | History |
Energy | Debt Instrument | 17-Nov-23 | Maintain | AAA | Stable | - |
| 68 | WAPDA Dasu TFC-C Press Release | Report | History |
Energy | Debt Instrument | 17-Nov-23 | Maintain | AAA | Stable | - |
| 69 | WAPDA Dasu Sukuk-C Press Release | Report | History |
Energy | Debt Instrument | 17-Nov-23 | Maintain | AAA | Stable | - |
| 70 | Samba Bank Limited | PPTFC Press Release | Report | History |
Banks | Debt Instrument | 16-Nov-23 | Maintain | AA- | Stable | - |