| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | LT Rating | ST Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|---|
| - | FINCA Microfinance Bank Limited View |
Microfinance | Entity | 05-Mar-25 | - | - | - | - | - |
| 1 | Ghani Chemical Industries Limited Press Release | Report | History |
Industrial Gases | Entity | 18-May-26 | Maintain | A | A1 | Positive | - |
| 2 | Khadija Edible Oil Refinery (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 18-May-26 | Maintain | A- | A2 | Stable | - |
| 3 | TPL Corp Limited Press Release | Report | History |
Holding Companies | Entity | 16-May-26 | Maintain | A | A1 | Developing | - |
| 4 | Habib Metropolitan Financial Services Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 15-May-26 | Maintain | BFR 3+ | Stable | - | |
| 5 | Al Meezan Investment Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 15-May-26 | Maintain | AM1 | Stable | - | |
| 6 | Ismail Industries Limited - PPSTS-6 - PKR 8.0bln - Feb-26 Press Release | Report | History |
Food Products | Debt Instrument | 15-May-26 | Initial | AA- | A1 | Stable | - |
| 7 | Atlas Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA-(f) | Stable | - | |
| 8 | Atlas Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA-(f) | Stable | - | |
| 9 | Atlas Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA(f) | Stable | - | |
| 10 | Atlas Liquid Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA+(f) | Stable | - | |
| 11 | Atlas Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA+(f) | Stable | - | |
| 12 | Atlas Sovereign Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 15-May-26 | Maintain | AA-(f) | Stable | - | |
| 13 | Martin Dow Marker Limited Press Release | Report | History |
Pharmaceuticals | Entity | 15-May-26 | Maintain | A+ | A1 | Stable | - |
| 14 | JazzWorld Pakistan Limited (formerly Pakistan Mobile Communications Ltd) Press Release | Report | History |
Telecommunication | Entity | 15-May-26 | Maintain | AA | A1 | Stable | - |
| 15 | Descon Oxychem Limited Press Release | Report | History |
Chemicals | Entity | 15-May-26 | Maintain | A+ | A1 | Stable | - |
| 16 | Apna Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 15-May-26 | Maintain | BB | A4 | Negative | - |
| 17 | CSC Empowerment & Inclusion Programme Press Release | Report | History |
Microfinance | Social Impact and Performance Rating | 15-May-26 | Maintain | SIP3 | Stable | - | |
| 18 | Trans World Associates (Pvt.) Limited - PPSTS - PKR 1.5bln - Apr-26 Press Release | Report | History |
Telecommunication | Debt Instrument | 15-May-26 | Initial | A+ | A1 | Stable | - |
| 19 | H. Nizam Din & Sons (Pvt.) Limited Press Release | Report | History |
Relief | Entity | 13-May-26 | Maintain | A- | A2 | Stable | - |
| 20 | Entertainment Pakistan Limited Press Release | Report | History |
Real Estate | Entity | 13-May-26 | Maintain | BB | A3 | Stable | - |
| 21 | Neelum Oil and Ghee Industries (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 13-May-26 | Maintain | A- | A2 | Stable | - |
| 22 | Waheed Hafeez Ghee Industries (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 13-May-26 | Maintain | A- | A2 | Stable | - |
| 23 | Airlink Communication Limited - PPSTS-IX - PKR 3.0bln - Feb-26 Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 13-May-26 | Initial | A+ | A1 | Stable | - |
| 24 | Treet Battery Limited Press Release | Report | History |
Batteries | Entity | 12-May-26 | Initial | A- | A2 | Stable | - |
| 25 | Beacon Impex (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 12-May-26 | Maintain | A | A1 | Stable | - |
| 26 | BF Biosciences Limited Press Release | Report | History |
Pharmaceuticals | Entity | 12-May-26 | Maintain | A- | A2 | Stable | - |
| 27 | Ziauddin University Press Release | Report | History |
Education | Entity | 12-May-26 | Maintain | BBB | A2 | Stable | - |
| 28 | Rainbow Hosiery (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 12-May-26 | Maintain | BBB | A2 | Stable | - |
| 29 | Adam Securities Limited Press Release | Report | History |
Brokerage & Securities | Entity | 11-May-26 | Initial | A | A1 | Stable | - |
| 30 | Adam Securities Limited - BFR Press Release | Report | History |
Brokerage & Securities | BFR | 11-May-26 | Initial | BFR 2 | Stable | - | |
| 31 | Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - TBI Press Release | Report | History |
Composite and Garments | Debt Instrument | 11-May-26 | Preliminary | A | A1 | Stable | - |
| 32 | EFU General Insurance Limited Press Release | Report | History |
General Insurance | IFS | 09-May-26 | Maintain | AA++ (ifs) | Stable | - | |
| 33 | Hub Power Holdings Limited Press Release | Report | History |
Holding Companies | Entity | 08-May-26 | Maintain | AA | A1+ | Stable | - |
| 34 | KTRADE Securities Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 08-May-26 | Maintain | BFR 2 | Positive | - | |
| 35 | AKD Investment Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 07-May-26 | Maintain | AM2 | Stable | - | |
| 36 | Masood Textile Mills Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Composite and Garments | Debt Instrument | 06-May-26 | Preliminary | A | A1 | Stable | - |
| 37 | Aslam Energy (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 05-May-26 | Maintain | BBB+ | A2 | Stable | - |
| 38 | Flow Petroleum (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 05-May-26 | Maintain | A- | A2 | Stable | - |
| 39 | NBP Fund Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 05-May-26 | Maintain | AM1 | Stable | - | |
| 40 | JS Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | AA+(f) | Stable | - | |
| 41 | Faysal Islamic Asset Allocation Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 04-May-26 | Same | 4-Star | 4-Star | - | |
| 42 | JS Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | AA+(f) | Stable | - | |
| 43 | JS Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | AA(f) | Stable | - | |
| 44 | JS Government Securities Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | AA(f) | Stable | - | |
| 45 | JS Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | A+(f) | Stable | - | |
| 46 | JS Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | AA-(f) | Stable | - | |
| 47 | JS Microfinance Sector Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-May-26 | Maintain | A(f) | Stable | - | |
| 48 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Chemicals | Debt Instrument | 04-May-26 | Maintain | A | Stable | - | |
| 49 | Pakistan Oil Mills (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 04-May-26 | Upgrade | A | A2 | Stable | - |
| 50 | TPL Insurance Limited Press Release | Report | History |
General Insurance | IFS | 02-May-26 | Maintain | AA (ifs) | Stable | - | |
| 51 | Netracon Technologies (Pvt.) Limited Press Release | Report | History |
Construction | Entity | 30-Apr-26 | Initial | A- | A2 | Stable | - |
| 52 | Nishat Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 30-Apr-26 | Maintain | AA | A1+ | Stable | - |
| 53 | Infra Zamin Pakistan Limited Press Release | Report | History |
Credit Guarantee Institutions | Entity | 30-Apr-26 | Maintain | AAA | A1+ | Stable | - |
| 54 | Sefam (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 30-Apr-26 | Maintain | A- | A2 | Stable | - |
| 55 | Mahmood Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 30-Apr-26 | Maintain | A- | A1 | Stable | - |
| 56 | Mobilink Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 30-Apr-26 | Maintain | A | A1 | Stable | - |
| 57 | NRSP Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 30-Apr-26 | Maintain | A- | A2 | Stable | - |
| 58 | NRSP Microfinance Bank Limited | Tier II TFC Press Release | Report | History |
Microfinance | Debt Instrument | 30-Apr-26 | Maintain | A- | Stable | - | |
| 59 | Master Green Energy Limited Press Release | Report | History |
Power | Entity | 30-Apr-26 | Maintain | A | A1 | Stable | - |
| 60 | ASA Microfinance Bank (Pakistan) Limited Press Release | Report | History |
Microfinance | Entity | 29-Apr-26 | Maintain | A- | A2 | Stable | - |
| 61 | NBP Financial Sector Income Plus Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 29-Apr-26 | Initial | A+(f) | Stable | - | |
| 62 | Ferozsons Laboratories Limited Press Release | Report | History |
Pharmaceuticals | Entity | 28-Apr-26 | Maintain | A | A1 | Stable | - |
| 63 | BMA Islamic Noor Cash Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 27-Apr-26 | Initial | AA(f) | Stable | - | |
| 64 | BMA Money Market Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 27-Apr-26 | Initial | AA+(f) | Stable | - | |
| 65 | Daewoo Pakistan Express Bus Service Limited - PPSTS-II - PKR 4.0bln - Mar-26 Press Release | Report | History |
Trucks & Buses | Debt Instrument | 27-Apr-26 | Initial | A | A1 | Stable | - |
| 66 | MCB Cash Management Optimizer Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 67 | MCB DCF Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 68 | MCB Pakistan Sovereign Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 69 | Pakistan Income Enhancement Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | A+(f) | Stable | - | |
| 70 | Pakistan Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA(f) | Stable | - | |
| 71 | Pakistan Cash Management Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 72 | Alhamra Daily Dividend Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 73 | Alhamra Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Apr-26 | Maintain | AA(f) | Stable | - | |
| 74 | MCB Investment Savings Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 24-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 75 | Pakistan Synthetics Limited Press Release | Report | History |
Paper and Packaging | Entity | 24-Apr-26 | Maintain | A- | A2 | Stable | - |
| 76 | AGAHE Pakistan Press Release | Report | History |
Microfinance | Entity | 24-Apr-26 | Maintain | BBB | A3 | Stable | - |
| 77 | Reon Energy Limited – PPSTS – PKR 400mln – Dec-25 Press Release | Report | History |
Power | Debt Instrument | 23-Apr-26 | Initial | A | A1 | Stable | - |
| 78 | Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - TBI Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 23-Apr-26 | Preliminary | A+ | A1 | Stable | - |
| 79 | NBP Government Securities Plan - IV Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA(f) | Stable | - | |
| 80 | NBP Income Opportunity Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 81 | NBP Islamic Government Securities Plan – III Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA(f) | Stable | - | |
| 82 | NBP Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 83 | NBP Mahana Amdani Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 84 | NBP Islamic Mahana Amdani Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 85 | NBP Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA(f) | Stable | - | |
| 86 | NBP Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA(f) | Stable | - | |
| 87 | NBP Riba Free Saving Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 88 | NBP Savings Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 89 | NBP Financial Sector Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | A+(f) | Stable | - | |
| 90 | NBP Government Securities Liquid Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AAA(f) | Stable | - | |
| 91 | NBP Government Securities Savings Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 92 | Salman Paper Products (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 22-Apr-26 | Maintain | BBB | A2 | Stable | - |
| 93 | NBP Islamic Savings Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 94 | NBP Islamic Daily Dividend Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 22-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 95 | Flying Cement Company Limited Press Release | Report | History |
Cement | Entity | 18-Apr-26 | Maintain | A- | A2 | Stable | - |
| 96 | AKD Opportunity Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 17-Apr-26 | Improved | 3-Star | 3-Star | - | |
| 97 | AKD Islamic Stock Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 17-Apr-26 | Same | 2-Star | 3-Star | - | |
| 98 | Golden Arrow Stock Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 17-Apr-26 | Same | 3-Star | 3-Star | - | |
| 99 | Asif Rice Mills Press Release | Report | History |
Rice | Entity | 17-Apr-26 | Maintain | BBB+ | A2 | Stable | - |
| 100 | National Foods Limited Press Release | Report | History |
Food Products | Entity | 17-Apr-26 | Maintain | AA- | A1 | Stable | - |
| 101 | New Horizon Computer Press Release | Report | History |
Technology | Entity | 17-Apr-26 | Maintain | BBB- | A3 | Stable | - |
| 102 | The United Insurance Company of Pakistan Limited Press Release | Report | History |
General Insurance | IFS | 17-Apr-26 | Maintain | AA+ (ifs) | Stable | - | |
| 103 | GH2 Industries (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 15-Apr-26 | Maintain | A- | A2 | Stable | - |
| 104 | Crown Textile Press Release | Report | History |
Composite and Garments | Entity | 14-Apr-26 | Maintain | BBB- | A2 | Positive | - |
| 105 | Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Press Release | Report | History |
Microfinance | Debt Instrument | 13-Apr-26 | Maintain | A- | Stable | - | |
| 106 | AL Habib Islamic Savings Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 10-Apr-26 | Maintain | AA(f) | Stable | - | |
| 107 | AL Habib Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 10-Apr-26 | Maintain | AA(f) | Stable | - | |
| 108 | AL Habib Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 10-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 109 | AL Habib Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 10-Apr-26 | Maintain | AA(f) | Stable | - | |
| 110 | Packages Real Estate (Pvt.) Limited Press Release | Report | History |
Real Estate | Entity | 10-Apr-26 | Maintain | A | A1 | Stable | - |
| 111 | Hilal Foods (Pvt.) Limited Press Release | Report | History |
Food Products | Entity | 10-Apr-26 | Maintain | A- | A2 | Stable | - |
| 112 | Armstrong ZE (Pvt.) Limited Press Release | Report | History |
Tyres | Entity | 09-Apr-26 | Initial | A- | A2 | Stable | - |
| 113 | Al-Abbas Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 09-Apr-26 | Maintain | A+ | A1 | Stable | - |
| 114 | Lucky Islamic Cash Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 07-Apr-26 | Initial | AA(f) | Stable | - | |
| 115 | Lucky Electric Power Company Limited Press Release | Report | History |
Power | Entity | 06-Apr-26 | Maintain | AA | A1+ | Stable | - |
| 116 | ABL Cash Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 117 | ABL Financial Sector Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | A+(f) | Stable | - | |
| 118 | ABL Government Securities Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | AA-(f) | Stable | - | |
| 119 | ABL Income Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | A+(f) | Stable | - | |
| 120 | ABL Islamic Income Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | A+(f) | Stable | - | |
| 121 | ABL Money Market Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 06-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 122 | International Business Management Press Release | Report | History |
Paper and Packaging | Entity | 03-Apr-26 | Maintain | BB+ | A3 | Stable | - |
| 123 | Bikiya Industries (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 03-Apr-26 | Maintain | BB+ | A3 | Stable | - |
| 124 | Madiha International (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 03-Apr-26 | Maintain | BB+ | A3 | Stable | - |
| 125 | Mehran Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 03-Apr-26 | Maintain | A- | A2 | Stable | - |
| 126 | Optimus Capital Management (Pvt.) Limited Press Release | Report | History |
Brokerage & Securities | Entity | 03-Apr-26 | Maintain | A- | A2 | Stable | - |
| 127 | Noon Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 03-Apr-26 | Upgrade | A- | A2 | Stable | - |
| 128 | First Capital Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 03-Apr-26 | Maintain | AM4++ | Stable | - | |
| 129 | Mirpurkhas Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 03-Apr-26 | Maintain | A- | A2 | Stable | - |
| 130 | ABL Islamic Money Market Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 02-Apr-26 | Maintain | AA+(f) | Stable | - | |
| 131 | ABL Islamic Sovereign Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 02-Apr-26 | Maintain | AA(f) | Stable | - | |
| 132 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Power | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - | |
| 133 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Power | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - | |
| 134 | Faysal Bank Limited - PPSukuk - PKR 7.0bln - TBI Press Release | Report | History |
Commercial Banks | Debt Instrument | 31-Mar-26 | Preliminary | AA | Stable | - | |
| 135 | Faysal Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 31-Mar-26 | Upgrade | AA+ | A1+ | Stable | - |
| 136 | Masood Fabrics Limited Press Release | Report | History |
Composite and Garments | Entity | 30-Mar-26 | Downgrade | BBB- | A3 | Stable | - |
| 137 | Pak Qatar Islamic Stock Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 30-Mar-26 | 2-Star | - | |||
| 138 | Sindh Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 30-Mar-26 | Maintain | A | A1 | Stable | - |
| 139 | JS Investments Limited (JSIL) Press Release | Report | History |
Non-Banking Finance Companies | Entity | 28-Mar-26 | Maintain | A+ | A1 | Stable | - |
| 140 | HNDS Energy Limited Press Release | Report | History |
Power | Entity | 26-Mar-26 | Maintain | A | A2 | Stable | - |
| 141 | Meridian Energy Limited Press Release | Report | History |
Power | Entity | 26-Mar-26 | Maintain | A | A2 | Stable | - |
| 142 | Helios Power Limited Press Release | Report | History |
Power | Entity | 26-Mar-26 | Maintain | A | A2 | Stable | - |
| 143 | Ultra Pack (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 26-Mar-26 | Maintain | BBB | A2 | Stable | - |
| 144 | Sargodha Jute Mills Limited Press Release | Report | History |
Jute | Entity | 26-Mar-26 | Maintain | A- | A2 | Stable | - |
| 145 | Reliance Cotton Spinning Mills Limited Press Release | Report | History |
Spinning | Entity | 26-Mar-26 | Maintain | A- | A2 | Stable | - |
| 146 | H.A.R Fibres (Pvt.) Limited Press Release | Report | History |
Spinning | Entity | 26-Mar-26 | Maintain | BBB- | A2 | Stable | - |
| 147 | Qadir Agro Industries (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 26-Mar-26 | Maintain | BB+ | A3 | Stable | - |
| 148 | A. Rahim Foods (Pvt.) Limited Press Release | Report | History |
Food Products | Entity | 26-Mar-26 | Maintain | A- | A2 | Stable | - |
| 149 | SAFCO Microfinance Company (Private) Limited Press Release | Report | History |
Microfinance | Entity | 26-Mar-26 | Maintain | BBB | A3 | Stable | - |
| 150 | JWS Pakistan Press Release | Report | History |
Microfinance | Entity | 26-Mar-26 | Maintain | BBB | A3 | Positive | - |
| 151 | Airlink Communication Limited - PPSTS-VIII - PKR 3.0bln - Jan-26 Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 26-Mar-26 | Initial | A+ | A1 | Stable | - |
| 152 | Amreli Steels Limited Press Release | Report | History |
Steel | Entity | 26-Mar-26 | Maintain | CCC | A4 | Developing | - |
| 153 | NBP Balanced Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 25-Mar-26 | Same | 3-Star | 3-Star | - | |
| 154 | NBP Islamic Sarmaya Izafa Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 25-Mar-26 | Same | 3-Star | 3-Star | - | |
| 155 | NBP Islamic Stock Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 25-Mar-26 | Same | 3-Star | 4-Star | - | |
| 156 | NBP Sarmaya Izafa Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 25-Mar-26 | Same | 4-Star | 4-Star | - | |
| 157 | NBP Stock Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 25-Mar-26 | Same | 4-Star | 4-Star | - | |
| 158 | US Denim Mills (Pvt.) Limited Press Release | Report | History |
Weaving | Entity | 19-Mar-26 | Maintain | A | A1 | Stable | - |
| 159 | Kohinoor Energy Limited Press Release | Report | History |
Power | Entity | 19-Mar-26 | Maintain | AA | A1+ | Stable | - |
| 160 | Saif Power Limited Press Release | Report | History |
Power | Entity | 19-Mar-26 | Maintain | AA- | A1 | Stable | - |
| 161 | The Punjab Provincial Cooperative Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 19-Mar-26 | Upgrade | A- | A2 | Stable | - |
| 162 | Dr. Arslan Razaque Securities (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 19-Mar-26 | Maintain | BFR 3 | Stable | - | |
| 163 | KTM Leather (Pvt.) Limited Press Release | Report | History |
Leather | Entity | 19-Mar-26 | Maintain | BBB+ | A2 | Stable | - |
| 164 | Warble (Pvt.) Limited Press Release | Report | History |
Pesticides | Entity | 19-Mar-26 | Maintain | BBB | A2 | Stable | - |
| 165 | Welcon Chemicals (Pvt.) Limited Press Release | Report | History |
Pesticides | Entity | 19-Mar-26 | Maintain | BBB | A2 | Stable | - |
| 166 | Pak-Qatar Family Takaful Limited - PFM Press Release | Report | History |
Life Insurance | Pension Fund Managers | 19-Mar-26 | Upgrade | AM2+(p) | Stable | - | |
| 167 | Pak Qatar Asset Management Company Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 19-Mar-26 | Upgrade | AM2+ | Stable | - | |
| 168 | 786 Islamic Money Market Fund Press Release | Report | History |
Non-Banking Finance Companies | Stability Rating | 19-Mar-26 | Initial | AA(f) | Stable | - | |
| 169 | Mount Fuji Textiles Limited Press Release | Report | History |
Composite and Garments | Entity | 19-Mar-26 | Maintain | BBB+ | A2 | Stable | - |
| 170 | TPL Properties Limited Press Release | Report | History |
Real Estate | Entity | 19-Mar-26 | Downgrade | A | A1 | Developing | - |
| 171 | Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23 Press Release | Report | History |
Microfinance | Debt Instrument | 18-Mar-26 | Maintain | AAA | Stable | - | |
| 172 | Malik MIJ Chunxing Resources Recycling Company Limited Press Release | Report | History |
Metals | Entity | 18-Mar-26 | Maintain | A- | A2 | Stable | - |
| 173 | ASA Microfinance Bank (Pakistan) Limited Press Release | Report | History |
Microfinance | Social Impact and Performance Rating | 17-Mar-26 | Maintain | SIP2 | Positive | - | |
| 174 | Euro Oil (Pvt.) Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Oil Marketing Companies & Dealers | Debt Instrument | 17-Mar-26 | Preliminary | A- | A1 | Stable | - |
| 175 | Lucky Electric Power Company Limited - PPSTS-23 - PKR 6.0bln - TBI Press Release | Report | History |
Power | Debt Instrument | 16-Mar-26 | Preliminary | AA | A1+ | Stable | - |
| 176 | Hunza Sugar Mills (Pvt.) Limited Press Release | Report | History |
Sugar | Entity | 13-Mar-26 | Maintain | BBB+ | A2 | Stable | - |
| 177 | Unicol Limited Press Release | Report | History |
Sugar | Entity | 13-Mar-26 | Maintain | A | A1 | Stable | - |
| 178 | Fauji Cement Company Limited Press Release | Report | History |
Cement | Entity | 12-Mar-26 | Maintain | AA- | A1+ | Stable | - |
| 179 | Aba Ali Habib Securities (Pvt.) Limited Press Release | Report | History |
Brokerage & Securities | Entity | 12-Mar-26 | Maintain | A- | A2 | Stable | - |
| 180 | Aba Ali Habib Securities (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 12-Mar-26 | Maintain | BFR 2 | Stable | - | |
| 181 | Imperium Hospitality (Pvt.) Limited Press Release | Report | History |
Real Estate | Entity | 12-Mar-26 | Upgrade | A- | A2 | Stable | - |
| 182 | SGM Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 11-Mar-26 | Upgrade | BBB+ | A2 | Stable | - |
| 183 | Jauharabad Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 11-Mar-26 | Maintain | BBB+ | A2 | Positive | - |
| 184 | ARY Communications Limited Press Release | Report | History |
Media | Entity | 10-Mar-26 | Maintain | A | A1 | Stable | - |
| 185 | Halmore Power Generation Company Limited Press Release | Report | History |
Power | Entity | 09-Mar-26 | Maintain | AA- | A1 | Stable | - |
| 186 | Euro Oil (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 06-Mar-26 | Initial | A- | A2 | Stable | - |
| 187 | Roomi Fabrics Limited Press Release | Report | History |
Composite and Garments | Entity | 06-Mar-26 | Downgrade | BBB- | A3 | Negative | - |
| 188 | Nishat Mills Limited - PPSTS - PKR 5bln - Nov-25 Press Release | Report | History |
Composite and Garments | Debt Instrument | 06-Mar-26 | Initial | AA | A1+ | Stable | - |
| 189 | Zafar Securities (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 06-Mar-26 | Maintain | BFR 3+ | Stable | - | |
| 190 | Gul Ahmed Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 06-Mar-26 | Maintain | AA- | A1 | Stable | - |
| 191 | Shahzad Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 06-Mar-26 | Maintain | A- | A2 | Stable | - |
| 192 | Airlink Communication Limited - PPSTS-X - PKR 2.0bln - TBI Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 06-Mar-26 | Preliminary | A+ | A1 | Stable | - |
| 193 | Pak Oman Income Fund (Formerly Pak Oman Government Securities Fund) Press Release | Report | History |
Mutual Funds | Stability Rating | 05-Mar-26 | Maintain | A+(f) | Stable | - | |
| 194 | Askari High Yield Scheme Press Release | Report | History |
Mutual Funds | Stability Rating | 05-Mar-26 | Maintain | A(f) | Stable | - | |
| 195 | Pak Oman Advantage Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 05-Mar-26 | Maintain | A+(f) | Stable | - | |
| 196 | Mahaana Islamic Cash Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 05-Mar-26 | Maintain | AA+(f) | Stable | - | |
| 197 | Alfalah GHP Sovereign Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 05-Mar-26 | Upgrade | AA(f) | Stable | - | |
| 198 | UBL Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 05-Mar-26 | Upgrade | AAA(f) | Stable | - | |
| 199 | UBL Financial Services (Pvt.) Limited Press Release | Report | History |
Brokerage & Securities | Entity | 03-Mar-26 | Initial | A- | A2 | Stable | - |
| 200 | Lucky Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 03-Mar-26 | Upgrade | AM2++ | Stable | - | |
| 201 | First Capital Mutual Fund Press Release | Report | History |
Mutual Funds | Performance Ranking | 02-Mar-26 | Same | 3-Star | 3-Star | - | |
| 202 | Mughal Iron & Steel Industries Limited - Medium Term Sukuk - PKR 2.50bln - TBI Press Release | Report | History |
Steel | Debt Instrument | 02-Mar-26 | Preliminary | AA- | Stable | - | |
| 203 | Mughal Iron & Steel Industries Limited - Syndicated TFC - PKR 2.50bln - TBI Press Release | Report | History |
Steel | Debt Instrument | 02-Mar-26 | Preliminary | AA- | Stable | - | |
| 204 | Mughal Iron & Steel Industries Limited - PPSTS - PKR 1.5bln - Nov-25 Press Release | Report | History |
Steel | Debt Instrument | 27-Feb-26 | Initial | A+ | A1 | Stable | - |
| 205 | Adamjee Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 27-Feb-26 | Maintain | AA++ (ifs) | Stable | - | |
| 206 | Masood Spinning Mills Limited Press Release | Report | History |
Spinning | Entity | 27-Feb-26 | Maintain | A- | A2 | Stable | - |
| 207 | Poly Pack (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 27-Feb-26 | Maintain | A- | A2 | Stable | - |
| 208 | Brainchild Communications Pakistan (Pvt.) Limited Press Release | Report | History |
Media | Entity | 27-Feb-26 | Maintain | BBB+ | A2 | Stable | - |
| 209 | OLP Modaraba Press Release | Report | History |
Non-Banking Finance Companies | Entity | 27-Feb-26 | Maintain | AA | A1+ | Stable | - |
| 210 | Basfa Textile (Pvt.) Limited Press Release | Report | History |
Spinning | Entity | 27-Feb-26 | Maintain | BBB | A2 | Stable | - |
| 211 | Allawasaya Textile & Finishing Mills Limited Press Release | Report | History |
Spinning | Entity | 27-Feb-26 | Maintain | BBB- | A2 | Stable | - |
| 212 | Newage Cables (Pvt.) Limited Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 27-Feb-26 | Maintain | A- | A2 | Stable | - |
| 213 | D.G. Khan Cement Company Limited Press Release | Report | History |
Cement | Entity | 26-Feb-26 | Maintain | AA- | A1+ | Stable | - |
| 214 | IGI General Insurance Limited Press Release | Report | History |
General Insurance | IFS | 21-Feb-26 | Maintain | AA+ (ifs) | Stable | - | |
| 215 | US Apparel & Textiles (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 20-Feb-26 | Maintain | A+ | A1 | Stable | - |
| 216 | Jadeed Feeds Industries (Pvt.) Limited Press Release | Report | History |
Poultry Feed | Entity | 20-Feb-26 | Maintain | A- | A2 | Stable | - |
| 217 | Alhamd Corporation (Pvt.) Limited Press Release | Report | History |
Spinning | Entity | 20-Feb-26 | Maintain | A- | A2 | Stable | - |
| 218 | Hyundai Nishat Motor (Pvt.) Limited Press Release | Report | History |
Passenger Cars | Entity | 20-Feb-26 | Maintain | A+ | A1 | Stable | - |
| 219 | Fecto Cement Limited Press Release | Report | History |
Cement | Entity | 20-Feb-26 | Maintain | A- | A2 | Stable | - |
| 220 | Kashf Foundation Press Release | Report | History |
Microfinance | Entity | 20-Feb-26 | Maintain | A | A1 | Stable | - |
| 221 | Select Technologies (Pvt.) Limited Press Release | Report | History |
Mobile Phone and Allied Products | Entity | 20-Feb-26 | Maintain | A | A1 | Stable | - |
| 222 | Zarea Limited - PPSTS - PKR 1bln - Jan-26 Press Release | Report | History |
Technology | Debt Instrument | 20-Feb-26 | Initial | A- | A1 | Stable | - |
| 223 | Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - Feb-26 Press Release | Report | History |
Spinning | Debt Instrument | 20-Feb-26 | Initial | A- | A1 | Stable | - |
| 224 | Descon Engineering Limited Press Release | Report | History |
Construction | Entity | 18-Feb-26 | Maintain | AA- | A1 | Positive | - |
| 225 | Liberty Wind Power 2 Limited Press Release | Report | History |
Power | Entity | 18-Feb-26 | Maintain | A | A1 | Stable | - |
| 226 | Liberty Wind Power 1 Limited Press Release | Report | History |
Power | Entity | 18-Feb-26 | Maintain | A | A1 | Stable | - |
| 227 | Select Technologies (Pvt.) Limited - PPSTS - IV- PKR 3.5bln - Dec-25 Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 18-Feb-26 | Initial | A | A1 | Stable | - |
| 228 | JazzWorld Pakistan Limited (Formerly Pakistan Mobile Communications Limited)- Sukuk - PKR 5bln - TBI Press Release | Report | History |
Telecommunication | Debt Instrument | 17-Feb-26 | Maintain | AA | Stable | - | |
| 229 | Jinn Petroleum (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 17-Feb-26 | Maintain | BBB+ | A2 | Stable | - |
| 230 | Gas & Oil Pakistan Limited | GO Long Term Sukuk-I | PKR 2.5bln | Dec-25 Press Release | Report | History |
Oil Marketing Companies & Dealers | Debt Instrument | 14-Feb-26 | Initial | AA | Stable | - | |
| 231 | Gas & Oil Pakistan Limited - PPSTS - PKR 10bln – Jan-26 Press Release | Report | History |
Oil Marketing Companies & Dealers | Debt Instrument | 14-Feb-26 | Initial | AA | A1+ | Stable | - |
| 232 | Gas & Oil Pakistan Limited - PPSukuk - PKR 5.0bln - TBI Press Release | Report | History |
Oil Marketing Companies & Dealers | Debt Instrument | 14-Feb-26 | Preliminary | AA+ | Stable | - | |
| 233 | Sindh Abadgars Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 13-Feb-26 | Maintain | BBB | A2 | Positive | - |
| 234 | Maqbool Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 13-Feb-26 | Downgrade | BBB- | A3 | Stable | - |
| 235 | Nishat Packaging Limited Press Release | Report | History |
Paper and Packaging | Entity | 13-Feb-26 | Maintain | A | A1 | Stable | - |
| 236 | Gul Ahmed Electric Limited Press Release | Report | History |
Power | Entity | 13-Feb-26 | Maintain | A | A2 | Stable | - |
| 237 | WE Financial Services Limited Press Release | Report | History |
Brokerage & Securities | BFR | 12-Feb-26 | Initial | BFR 3 | Positive | - | |
| 238 | Ahmed Fine Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 12-Feb-26 | Maintain | A | A1 | Stable | - |
| 239 | Gharibwal Cement Limited Press Release | Report | History |
Cement | Entity | 12-Feb-26 | Maintain | A | A1 | Stable | - |
| 240 | K.K. Rice Mills (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 12-Feb-26 | Upgrade | BBB+ | A2 | Stable | - |
| 241 | Panther Tyres Limited - PPSTS - PKR 2.0bln | Jan-26 Press Release | Report | History |
Tyres | Debt Instrument | 12-Feb-26 | Initial | A | A1 | Stable | - |
| 242 | Alhamra Islamic Money Market Fund (Formerly: MCB Pakistan Frequent Payout Fund) Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Feb-26 | Maintain | AA+(f) | Stable | - | |
| 243 | Daewoo Pakistan Express Bus Service Limited - PPSTS - PKR 2.0bln - Dec-25 Press Release | Report | History |
Trucks & Buses | Debt Instrument | 12-Feb-26 | Initial | A | A1 | Stable | - |
| 244 | JS Fixed Term Munafa Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 11-Feb-26 | Maintain | AAA(f) | Stable | - | |
| 245 | FFO Support Program Press Release | Report | History |
Microfinance | Entity | 10-Feb-26 | Initial | BB+ | A3 | Stable | - |
| 246 | Shams Power Limited Press Release | Report | History |
Power | Entity | 10-Feb-26 | Initial | A- | A2 | Stable | - |
| 247 | Mehmooda Maqbool Mills Limited Press Release | Report | History |
Edible Oil | Entity | 06-Feb-26 | Maintain | BBB+ | A2 | Stable | - |
| 248 | Pak Qatar General Takaful Limited Press Release | Report | History |
General Insurance | IFS | 06-Feb-26 | Maintain | A+ (ifs) | Positive | - | |
| 249 | AL Habib Exchange Company (Pvt.) Limited Press Release | Report | History |
Non-Banking Finance Companies | Entity | 06-Feb-26 | Initial | A+ | A1 | Stable | - |
| 250 | Denim-E (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 06-Feb-26 | Maintain | BBB- | A2 | Positive | - |
| 251 | Eva Foods (Pvt.) Ltd (formerly: Shujabad Agro Industries (Pvt.) Limited) Press Release | Report | History |
Edible Oil | Entity | 06-Feb-26 | Maintain | A- | A2 | Stable | - |
| 252 | Jadeed Oil Extraction (Private) Limited Press Release | Report | History |
Edible Oil | Entity | 06-Feb-26 | Maintain | BBB- | A3 | Positive | - |
| 253 | Punjab Oil Mills Limited Press Release | Report | History |
Edible Oil | Entity | 06-Feb-26 | Maintain | BBB+ | A2 | Stable | - |
| 254 | Ibrahim Fibres Limited Press Release | Report | History |
Polyester | Entity | 06-Feb-26 | Maintain | AA | A1+ | Stable | - |
| 255 | Askari General Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 04-Feb-26 | Maintain | AA+ (ifs) | Stable | - | |
| 256 | Sindh Insurance Limited Press Release | Report | History |
General Insurance | IFS | 31-Jan-26 | Upgrade | AA (ifs) | Stable | - | |
| 257 | Salaam Takaful Limited Press Release | Report | History |
General Insurance | IFS | 30-Jan-26 | Maintain | A++ (ifs) | Stable | - | |
| 258 | Jasons Commodities Press Release | Report | History |
Rice | Entity | 30-Jan-26 | Maintain | BBB | A2 | Stable | - |
| 259 | Mashreq Bank Pakistan Limited Press Release | Report | History |
Digital Banks | Entity | 29-Jan-26 | Initial | AA | A1 | Stable | - |
| 260 | Sitara Heights (Pvt.) Limited Press Release | Report | History |
Real Estate | Entity | 29-Jan-26 | Maintain | A- | A2 | Stable | - |
| 261 | AL Habib Capital Markets (Pvt.) Limited Press Release | Report | History |
Brokerage & Securities | Entity | 27-Jan-26 | Maintain | A | A1 | Stable | - |
| 262 | Energy Infrastructure Holding (Pvt.) Limited Press Release | Report | History |
Holding Companies | Entity | 23-Jan-26 | Maintain | A- | A1 | Stable | - |
| 263 | Ali Embroidery Mills (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 23-Jan-26 | Maintain | BBB | A2 | Stable | - |
| 264 | Latif Textile Mills (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 22-Jan-26 | Maintain | BBB- | A2 | Positive | - |
| 265 | Zahir Khan & Brothers Press Release | Report | History |
Construction | Entity | 21-Jan-26 | Maintain | A | A2 | Stable | - |
| 266 | Techno Time Construction (Pvt.) Limited Press Release | Report | History |
Construction | Entity | 21-Jan-26 | Maintain | BBB+ | A2 | Stable | - |
| 267 | Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18 Press Release | Report | History |
Commercial Banks | Debt Instrument | 16-Jan-26 | Maintain | AA- | Stable | - | |
| 268 | Al-Khair Rice Mills (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 16-Jan-26 | Upgrade | BBB+ | A2 | Stable | - |
| 269 | Dynamic Packaging (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 16-Jan-26 | Upgrade | BBB+ | A2 | Stable | - |
| 270 | University of Management and Technology Press Release | Report | History |
Education | Entity | 15-Jan-26 | Upgrade | A | A1 | Stable | - |
| 271 | Loads Limited Press Release | Report | History |
Automotive Parts | Entity | 15-Jan-26 | Maintain | A | A1 | Stable | - |
| 272 | The Bank of Punjab | Tier 2 | TFC-III | Apr-23 Press Release | Report | History |
Commercial Banks | Debt Instrument | 12-Jan-26 | Maintain | AA | Stable | - | |
| 273 | The Bank of Punjab | TFC II | April-18 Press Release | Report | History |
Commercial Banks | Debt Instrument | 12-Jan-26 | Maintain | AA | Stable | - | |
| 274 | The Bank of Punjab | Additional Tier 1 Capital TFC | PKR 3.95bln | Feb-24 Press Release | Report | History |
Commercial Banks | Debt Instrument | 12-Jan-26 | Maintain | AA- | Stable | - | |
| 275 | The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22 Press Release | Report | History |
Commercial Banks | Debt Instrument | 12-Jan-26 | Maintain | AA- | Stable | - | |
| 276 | The Bank of Punjab | Tier 2 Capital TFC | PKR 7.5695bln | Jun-24 Press Release | Report | History |
Commercial Banks | Debt Instrument | 12-Jan-26 | Maintain | AA | Stable | - | |
| 277 | Tourism Promotion Services (Pakistan) Limited Press Release | Report | History |
Hotel & Lodging | Entity | 12-Jan-26 | Maintain | AA | A1 | Stable | - |
| 278 | Kohat Cement Company Limited Press Release | Report | History |
Cement | Entity | 12-Jan-26 | Maintain | A+ | A1 | Stable | - |
| 279 | Oursun Pakistan Limited Press Release | Report | History |
Power | Entity | 09-Jan-26 | Maintain | A+ | A1 | Stable | - |
| 280 | Polaris Danah Natural Resource Development (Pvt.) Limited Press Release | Report | History |
Oil Exploration & Production | Entity | 08-Jan-26 | Maintain | BB | A3 | Stable | - |
| 281 | Mari Energies Limited Press Release | Report | History |
Oil Exploration & Production | Entity | 08-Jan-26 | Maintain | AAA | A1+ | Stable | - |
| 282 | JS Investments Limited | RMR Press Release | Report | History |
Real Estate | REIT Manager Rating | 08-Jan-26 | Upgrade | RM 3+ | Stable | - | |
| 283 | Mukab REIT Management Company Limited Press Release | Report | History |
Real Estate | REIT Manager Rating | 07-Jan-26 | Initial | RM 4 | Stable | - | |
| 284 | Sabirs' Vegetable Oils (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 07-Jan-26 | Upgrade | BBB+ | A2 | Stable | - |
| 285 | Jubilee Life Insurance Company Limited Press Release | Report | History |
Life Insurance | IFS | 05-Jan-26 | Maintain | AA++ (ifs) | Stable | - | |
| 286 | Select Technologies (Pvt.) Limited - PPSTS-III - PKR 2.0bln - Oct-25 Press Release | Report | History |
Mobile Phone and Allied Products | Debt Instrument | 05-Jan-26 | Initial | A | A1 | Stable | - |
| 287 | Multi Resin Industries Press Release | Report | History |
Chemicals | Entity | 02-Jan-26 | Maintain | BBB- | A2 | Stable | - |
| 288 | Foundation Power Company Daharki Limited Press Release | Report | History |
Power | Entity | 02-Jan-26 | Maintain | AA- | A1+ | Stable | - |
| 289 | JS Rental REIT Press Release | Report | History |
Real Estate | Rental REIT Fund | 02-Jan-26 | Maintain | A+(rr) | Positive | - | |
| 290 | Pak Oman Micro Finance Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 01-Jan-26 | Maintain | A-(f) | Stable | - | |
| 291 | Jhulay Lal Parboiled Rice Mill Press Release | Report | History |
Rice | Entity | 31-Dec-25 | Maintain | BBB | A2 | Stable | - |
| 292 | Bank Alfalah Limited | Additional Tier 1 TFC | 7bln Press Release | Report | History |
Commercial Banks | Debt Instrument | 31-Dec-25 | Maintain | AA+ | Stable | - | |
| 293 | Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22 Press Release | Report | History |
Commercial Banks | Debt Instrument | 31-Dec-25 | Maintain | AA+ | Stable | - | |
| 294 | A.U.A Securities (Pvt.) Limited - BFR Press Release | Report | History |
Brokerage Firms | BFR | 31-Dec-25 | Initial | BFR 4 | Stable | - | |
| 295 | Kassim Textiles (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 30-Dec-25 | Maintain | A- | A2 | Stable | - |
| 296 | JS Fixed Term Munafa Fund II Press Release | Report | History |
Mutual Funds | Stability Rating | 30-Dec-25 | Initial | AAA(f) | Stable | - | |
| 297 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk I | PKR 2 Bln| Apr-20 Press Release | Report | History |
Commercial Banks | Debt Instrument | 30-Dec-25 | Maintain | A | Stable | - | |
| 298 | JS Bank Limited | Tier II TFC | 3.5bln | Aug-23 Press Release | Report | History |
Commercial Banks | Debt Instrument | 30-Dec-25 | Maintain | AA- | Stable | - | |
| 299 | JS Bank Limited | PPTFC | 2.5bln | Dec-21 Press Release | Report | History |
Commercial Banks | Debt Instrument | 30-Dec-25 | Maintain | AA- | Stable | - | |
| 300 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk II | PKR 1 Bln | Feb-24 Press Release | Report | History |
Commercial Banks | Debt Instrument | 30-Dec-25 | Maintain | A | Stable | - | |
| 301 | JS Bank Limited | TFC Tier 1 | 2.5bln | Dec-18 Press Release | Report | History |
Commercial Banks | Debt Instrument | 30-Dec-25 | Maintain | A+ | Stable | - | |
| 302 | Bank AL Habib Limited | Tier II TFC VIII | Sep-21 Press Release | Report | History |
Commercial Banks | Debt Instrument | 29-Dec-25 | Maintain | AAA | Stable | - | |
| 303 | Bank AL Habib Limited | Tier-II | TFC X | PKR 7bln | Dec'22 Press Release | Report | History |
Commercial Banks | Debt Instrument | 29-Dec-25 | Maintain | AAA | Stable | - | |
| 304 | Bank AL Habib Limited | Tier-I | TFC VI | Dec-17 Press Release | Report | History |
Commercial Banks | Debt Instrument | 29-Dec-25 | Maintain | AA+ | Stable | - | |
| 305 | Bank AL Habib Limited | Tier-I | TFC IX | Apr-22 Press Release | Report | History |
Commercial Banks | Debt Instrument | 29-Dec-25 | Maintain | AA+ | Stable | - | |
| 306 | ACT2 Din Wind (Pvt) Limited ( formerly: ACT2 Wind (Pvt.) Limited ) Press Release | Report | History |
Power | Entity | 29-Dec-25 | Maintain | A- | A2 | Stable | - |
| 307 | Ahmad Hassan Textile Mills Limited Press Release | Report | History |
Weaving | Entity | 27-Dec-25 | Maintain | BBB+ | A2 | Stable | - |
| 308 | Attock Petroleum Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 26-Dec-25 | Initial | AA | A1+ | Stable | - |
| 309 | HBL Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 26-Dec-25 | Maintain | A+ | A1 | Stable | - |
| 310 | Interwood Mobel (Pvt.) Limited Press Release | Report | History |
Furniture & Fixtures | Entity | 26-Dec-25 | Maintain | A- | A2 | Stable | - |
| 311 | DEL Engineering Domestic (Pvt.) Limited Press Release | Report | History |
Holding Companies | Entity | 26-Dec-25 | Maintain | AA- | A1 | Stable | - |
| 312 | Meko Denim Mills (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 26-Dec-25 | Maintain | BBB+ | A2 | Positive | - |
| 313 | Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22 Press Release | Report | History |
Commercial Banks | Debt Instrument | 26-Dec-25 | Maintain | A+ | Stable | - | |
| 314 | Soneri Bank Limited | Tier 1 TFC Press Release | Report | History |
Commercial Banks | Debt Instrument | 26-Dec-25 | Maintain | A | Stable | - | |
| 315 | Dr. Ziauddin Hospital Trust Press Release | Report | History |
Healthcare | Entity | 26-Dec-25 | Maintain | A- | A2 | Stable | - |
| 316 | Allah Tawaqal Metals (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 26-Dec-25 | Maintain | BB+ | A3 | Stable | - |
| 317 | China Power Hub Generation Company (Pvt.) Limited Press Release | Report | History |
Power | Entity | 26-Dec-25 | Maintain | AA+ | A1+ | Stable | - |
| 318 | Matracon Pakistan (Pvt.) Limited Press Release | Report | History |
Construction | Entity | 26-Dec-25 | Upgrade | BBB+ | A2 | Stable | - |
| 319 | Cherat Cement Company Limited Press Release | Report | History |
Cement | Entity | 26-Dec-25 | Maintain | A+ | A1 | Stable | - |
| 320 | Service Global Footwear Limited Press Release | Report | History |
Footwear | Entity | 24-Dec-25 | Maintain | A+ | A1 | Stable | - |
| 321 | Alfalah Financial Sector Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Dec-25 | Maintain | A+(f) | Stable | - | |
| 322 | Alfalah Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Dec-25 | Maintain | AA(f) | Stable | - | |
| 323 | Alfalah Islamic Sovereign Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 24-Dec-25 | Maintain | AA+(f) | Stable | - | |
| 324 | Al Rahim Textile Industries Limited Press Release | Report | History |
Towels | Entity | 24-Dec-25 | Maintain | A | A1 | Stable | - |
| 325 | Pak-Qatar Family Takaful Limited Press Release | Report | History |
Life Insurance | IFS | 23-Dec-25 | Upgrade | AA (ifs) | Stable | - | |
| 326 | Cherat Packaging Limited Press Release | Report | History |
Paper and Packaging | Entity | 23-Dec-25 | Maintain | A | A1 | Positive | - |
| 327 | Siddiqsons Tinplate Limited Press Release | Report | History |
Paper and Packaging | Entity | 23-Dec-25 | Maintain | A- | A2 | Developing | - |
| 328 | TPL REIT Management Company Limited Press Release | Report | History |
Real Estate | REIT Manager Rating | 23-Dec-25 | Maintain | RM 3+ | Stable | - | |
| 329 | TPL REIT Fund I Press Release | Report | History |
Real Estate | REIT Fund Rating | 23-Dec-25 | Maintain | RFR 3+ | Developing | Yes | |
| 330 | Inverex Power Solution Press Release | Report | History |
Power | Entity | 20-Dec-25 | Initial | BBB | A2 | Stable | - |
| 331 | Reliance Weaving Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 19-Dec-25 | Maintain | A | A2 | Stable | - |
| 332 | United Ethanol Industries Limited Press Release | Report | History |
Sugar | Entity | 19-Dec-25 | Maintain | A- | A2 | Stable | - |
| 333 | EXIDE Pakistan Limited Press Release | Report | History |
Batteries | Entity | 19-Dec-25 | Maintain | BBB+ | A2 | Stable | - |
| 334 | Tariq Glass Industries Limited Press Release | Report | History |
Glass | Entity | 19-Dec-25 | Maintain | A+ | A1 | Stable | - |
| 335 | TPL Trakker Limited Press Release | Report | History |
Tracking Services | Entity | 19-Dec-25 | Maintain | A- | A2 | Developing | - |
| 336 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Tracking Services | Debt Instrument | 19-Dec-25 | Downgrade | A | Developing | - | |
| 337 | Advance Telecom (Pvt.) Limited Press Release | Report | History |
Mobile Phone and Allied Products | Entity | 19-Dec-25 | Maintain | A- | A2 | Stable | - |
| 338 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) Press Release | Report | History |
Brokerage & Securities | Entity | 19-Dec-25 | Maintain | A- | A1 | Stable | - |
| 339 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 19-Dec-25 | Maintain | BMR2+ | Stable | - | |
| 340 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 19-Dec-25 | Maintain | BFR 2+ | Stable | - | |
| 341 | Parwaaz Financial Services Limited - PPTFC - PKR 1bln - Mar-25 Press Release | Report | History |
Non-Banking Finance Companies | Debt Instrument | 19-Dec-25 | Maintain | AA- | Stable | - | |
| 342 | NIT Government Bond Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 18-Dec-25 | Maintain | AA(f) | Stable | - | |
| 343 | NIT Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 18-Dec-25 | Maintain | AA-(f) | Stable | - | |
| 344 | NIT Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 18-Dec-25 | Maintain | AA-(f) | Stable | - | |
| 345 | NIT Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 18-Dec-25 | Maintain | AAA(f) | Stable | - | |
| 346 | Azhar Corporation (Pvt.) Limited Press Release | Report | History |
Edible Oil | Entity | 18-Dec-25 | Maintain | BBB+ | A2 | Stable | - |
| 347 | Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | Aug-22 Press Release | Report | History |
Technology | Debt Instrument | 18-Dec-25 | Maintain | AA | Stable | - | |
| 348 | PARCO Gunvor Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 17-Dec-25 | Maintain | AAA | A1+ | Stable | - |
| 349 | Pakistan National Shipping Corporation Press Release | Report | History |
Shipping | Entity | 16-Dec-25 | Upgrade | AA+ | A1+ | Stable | - |
| 350 | MACPAC Films Limited Press Release | Report | History |
Paper and Packaging | Entity | 16-Dec-25 | Maintain | BBB+ | A2 | Stable | - |
| 351 | National Vocational and Technical Training Commission - PPTFC - PKR 1bln - TBI Press Release | Report | History |
Education | Debt Instrument | 15-Dec-25 | Preliminary | AAA | Stable | - | |
| 352 | JS Global Capital Limited Press Release | Report | History |
Brokerage & Securities | Entity | 12-Dec-25 | Maintain | AA | A1+ | Stable | - |
| 353 | JS Global Capital Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 12-Dec-25 | Maintain | BFR 1 | Stable | - | |
| 354 | JS Global Capital Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 12-Dec-25 | Maintain | BMR1 | Stable | - | |
| 355 | State Life Insurance Corporation of Pakistan - PFM Press Release | Report | History |
Life Insurance | Pension Fund Managers | 12-Dec-25 | Initial | AM1(p) | Stable | - | |
| 356 | Pharmatec Pakistan (Pvt.) Limited Press Release | Report | History |
Pharmaceuticals | Entity | 12-Dec-25 | Maintain | A- | A2 | Stable | - |
| 357 | Sapphire Retail Limited Press Release | Report | History |
Composite and Garments | Entity | 12-Dec-25 | Maintain | A | A1 | Stable | - |
| 358 | Mega Conglomerate (Pvt.) Limited Press Release | Report | History |
Holding Companies | Entity | 12-Dec-25 | Maintain | AA- | A1 | Stable | - |
| 359 | IGI Holdings Limited Press Release | Report | History |
Holding Companies | Entity | 12-Dec-25 | Maintain | AA | A1+ | Stable | - |
| 360 | Arif Habib Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 12-Dec-25 | Maintain | BFR 1 | Stable | - | |
| 361 | Arif Habib Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 12-Dec-25 | Maintain | BMR1 | Stable | - | |
| 362 | Rural Community Development Programmes Press Release | Report | History |
Microfinance | Social Impact and Performance Rating | 12-Dec-25 | Maintain | SIP3++ | Positive | - | |
| 363 | Sui Southern Gas Company Limited Press Release | Report | History |
Distribution | Gas | Entity | 12-Dec-25 | Maintain | AA- | A1 | Stable | - |
| 364 | Orient Petroleum Inc. (Pakistan Branch) Press Release | Report | History |
Oil Exploration & Production | Entity | 11-Dec-25 | Upgrade | A | A2 | Stable | - |
| 365 | HBL Microfinance Bank Limited | Tier 2 Capital TFC | PKR 1.5bln | Mar-24 Press Release | Report | History |
Microfinance | Debt Instrument | 11-Dec-25 | Maintain | A | Stable | - | |
| 366 | Alhamra Government Securities Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 11-Dec-25 | Maintain | AA(f) | Stable | - | |
| 367 | Pak Oman Daily Dividend Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 11-Dec-25 | Maintain | AA(f) | Stable | - | |
| 368 | Alhamra Cash Management Optimizer Press Release | Report | History |
Mutual Funds | Stability Rating | 11-Dec-25 | Maintain | AA(f) | Stable | - | |
| 369 | Daewoo Pakistan Express Bus Service Limited Press Release | Report | History |
Trucks & Buses | Entity | 11-Dec-25 | Upgrade | A | A2 | Stable | - |
| 370 | EcoPack Limited Press Release | Report | History |
Paper and Packaging | Entity | 09-Dec-25 | Maintain | BBB+ | A2 | Stable | - |
| 371 | Pak Arab Refinery Limited Press Release | Report | History |
Refineries | Entity | 08-Dec-25 | Maintain | AAA | A1+ | Stable | - |
| 372 | Ismail Industries Limited Press Release | Report | History |
Food Products | Entity | 05-Dec-25 | Maintain | AA- | A1 | Stable | - |
| 373 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Composite and Garments | Debt Instrument | 05-Dec-25 | Maintain | A+ | Stable | - | |
| 374 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Oil Marketing Companies & Dealers | Debt Instrument | 05-Dec-25 | Maintain | AA+ | Stable | - | |
| 375 | ABL Islamic Cash Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 04-Dec-25 | Downgrade | AA(f) | Stable | - | |
| 376 | IMM Project One Development REIT Scheme Press Release | Report | History |
Real Estate | REIT Fund Rating | 04-Dec-25 | Preliminary | RFR 3 | Stable | - | |
| 377 | Beacon Impex (Pvt.) Limited - PP Sukuk - PKR 1bln - Sep-25 Press Release | Report | History |
Composite and Garments | Debt Instrument | 03-Dec-25 | Initial | A | A1 | Stable | - |
| 378 | Atlas Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | AA(f) | Stable | - | |
| 379 | Pak Qatar Asan Munafa Plan under Pak Qatar Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | AA(f) | Stable | - | |
| 380 | Pak Qatar Cash Plan under Pak Qatar Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | AA(f) | Stable | - | |
| 381 | Pak Qatar Daily Dividend Plan under Pak Qatar Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | AA(f) | Stable | - | |
| 382 | Pak Qatar Income Plan under Pak Qatar Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | AA-(f) | Stable | - | |
| 383 | Pak Qatar Khalis Bachat Plan under Pak Qatar Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | A(f) | Stable | - | |
| 384 | Pak Qatar Monthly Income Plan under Pak Qatar Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 03-Dec-25 | Maintain | A+(f) | Stable | - | |
| 385 | Ghulam Rasool & Company (Pvt.) Limited Press Release | Report | History |
Construction | Entity | 03-Dec-25 | Maintain | A- | A2 | Stable | - |
| 386 | Mughal Energy Limited Press Release | Report | History |
Power | Entity | 01-Dec-25 | Maintain | A | A2 | Developing | - |
| 387 | Loads Limited - PPSTS - PKR 750mln - Jul-25 Press Release | Report | History |
Automotive Parts | Debt Instrument | 01-Dec-25 | Maintain | A | A1 | Stable | - |
| 388 | Sayban International Press Release | Report | History |
Pesticides | Entity | 28-Nov-25 | Maintain | BBB- | A2 | Stable | Yes |
| 389 | Ismail Iqbal Securities (Pvt.) Limited Press Release | Report | History |
Brokerage & Securities | Entity | 28-Nov-25 | Maintain | A- | A2 | Stable | - |
| 390 | Tandlianwala Sugar Mills Limited Press Release | Report | History |
Sugar | Entity | 28-Nov-25 | Maintain | A | A1 | Stable | - |
| 391 | Dawood Equities Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 28-Nov-25 | Maintain | BFR 3+ | Stable | - | |
| 392 | AL Habib Government Securities Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 27-Nov-25 | Maintain | AAA(f) | Stable | - | |
| 393 | Starch Pack (Pvt.) Limited Press Release | Report | History |
Food Products | Entity | 26-Nov-25 | Maintain | A | A1 | Stable | - |
| 394 | East Gate Industries (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 25-Nov-25 | Initial | A | A1 | Stable | - |
| 395 | DIC Pakistan Limited Press Release | Report | History |
Chemicals | Entity | 25-Nov-25 | Maintain | AA- | A1 | Stable | - |
| 396 | Samba Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 25-Nov-25 | Maintain | AA | A1+ | Stable | - |
| 397 | Faysal Islamic Special Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 21-Nov-25 | Maintain | AA(f) | Stable | - | |
| 398 | Be Be Jan Pakistan Limited Press Release | Report | History |
Composite and Garments | Entity | 21-Nov-25 | Maintain | BBB | A2 | Stable | - |
| 399 | Faysal Halal Amdani Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 21-Nov-25 | Maintain | AA(f) | Stable | - | |
| 400 | Sapphire Finishing Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 21-Nov-25 | Maintain | A | A1 | Stable | - |
| 401 | Inbox Business Technologies Limited Press Release | Report | History |
Technology | Entity | 21-Nov-25 | Maintain | A- | A2 | Stable | - |
| 402 | HUM Network Limited Press Release | Report | History |
Media | Entity | 21-Nov-25 | Maintain | AA- | A1 | Stable | - |
| 403 | KTRADE Securities Limited Press Release | Report | History |
Brokerage & Securities | Entity | 21-Nov-25 | Maintain | A- | A2 | Stable | - |
| 404 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - TBI Press Release | Report | History |
Power | Debt Instrument | 21-Nov-25 | Initial | AA | A1+ | Stable | - |
| 405 | Azgard Nine Limited Press Release | Report | History |
Composite and Garments | Entity | 21-Nov-25 | Initial | BBB | A2 | Stable | - |
| 406 | Ghani Global Glass Limited Press Release | Report | History |
Glass | Entity | 21-Nov-25 | Maintain | BBB+ | A2 | Positive | - |
| 407 | Airlink Communication Press Release | Report | History |
Mobile Phone and Allied Products | Entity | 21-Nov-25 | Maintain | A+ | A1 | Stable | - |
| 408 | Samad Rubber Works (Pvt.) Limited Press Release | Report | History |
Chemicals | Entity | 21-Nov-25 | Maintain | A- | A2 | Stable | - |
| 409 | Spectrum Securities Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 21-Nov-25 | Maintain | BFR 3+ | Stable | - | |
| 410 | Spectrum Securities Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 21-Nov-25 | Maintain | BMR3+ | Stable | - | |
| 411 | AKD Aggressive Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 19-Nov-25 | Maintain | A+(f) | Stable | - | |
| 412 | AKD Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 19-Nov-25 | Maintain | AA+(f) | Stable | - | |
| 413 | AKD Islamic Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 19-Nov-25 | Maintain | AA(f) | Stable | - | |
| 414 | AKD Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 19-Nov-25 | Maintain | AA-(f) | Stable | - | |
| 415 | Swat Agro Chemicals Press Release | Report | History |
Pesticides | Entity | 19-Nov-25 | Maintain | BBB | A2 | Stable | - |
| 416 | 786 Smart Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 18-Nov-25 | Maintain | AA-(f) | Stable | - | |
| 417 | Reliance Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 17-Nov-25 | Upgrade | A++ (ifs) | Stable | - | |
| 418 | Ahmed Fine Weaving Limited Press Release | Report | History |
Weaving | Entity | 14-Nov-25 | Maintain | A- | A2 | Stable | - |
| 419 | Sitara Petroleum Service Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 13-Nov-25 | Upgrade | A | A1 | Stable | - |
| 420 | Sapphire Fibres Limited Press Release | Report | History |
Composite and Garments | Entity | 13-Nov-25 | Maintain | A+ | A1 | Stable | - |
| 421 | Alfalah GHP Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | AA-(f) | Stable | - | |
| 422 | Alfalah GHP Cash Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | AA+(f) | Stable | - | |
| 423 | Alfalah Islamic Rozana Amdani Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | AA(f) | Stable | - | |
| 424 | Alfalah GHP Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | AA-(f) | Stable | - | |
| 425 | Alfalah GHP Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | AA+(f) | Stable | - | |
| 426 | Alfalah GHP Income Multiplier Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 12-Nov-25 | Maintain | A+(f) | Stable | - | |
| 427 | Prism Energy (Pvt.) Limited Press Release | Report | History |
Power | Entity | 11-Nov-25 | Maintain | A+ | A1 | Stable | - |
| 428 | 786 Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 10-Nov-25 | Upgrade | AM3+ | Stable | - | |
| 429 | Glamour Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 10-Nov-25 | Maintain | BBB- | A2 | Stable | - |
| 430 | BMA Investment Advisors Limited (Formerly BMA Asset Management Company Limited) Press Release | Report | History |
Asset Management Companies (AMCs) | Investment Advisor Rating | 10-Nov-25 | Upgrade | AM2++ (ia) | Stable | - | |
| 431 | Pakistan Services Limited Press Release | Report | History |
Hotel & Lodging | Entity | 08-Nov-25 | Maintain | B | A4 | Negative | Yes |
| 432 | AWT Financial Sector Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 07-Nov-25 | Maintain | A+(f) | Stable | - | |
| 433 | AWT Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 07-Nov-25 | Maintain | A+(f) | Stable | - | |
| 434 | AWT Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 07-Nov-25 | Maintain | AA+(f) | Stable | - | |
| 435 | AWT Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 07-Nov-25 | Maintain | A+(f) | Stable | - | |
| 436 | Fazal Holdings (Pvt.) Limited Press Release | Report | History |
Holding Companies | Entity | 07-Nov-25 | Maintain | A+ | A1 | Stable | - |
| 437 | Atlas Asset Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 07-Nov-25 | Upgrade | AM1 | Stable | - | |
| 438 | IMM REIT Management Company Limited Press Release | Report | History |
Real Estate | REIT Manager Rating | 06-Nov-25 | Maintain | RM 3 | Stable | - | |
| 439 | Liberty Power Tech Limited Press Release | Report | History |
Power | Entity | 06-Nov-25 | Maintain | AA- | A1 | Stable | - |
| 440 | JS Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 05-Nov-25 | Upgrade | AM1 | Stable | - | |
| 441 | Habib Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 04-Nov-25 | Maintain | A++ (ifs) | Stable | - | |
| 442 | Lucky Islamic Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-Nov-25 | Maintain | AA+(f) | Stable | - | |
| 443 | Lucky Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 04-Nov-25 | Maintain | AA(f) | Stable | - | |
| 444 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Companies | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes | |
| 445 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Companies | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes | |
| 446 | Service Retail (Pvt.) Limited Press Release | Report | History |
Footwear | Entity | 03-Nov-25 | Initial | A | A1 | Stable | - |
| 447 | MCB Government Securities Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 03-Nov-25 | Upgrade | AA(f) | Stable | - | |
| 448 | Lakson Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 31-Oct-25 | Maintain | A+(f) | Stable | - | |
| 449 | Lakson Islamic Money Market Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Stability Rating | 31-Oct-25 | Maintain | AA(f) | Stable | - | |
| 450 | Lakson Money Market Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 31-Oct-25 | Maintain | AA+(f) | Stable | - | |
| 451 | Zahidjee Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 31-Oct-25 | Maintain | A | A1 | Stable | - |
| 452 | Platinum Steel Mill (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 30-Oct-25 | Maintain | BBB | A2 | Stable | - |
| 453 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln - TBI Press Release | Report | History |
Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - | |
| 454 | ISE Towers REIT Management Company Limited Press Release | Report | History |
Non-Banking Finance Companies | Entity | 28-Oct-25 | Maintain | A | A1 | Stable | - |
| 455 | KSB Pumps Company Limited Press Release | Report | History |
Machinery | Entity | 28-Oct-25 | Maintain | A+ | A1 | Stable | - |
| 456 | Al Ameen Islamic Income Fund Press Release | Report | History |
Mutual Funds | Stability Rating | 27-Oct-25 | Maintain | AA(f) | Stable | - | |
| 457 | Pharmagen Limited Press Release | Report | History |
Pharmaceuticals | Entity | 24-Oct-25 | Maintain | A- | A2 | Stable | - |
| 458 | ABL Asset Management Company Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 24-Oct-25 | Maintain | AM1 | Stable | - | |
| 459 | Etihad Alloys (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 24-Oct-25 | Maintain | BBB- | A3 | Developing | - |
| 460 | Service Tyres (Pvt.) Limited Press Release | Report | History |
Tyres | Entity | 23-Oct-25 | Initial | A+ | A1 | Stable | - |
| 461 | Stylers International Limited Press Release | Report | History |
Composite and Garments | Entity | 23-Oct-25 | Maintain | A | A1 | Stable | - |
| 462 | Jubilee General Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 23-Oct-25 | Maintain | AA++ (ifs) | Stable | - | |
| 463 | ThalNova Power Thar (Pvt.) Limited Press Release | Report | History |
Power | Entity | 23-Oct-25 | Maintain | AA- | A1 | Stable | - |
| 464 | Thar Energy Limited Press Release | Report | History |
Power | Entity | 23-Oct-25 | Maintain | AA- | A1 | Stable | - |
| 465 | Habib Metropolitan Financial Services Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 23-Oct-25 | Maintain | BMR2 | Stable | - | |
| 466 | AGP Limited Press Release | Report | History |
Pharmaceuticals | Entity | 23-Oct-25 | Maintain | A+ | A1 | Stable | - |
| 467 | Guard Agricultural Research and Services (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 23-Oct-25 | Maintain | A- | A2 | Stable | - |
| 468 | Ghani Global Holdings Limited Press Release | Report | History |
Holding Companies | Entity | 21-Oct-25 | Maintain | A- | A2 | Stable | - |
| 469 | CCL Pharmaceuticals (Pvt.) Limited Press Release | Report | History |
Pharmaceuticals | Entity | 17-Oct-25 | Maintain | A | A1 | Stable | - |
| 470 | Ghandhara Automobiles Limited Press Release | Report | History |
Trucks & Buses | Entity | 17-Oct-25 | Maintain | A | A1 | Stable | - |
| 471 | Ghandhara Industries Limited Press Release | Report | History |
Trucks & Buses | Entity | 17-Oct-25 | Maintain | A+ | A1 | Stable | - |
| 472 | Mughal Iron & Steel Industries Limited Press Release | Report | History |
Steel | Entity | 15-Oct-25 | Maintain | A+ | A1 | Stable | - |
| 473 | Secure Logistics Trax Group Limited Press Release | Report | History |
Trucks & Buses | Entity | 13-Oct-25 | Maintain | A+ | A1 | Stable | - |
| 474 | East West Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 10-Oct-25 | Maintain | AA+ (ifs) | Stable | - | |
| 475 | Irfan Noman Brothers (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 10-Oct-25 | Maintain | BBB+ | A2 | Stable | - |
| 476 | Mumtaz Feeds & Allied Industries (Pvt.) Limited Press Release | Report | History |
Poultry Feed | Entity | 10-Oct-25 | Maintain | BBB | A2 | Stable | - |
| 477 | Habib Construction Services Limited Press Release | Report | History |
Construction | Entity | 09-Oct-25 | Maintain | BBB+ | A2 | Positive | - |
| 478 | Din Energy Limited Press Release | Report | History |
Power | Entity | 08-Oct-25 | Maintain | A | A2 | Stable | - |
| 479 | Postal Life Insurance Company Limited Press Release | Report | History |
Life Insurance | IFS | 07-Oct-25 | Maintain | A+ (ifs) | Developing | Yes | |
| 480 | The Pakistan General Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 04-Oct-25 | Initial | BBB+ (ifs) | Stable | - | |
| 481 | MCB Investment Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 03-Oct-25 | Maintain | AM1 | Stable | - | |
| 482 | UBL Financial Services (Pvt.) Limited - BFR Press Release | Report | History |
Brokerage & Securities | BFR | 01-Oct-25 | Initial | BFR 2 | Stable | - | |
| 483 | Orient Rental Modaraba Press Release | Report | History |
Non-Banking Finance Companies | Entity | 30-Sep-25 | Maintain | A- | A2 | Stable | - |
| 484 | A.J. Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 26-Sep-25 | Maintain | A- | A2 | Stable | - |
| 485 | Master Wind Energy Limited Press Release | Report | History |
Power | Entity | 26-Sep-25 | Maintain | A+ | A1 | Stable | - |
| 486 | Parwaaz Financial Services Limited Press Release | Report | History |
Non-Banking Finance Companies | Entity | 26-Sep-25 | Maintain | A+ | A1 | Stable | - |
| 487 | Optimus Capital Management (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 25-Sep-25 | Maintain | BFR 2 | Stable | - | |
| 488 | Optimus Capital Management (Pvt.) Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 25-Sep-25 | Maintain | BMR2 | Stable | - | |
| 489 | Thardeep Microfinance Foundation Press Release | Report | History |
Microfinance | Entity | 25-Sep-25 | Maintain | BB | A4 | Stable | Yes |
| 490 | Gul Ahmed Wind Power Limited Press Release | Report | History |
Power | Entity | 23-Sep-25 | Maintain | A+ | A1 | Stable | - |
| 491 | Prosperity Weaving Mills Limited Press Release | Report | History |
Weaving | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 492 | Escorts Investment Bank Limited Press Release | Report | History |
Non-Banking Finance Companies | Entity | 19-Sep-25 | Downgrade | BBB- | A3 | Stable | - |
| 493 | Service Industries Limited Press Release | Report | History |
Tyres | Entity | 19-Sep-25 | Maintain | AA | A1+ | Stable | - |
| 494 | Dawood Equities Limited Press Release | Report | History |
Brokerage & Securities | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 495 | Nagina Cotton Mills Limited Press Release | Report | History |
Spinning | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 496 | Ellcot Spinning Mills Limited Press Release | Report | History |
Spinning | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 497 | Global Marketing Services Press Release | Report | History |
Pharmaceuticals | Entity | 19-Sep-25 | Maintain | BBB+ | A2 | Stable | - |
| 498 | Trust Securities & Brokerage Limited Press Release | Report | History |
Brokerage & Securities | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 499 | Trust Securities & Brokerage Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 19-Sep-25 | Maintain | BFR 2 | Stable | - | |
| 500 | Trust Securities & Brokerage Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 19-Sep-25 | Maintain | BMR2+ | Stable | - | |
| 501 | First Punjab Modaraba Press Release | Report | History |
Non-Banking Finance Companies | Entity | 19-Sep-25 | Maintain | A- | A2 | Stable | - |
| 502 | Nishat Power Limited Press Release | Report | History |
Power | Entity | 19-Sep-25 | Maintain | AA- | A1 | Stable | - |
| 503 | First Habib Modaraba Press Release | Report | History |
Non-Banking Finance Companies | Entity | 19-Sep-25 | Maintain | AA+ | A1+ | Stable | - |
| 504 | Trans World Enterprise Services (Pvt.) Limited Press Release | Report | History |
Telecommunication | Entity | 15-Sep-25 | Maintain | BBB | A2 | Stable | - |
| 505 | Pak Oman Asset Management Company Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 12-Sep-25 | Maintain | AM3++ | Stable | - | |
| 506 | Berger Paints Pakistan Limited Press Release | Report | History |
Chemicals | Entity | 12-Sep-25 | Maintain | A- | A2 | Stable | - |
| 507 | Nimir Chemicals Pakistan Limited Press Release | Report | History |
Chemicals | Entity | 12-Sep-25 | Maintain | A- | A2 | Stable | - |
| 508 | Engro PowerGen Thar (Pvt.) Limited Press Release | Report | History |
Power | Entity | 12-Sep-25 | Maintain | AA | A1+ | Stable | - |
| 509 | My Petroleum (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 11-Sep-25 | Maintain | BBB+ | A2 | Stable | - |
| 510 | Din Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 05-Sep-25 | Maintain | A- | A2 | Stable | - |
| 511 | Fazal Cloth Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 05-Sep-25 | Maintain | A | A1 | Stable | - |
| 512 | Premier Industrial Chemical MFG. Co. (Pvt.) Limited Press Release | Report | History |
Sugar | Entity | 05-Sep-25 | Maintain | A- | A2 | Stable | - |
| 513 | Bulleh Shah Packaging (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 05-Sep-25 | Maintain | AA- | A1 | Stable | Yes |
| 514 | Bestway Cement Limited Press Release | Report | History |
Cement | Entity | 03-Sep-25 | Maintain | AA- | A1+ | Stable | - |
| 515 | Infralectric (Pvt.) Limited Press Release | Report | History |
Technology | Entity | 29-Aug-25 | Initial | A- | A2 | Stable | - |
| 516 | Golden Packages (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 29-Aug-25 | Maintain | BBB | A2 | Stable | - |
| 517 | Nayatel (Pvt.) Limited Press Release | Report | History |
Telecommunication | Entity | 29-Aug-25 | Maintain | A+ | A1 | Stable | - |
| 518 | Trans World Associates (Pvt.) Limited Press Release | Report | History |
Telecommunication | Entity | 29-Aug-25 | Maintain | A+ | A1 | Stable | - |
| 519 | Martin Dow Limited Press Release | Report | History |
Pharmaceuticals | Entity | 29-Aug-25 | Upgrade | A+ | A1 | Stable | - |
| 520 | Alfalah Asset Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 29-Aug-25 | Maintain | AM1 | Stable | - | |
| 521 | Zarea Limited Press Release | Report | History |
Technology | Entity | 28-Aug-25 | Initial | A- | A2 | Stable | - |
| 522 | Puma Energy Pakistan (Pvt.) Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 28-Aug-25 | Maintain | A- | A2 | Stable | - |
| 523 | Khas Textile Mills (Pvt.) Limited Press Release | Report | History |
Spinning | Entity | 22-Aug-25 | Maintain | BBB- | A2 | Stable | - |
| 524 | Multan Electric Power Company Limited Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 22-Aug-25 | Upgrade | A | A1 | Positive | - |
| 525 | Atlas Insurance Limited Press Release | Report | History |
General Insurance | IFS | 22-Aug-25 | Maintain | AA+ (ifs) | Stable | - | |
| 526 | Be Energy Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 22-Aug-25 | Maintain | A+ | A1 | Stable | - |
| 527 | Shaheen Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 22-Aug-25 | Upgrade | A++ (ifs) | Stable | - | |
| 528 | Premier Insurance Limited Press Release | Report | History |
General Insurance | IFS | 22-Aug-25 | Maintain | A (ifs) | Stable | - | |
| 529 | Lakson Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 22-Aug-25 | Maintain | AM2+ | Positive | - | |
| 530 | Asia Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 22-Aug-25 | Maintain | A++ (ifs) | Stable | - | |
| 531 | Maaksons Engineering Corporation Limited Press Release | Report | History |
Construction | Entity | 22-Aug-25 | Maintain | A- | A2 | Stable | - |
| 532 | IGI Finex Securities Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 21-Aug-25 | Maintain | BMR2+ | Stable | - | |
| 533 | IGI Finex Securities Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 21-Aug-25 | Maintain | BFR 2+ | Stable | - | |
| 534 | Awan Trading Company (Pvt.) Limited Press Release | Report | History |
Coal Mining and Trading | Entity | 19-Aug-25 | Maintain | A- | A2 | Stable | - |
| 535 | 5th Pillar Family Takaful Limited Press Release | Report | History |
Life Insurance | IFS | 18-Aug-25 | Maintain | A+ (ifs) | Stable | - | |
| 536 | Harappa Solar (Pvt.) Limited Press Release | Report | History |
Power | Entity | 15-Aug-25 | Maintain | A+ | A1 | Stable | - |
| 537 | Packages Convertors Limited Press Release | Report | History |
Paper and Packaging | Entity | 15-Aug-25 | Maintain | AA- | A1 | Stable | - |
| 538 | Adamjee Life Assurance Company Limited Press Release | Report | History |
Life Insurance | IFS | 13-Aug-25 | Upgrade | AA (ifs) | Stable | - | |
| 539 | Tufail Chemical Industries Limited Press Release | Report | History |
Chemicals | Entity | 12-Aug-25 | Maintain | A- | A2 | Stable | Yes |
| 540 | AL Habib Asset Management Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 12-Aug-25 | Maintain | AM1 | Stable | - | |
| 541 | National Grid Company of Pakistan Limited (formerly: National Transmission & Despatch Company Limited) Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 08-Aug-25 | Maintain | AA+ | A1+ | Stable | Yes |
| 542 | Sapphire Dairies (Pvt.) Limited Press Release | Report | History |
Dairy | Entity | 07-Aug-25 | Maintain | A- | A2 | Stable | - |
| 543 | Saigal Packages Industries (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 07-Aug-25 | Maintain | BBB- | A2 | Stable | - |
| 544 | MAL Pakistan Limited Press Release | Report | History |
Oil Marketing Companies & Dealers | Entity | 05-Aug-25 | Initial | A- | A2 | Stable | - |
| 545 | Mekotex (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 01-Aug-25 | Maintain | A- | A2 | Stable | - |
| 546 | Ghandhara Tyre & Rubber Company Limited Press Release | Report | History |
Tyres | Entity | 01-Aug-25 | Maintain | A+ | A1 | Stable | Yes |
| 547 | Pak Suzuki Motor Company Limited Press Release | Report | History |
Passenger Cars | Entity | 01-Aug-25 | Upgrade | AA | A1+ | Stable | - |
| 548 | AWT Investments Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 31-Jul-25 | Upgrade | AM2+ | Stable | - | |
| 549 | Jazaa Global (Pvt.) Limited Press Release | Report | History |
Food Products | Entity | 30-Jul-25 | Upgrade | BBB | A2 | Stable | - |
| 550 | Pakistan Oxygen Limited Press Release | Report | History |
Industrial Gases | Entity | 25-Jul-25 | Upgrade | A+ | A1 | Stable | - |
| 551 | Engro Fertilizers Limited Press Release | Report | History |
Fertilizers | Entity | 25-Jul-25 | Maintain | AA | A1+ | Stable | - |
| 552 | Jahangir Siddiqui & Co. Ltd. Press Release | Report | History |
Holding Companies | Entity | 25-Jul-25 | Maintain | AA | A1+ | Stable | - |
| 553 | Fauji Fertilizer Company Limited Press Release | Report | History |
Fertilizers | Entity | 25-Jul-25 | Maintain | AA+ | A1+ | Stable | - |
| 554 | The Universal Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 25-Jul-25 | Maintain | A (ifs) | Stable | Yes | |
| 555 | Sarena Textile Industries (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 25-Jul-25 | Maintain | A | A2 | Stable | - |
| 556 | Fatima Fertilizer Company Limited Press Release | Report | History |
Fertilizers | Entity | 24-Jul-25 | Maintain | AA+ | A1+ | Stable | - |
| 557 | Reon Energy Limited Press Release | Report | History |
Power | Entity | 18-Jul-25 | Initial | A | A1 | Stable | - |
| 558 | AL Habib Capital Markets (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 18-Jul-25 | Maintain | BFR 2+ | Stable | - | |
| 559 | AL Habib Capital Markets (Pvt.) Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 18-Jul-25 | Maintain | BMR2+ | Stable | - | |
| 560 | Sindh Engro Coal Mining Company Press Release | Report | History |
Coal Mining and Trading | Entity | 18-Jul-25 | Maintain | AA | A1+ | Stable | - |
| 561 | M.Y. Bari Mills (Pvt.) Limited Press Release | Report | History |
Towels | Entity | 18-Jul-25 | Maintain | BBB+ | A2 | Stable | - |
| 562 | Medipak Limited Press Release | Report | History |
Pharmaceuticals | Entity | 18-Jul-25 | Maintain | BBB+ | A2 | Positive | - |
| 563 | AL Haq Securities (Pvt.) Limited - BFR Press Release | Report | History |
Brokerage & Securities | BFR | 18-Jul-25 | Initial | BFR 3 | Stable | - | |
| 564 | Lumen Energia (Pvt.) Limited Press Release | Report | History |
Power | Entity | 17-Jul-25 | Initial | BBB- | A3 | Stable | - |
| 565 | DHA Energy Supply Company (Pvt.) Limited Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 17-Jul-25 | Initial | A | A1 | Stable | - |
| 566 | National Rural Support Programme Press Release | Report | History |
Microfinance | Entity | 15-Jul-25 | Upgrade | A | A1 | Stable | - |
| 567 | Avanceon Limited Press Release | Report | History |
Technology | Entity | 14-Jul-25 | Initial | A | A1 | Stable | - |
| 568 | Hoora Pharma (Pvt.) Limited Press Release | Report | History |
Healthcare | Entity | 11-Jul-25 | Initial | BBB | A2 | Stable | - |
| 569 | Faisalabad Electric Supply Company Limited Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 11-Jul-25 | Initial | AA- | A1 | Stable | - |
| 570 | Diamond Fabrics Limited Press Release | Report | History |
Composite and Garments | Entity | 11-Jul-25 | Maintain | A- | A2 | Stable | - |
| 571 | Nisar Spinning Mills (Pvt.) Limited Press Release | Report | History |
Spinning | Entity | 11-Jul-25 | Maintain | A- | A2 | Stable | - |
| 572 | Steelex (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 11-Jul-25 | Maintain | BBB | A2 | Stable | - |
| 573 | NIMIR Industrial Chemicals Limited Press Release | Report | History |
Chemicals | Entity | 11-Jul-25 | Maintain | A+ | A1 | Stable | - |
| 574 | Nimir Resins Limited Press Release | Report | History |
Chemicals | Entity | 11-Jul-25 | Maintain | A- | A2 | Stable | - |
| 575 | Pak Elektron Limited Press Release | Report | History |
Household Appliances | Entity | 09-Jul-25 | Maintain | A+ | A1 | Stable | - |
| 576 | Engro Elengy Terminal (Private) Limited Press Release | Report | History |
Distribution | Gas | Entity | 07-Jul-25 | Maintain | AA- | A1 | Stable | - |
| 577 | Engro Polymer & Chemicals Limited Press Release | Report | History |
Chemicals | Entity | 07-Jul-25 | Maintain | AA | A1+ | Stable | - |
| 578 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Construction | Debt Instrument | 04-Jul-25 | Preliminary | A+ | Stable | - | |
| 579 | Liberty Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 04-Jul-25 | Maintain | A+ | A1 | Stable | - |
| 580 | The Bank of Punjab Press Release | Report | History |
Commercial Banks | Entity | 30-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 581 | Askari Life Assurance Company Limited Press Release | Report | History |
Life Insurance | IFS | 30-Jun-25 | Maintain | A (ifs) | Stable | - | |
| 582 | State Life Insurance Corporation of Pakistan Press Release | Report | History |
Life Insurance | IFS | 30-Jun-25 | Maintain | AAA (ifs) | Stable | - | |
| 583 | JS Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 28-Jun-25 | Maintain | AA | A1+ | Stable | - |
| 584 | Bank Alfalah Limited Press Release | Report | History |
Commercial Banks | Entity | 28-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 585 | Rural Community Development Programmes Press Release | Report | History |
Microfinance | Entity | 27-Jun-25 | Upgrade | BBB+ | A2 | Stable | - |
| 586 | GuarantCo Limited Press Release | Report | History |
Credit Guarantee Institutions | Entity | 27-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 587 | Pakistan Aluminium Beverage Cans Limited Press Release | Report | History |
Paper and Packaging | Entity | 27-Jun-25 | Maintain | AA- | A1 | Stable | - |
| 588 | Bank of Khyber Press Release | Report | History |
Commercial Banks | Entity | 27-Jun-25 | Maintain | A+ | A1 | Stable | - |
| 589 | First Women Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 27-Jun-25 | Maintain | A- | A2 | Developing | Yes |
| 590 | Export-Import Bank of Pakistan Press Release | Report | History |
Development Financial Institutions (DFIs) | Entity | 27-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 591 | Service Long March Tyres (Pvt.) Limited Press Release | Report | History |
Tyres | Entity | 27-Jun-25 | Maintain | A+ | A1 | Stable | - |
| 592 | Orient Energy Systems (Pvt.) Limited Press Release | Report | History |
Machinery | Entity | 27-Jun-25 | Maintain | A- | A2 | Stable | - |
| 593 | Yunus Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 26-Jun-25 | Maintain | AA | A1+ | Stable | - |
| 594 | TPL Life Insurance Limited Press Release | Report | History |
Life Insurance | IFS | 26-Jun-25 | Maintain | A (ifs) | Stable | Yes | |
| 595 | Dawood Family Takaful Limited Press Release | Report | History |
Life Insurance | IFS | 26-Jun-25 | Maintain | A+ (ifs) | Stable | - | |
| 596 | PARCO Pearl Gas (Pvt.) Limited Press Release | Report | History |
Distribution | Gas | Entity | 26-Jun-25 | Maintain | AA | A1+ | Stable | - |
| 597 | Fatima Packaging Limited Press Release | Report | History |
Paper and Packaging | Entity | 25-Jun-25 | Initial | A | A1 | Stable | - |
| 598 | Pak Libya Holding Company (Pvt.) Limited Press Release | Report | History |
Development Financial Institutions (DFIs) | Entity | 25-Jun-25 | Upgrade | AA | A1+ | Stable | - |
| 599 | Soneri Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 25-Jun-25 | Maintain | AA- | A1+ | Stable | - |
| 600 | IGI Life Insurance Limited Press Release | Report | History |
Life Insurance | IFS | 25-Jun-25 | Maintain | A++ (ifs) | Stable | - | |
| 601 | BankIslami Pakistan Limited Press Release | Report | History |
Commercial Banks | Entity | 24-Jun-25 | Maintain | AA- | A1 | Stable | - |
| 602 | Habib Metropolitan Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 24-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 603 | Allied Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 24-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 604 | Askari Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 24-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 605 | Pakistan Kuwait Investment Company (Pvt.) Limited Press Release | Report | History |
Development Financial Institutions (DFIs) | Entity | 24-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 606 | MCB Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 23-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 607 | MCB Islamic Bank Limited Press Release | Report | History |
Commercial Banks | Entity | 23-Jun-25 | Maintain | A+ | A1 | Stable | - |
| 608 | Bank AL Habib Limited Press Release | Report | History |
Commercial Banks | Entity | 23-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 609 | National Bank of Pakistan Press Release | Report | History |
Commercial Banks | Entity | 23-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 610 | Standard Chartered Bank (Pakistan) Limited Press Release | Report | History |
Commercial Banks | Entity | 23-Jun-25 | Maintain | AAA | A1+ | Stable | - |
| 611 | Abbasi and Company (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 21-Jun-25 | Maintain | BFR 2 | Stable | - | |
| 612 | Abbasi and Company (Pvt.) Limited | BMR Press Release | Report | History |
Brokerage & Securities | Broker Management | 21-Jun-25 | Maintain | BMR2 | Stable | - | |
| 613 | National Credit Guarantee Company Limited Press Release | Report | History |
Credit Guarantee Institutions | Entity | 20-Jun-25 | Initial | AAA | A1+ | Stable | - |
| 614 | Hashwani Hotels Limited Press Release | Report | History |
Hotel & Lodging | Entity | 20-Jun-25 | Initial | A | A1 | Stable | - |
| 615 | Engro Holdings Limited (Formerly Dawood Hercules Corporation Limited) Press Release | Report | History |
Holding Companies | Entity | 20-Jun-25 | Maintain | AA | A1+ | Stable | - |
| 616 | Saif Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 20-Jun-25 | Maintain | A- | A2 | Stable | Yes |
| 617 | Pakistan Microfinance Investment Company Limited Press Release | Report | History |
Development Financial Institutions (DFIs) | Entity | 20-Jun-25 | Maintain | AA | A1+ | Stable | Yes |
| 618 | Narowal Energy Limited Press Release | Report | History |
Power | Entity | 20-Jun-25 | Maintain | AA- | A1+ | Stable | - |
| 619 | ACT Wind (Pvt.) Limited Press Release | Report | History |
Power | Entity | 20-Jun-25 | Maintain | A+ | A1 | Stable | - |
| 620 | PAIR Investment Company Limited Press Release | Report | History |
Development Financial Institutions (DFIs) | Entity | 20-Jun-25 | Maintain | AA | A1+ | Stable | - |
| 621 | Siddiqsons Limited Press Release | Report | History |
Composite and Garments | Entity | 20-Jun-25 | Maintain | A- | A1 | Stable | - |
| 622 | Engro Corporation Limited Press Release | Report | History |
Holding Companies | Entity | 19-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 623 | Jamal Pipe Industries (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 19-Jun-25 | Maintain | BBB | A2 | Positive | - |
| 624 | Multinet Pakistan (Pvt.) Limited Press Release | Report | History |
Technology | Entity | 18-Jun-25 | Maintain | A- | A2 | Stable | - |
| 625 | Kohat Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 17-Jun-25 | Maintain | A- | A2 | Stable | - |
| 626 | ZKB Construction (Pvt.) Limited Press Release | Report | History |
Construction | Entity | 16-Jun-25 | Initial | A | A2 | Stable | - |
| 627 | Meskay & Femtee Trading Company (Pvt.) Limited Press Release | Report | History |
Rice | Entity | 16-Jun-25 | Maintain | A- | A2 | Stable | - |
| 628 | Packages Limited Press Release | Report | History |
Holding Companies | Entity | 13-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 629 | E-Vision Manufacturing Limited Press Release | Report | History |
Polyester | Entity | 13-Jun-25 | Maintain | BBB | A2 | Stable | - |
| 630 | VMS Trading Company Press Release | Report | History |
Rice | Entity | 13-Jun-25 | Maintain | BBB | A2 | Stable | - |
| 631 | Pakistan International Bulk Terminal Limited Press Release | Report | History |
Coal Mining and Trading | Entity | 13-Jun-25 | Maintain | A | A2 | Stable | Yes |
| 632 | Meko Fabrics (Pvt.) Limited Press Release | Report | History |
Composite and Garments | Entity | 13-Jun-25 | Initial | BBB+ | A2 | Stable | - |
| 633 | AHM Securities (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 13-Jun-25 | Maintain | BFR 3 | Stable | - | |
| 634 | Pearl Petro Industry (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 12-Jun-25 | Maintain | BBB- | A2 | Positive | - |
| 635 | The Hub Power Company Limited Press Release | Report | History |
Power | Entity | 05-Jun-25 | Maintain | AA+ | A1+ | Stable | - |
| 636 | Hadeed Pakistan (Pvt.) Limited Press Release | Report | History |
Steel | Entity | 05-Jun-25 | Initial | A | A1 | Stable | - |
| 637 | TRAFCO Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 05-Jun-25 | Downgrade | BBB (ifs) | Stable | - | |
| 638 | Pakistan Refinery Limited Press Release | Report | History |
Refineries | Entity | 05-Jun-25 | Maintain | A | A1 | Stable | - |
| 639 | Orient Power Company (Pvt.) Limited Press Release | Report | History |
Power | Entity | 05-Jun-25 | Maintain | AA- | A1 | Stable | - |
| 640 | Pioneer Cement Limited Press Release | Report | History |
Cement | Entity | 05-Jun-25 | Upgrade | A+ | A1 | Stable | - |
| 641 | Masood Textile Mills Limited Press Release | Report | History |
Composite and Garments | Entity | 04-Jun-25 | Maintain | A | A2 | Stable | - |
| 642 | K-Electric Limited Press Release | Report | History |
Transmission & Distribution | Electricity | Entity | 04-Jun-25 | Maintain | AA | A1+ | Stable | Yes |
| 643 | ABL Special Saving Fund Press Release | Report | History |
Asset Management Companies (AMCs) | Capital Preservation Rating | 31-May-25 | Same | CP2+ | Stable | - | |
| 644 | Pak-Arab Pipeline Company Limited Press Release | Report | History |
Oil Transportation & Storage | Entity | 30-May-25 | Maintain | AAA | A1+ | Stable | - |
| 645 | H. Sadar Ali Akhtar Ali (Pvt.) Limited Press Release | Report | History |
Leather | Entity | 30-May-25 | Maintain | BBB+ | A2 | Stable | - |
| 646 | Meezan Plastic Industries (Pvt.) Limited Press Release | Report | History |
Paper and Packaging | Entity | 30-May-25 | Maintain | BB | A3 | Stable | - |
| 647 | Nishat Hotels and Properties Ltd Press Release | Report | History |
Hotel & Lodging | Entity | 30-May-25 | Maintain | A | A1 | Stable | - |
| 648 | Panther Tyres Limited Press Release | Report | History |
Tyres | Entity | 29-May-25 | Maintain | A | A1 | Stable | - |
| 649 | Attock Refinery Limited Press Release | Report | History |
Refineries | Entity | 23-May-25 | Maintain | AA | A1+ | Stable | - |
| 650 | National Refinery Limited Press Release | Report | History |
Refineries | Entity | 23-May-25 | Maintain | AA | A1 | Developing | Yes |
| 651 | National Investment Trust Limited Press Release | Report | History |
Asset Management Companies (AMCs) | Asset Manager | 22-May-25 | Maintain | AM1 | Stable | - | |
| 652 | Olympia Chemicals Limited Press Release | Report | History |
Chemicals | Entity | 22-May-25 | Maintain | A | A1 | Stable | - |
| 653 | Tata Textile Mills Limited Press Release | Report | History |
Spinning | Entity | 22-May-25 | Maintain | A | A1 | Stable | Yes |
| 654 | Ismail Iqbal Securities (Pvt.) Limited | BFR Press Release | Report | History |
Brokerage & Securities | BFR | 20-May-25 | Maintain | BFR 3+ | Stable | - | |
| 655 | Alfalah Insurance Company Limited Press Release | Report | History |
General Insurance | IFS | 19-May-25 | Maintain | AA+ (ifs) | Stable | - | |
| 656 | Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited) Press Release | Report | History |
Microfinance | Entity | 30-Apr-25 | Upgrade | A+ | A1 | Stable | - |
| 657 | U Microfinance Bank Limited Press Release | Report | History |
Microfinance | Entity | 14-Sep-24 | Maintain | A+ | A1 | Stable | - |
| 658 | ABHI Microfinance Bank Limited (formerly: FINCA Microfinance Bank Limited) Press Release | Report | History |
Microfinance | Entity | 23-Feb-24 | Downgrade | BBB+ | A3 | Negative | Yes |