The Pakistan Credit Rating Agency Limited
25-Sep-26
Analyst
Muhammad Umer Munir
umer.munir@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Non-Banking Finance Companies Rating | Jun-26
Related Research
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PACRA Withdraws the Entity Ratings of ISE Towers REIT Management Company Limited
| Rating Type | Entity | |
|
Current (25-Sep-26 ) |
Previous (28-Oct-25 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
In accordance with management’s decision, the ratings of ISE Towers REIT Management Company Limited are being withdrawn.
About
the Entity
ISE Towers REIT Management Company Limited, formerly Islamabad Stock Exchange (Guarantee) Limited, was converted into a REIT Management Company in 2016 following regulatory approvals. The Company’s principal activity is to form, launch, and manage REITs under the REIT Regulations, 2022. The Company is governed by an eleven-member Board, chaired by Haroon Ihsan Piracha, who also serves as CEO of HP Securities and President of National Cooperative Supply Corporation Limited. Sagheer Mushtaq serves as the Company’s CEO and has over 16 years of experience in finance, operations, and regulatory compliance.