About Us


Utilizing decades of industry experience and functional expertise, PACRA seeks to be an agent of change, developing insightful risk solutions, transforming both the rating business and the industry in line with the best practices. Being the first rating agency in Pakistan, PACRA carries the onus of leadership. Hence, innovation and evolution in process and practices are defining attributes. PACRA is in the business to evaluate the capacity and willingness of an obligor to honor its financial obligations. Its credit rating opinion reflects an independent, professional and impartial assessment of the credit risk associated with a particular debt instrument or an entity. By providing a measurement of risk, this facilitates investors in making prudent investment decisions.
June 15, 1994 - a joint venture agreement is signed between International Finance Corporation (IFC) , Fitch Ratings , and Lahore Stock Exchange. This agreement heralded the creation of Pakistan’s first credit rating agency, the Pakistan Credit Rating Agency Limited (PACRA) on August 18, 1994. Introducing credit ratings at a time when even the concept of free capital market was not well-rooted in the country was no easy feat; however, PACRA accomplished just that. PACRA announced its first opinion in less than three months. PACRA fast gained a recognition on the perceived value and integrity of its opinion. During the initial years, PACRA relied heavily upon its technical partner, Fitch Ratings. The technical collaboration with a global rating agency ensured that PACRA developed a high quality rating process. This remained intact even after the mutually agreed decision in 2002 to terminate the said arrangement. Today, PACRA is recognized as a national rating agency by apex regulators of the country, the Securities and Exchange Commission of Pakistan and an external credit assessment institution (ECAI) by the State Bank of Pakistan. It has a vibrant presence in the region. In 2010, PACRA moved across borders and started providing technical collaboration to National Credit Ratings in Bangladesh. PACRA is one of founding members of Association of Credit Rating Agencies in Asia (ACRAA).


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PACRA is defined and understood in terms of its core values. Through the years, these simple, yet powerful values have continually guided PACRA and governed its character in its interactions with its clients and within. PACRA’s value system can be defined in one simple word – integrity; the practice of being consistent and reliable as per its set code of conduct, without exception. Just as as thought cannot be brought to life without will or effort, similarly, values cannot become core to an entity-be it an individual,society or an organization - without reinforcements. It is through integrity that the fulfillment of this process is ensured. At PACRA, integrity is ingrained in all dimensions of work ethic and personal character.


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PACRA was established in 1994 as a joint venture among Fitch Ratings (the world's leading international rating agency, at that time IBCA Ratings), International Finance Corporation (IFC) and the Lahore Stock Exchange (LSE). Initially, the three institutions, Fitch (44.45%), LSE (33.33%) and IFC (22.22%) subscribed to the shareholding of PACRA. In late 2002 Fitch and IFC offloaded their entire stake in PACRA.


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The Board of Directors of PACRA comprises seven professionals drawn from diverse fields. All Directors, except the Managing Director, are Non-Executive, while three of them are Independent. The day-to-day management of the Company is conducted by the Managing Director subject to the supervision and control of the Board of Directors. PACRA Board plays a pivotal role in ensuring good governance.


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T.E.A.M - Together Everyone Achieves More. An effective organization is one that grooms and nurtures effective teams - a group of highly focused, individuals driven by a common vision to achieve goals. At PACRA, it is believed that the synergistic efforts of the teams lead to triumph, more often than not. Guided by such belief, PACRA strives to provide an atmosphere which induces a sense of united purpose.