Outstanding Ratings

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	Golden Packages (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	28-Aug-26	Maintain	BBB	A2	Stable	-
2	Nayatel (Pvt.) Limited Press Release \| Report \| History	Telecommunication	Entity	28-Aug-26	Maintain	A+	A1	Stable	-
3	Infralectric (Pvt.) Limited Press Release \| Report \| History	Technology	Entity	28-Aug-26	Maintain	A-	A2	Stable	-
4	Martin Dow Limited Press Release \| Report \| History	Pharmaceuticals	Entity	28-Aug-26	Maintain	A+	A1	Stable	-
5	Puma Energy Pakistan (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	28-Aug-26	Maintain	A-	A2	Stable	-
6	Trans World Associates (Pvt.) Limited Press Release \| Report \| History	Telecommunication	Entity	28-Aug-26	Maintain	A+	A1	Stable	-
7	Packages Limited Press Release \| Report \| History	Holding Companies	Entity	28-Aug-26	Maintain	AA+	A1+	Stable	-
8	Alfalah Asset Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	28-Aug-26	Maintain	AM1		Stable	-
9	Zarea Limited Press Release \| Report \| History	Technology	Entity	27-Aug-26	Maintain	A-	A2	Stable	-
10	Dawood Family Takaful Limited Press Release \| Report \| History	Life Insurance	IFS	27-Aug-26	Maintain	A++ (ifs)		Stable	-
11	Daewoo Pakistan Express Bus Service Limited – PPSTS-III - PKR 4.0bln – Aug-26 Press Release \| Report \| History	Trucks & Buses	Debt Instrument	27-Aug-26	Maintain	A	A1	Stable	-
12	JS Islamic Fixed Term Munafa Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	25-Aug-26	Initial	AA+(f)		Stable	-
13	First Capital Mutual Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Aug-26	Same	3-Star	3-Star		-
14	NBP Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	25-Aug-26	Upgrade	AA+(f)		Stable	-
15	Pearl Petro Industry (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	25-Aug-26	Maintain	BBB	A2	Stable	-
16	TPL Life Insurance Limited Press Release \| Report \| History	Life Insurance	IFS	25-Aug-26	Maintain	A (ifs)		Stable	Yes
17	Postal Life Insurance Company Limited Press Release \| Report \| History	Life Insurance	IFS	25-Aug-26	Maintain	A (ifs)		Negative	Yes
18	State Life Insurance Corporation of Pakistan Press Release \| Report \| History	Life Insurance	IFS	25-Aug-26	Maintain	AAA (ifs)		Stable	-
19	Premier Insurance Limited Press Release \| Report \| History	General Insurance	IFS	24-Aug-26	Upgrade	A+ (ifs)		Stable	-
20	Pak Qatar Islamic Stock Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	24-Aug-26	Initial	1-Star	3-Star		-
21	Lakson Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	24-Aug-26	Upgrade	AM2++		Stable	-
22	Airlink Communication Limited - PPSTS-XII - PKR 3.0bln - Jul-26 Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	24-Aug-26	Initial	A+	A1	Stable	-
23	Airlink Communication Limited - PPSTS-XIII - PKR 3.0bln - TBI Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	24-Aug-26	Preliminary	A+	A1	Stable	-
24	Atlas Insurance Limited Press Release \| Report \| History	General Insurance	IFS	22-Aug-26	Maintain	AA+ (ifs)		Stable	-
25	Asia Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	22-Aug-26	Maintain	A++ (ifs)		Stable	-
26	Be Energy Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	21-Aug-26	Maintain	A+	A1	Stable	-
27	Shaheen Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	21-Aug-26	Maintain	A++ (ifs)		Stable	-
28	IGI Finex Securities Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	21-Aug-26	Maintain	BFR 2+		Stable	-
29	IGI Finex Securities Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	21-Aug-26	Maintain	BMR2+		Stable	-
30	Maaksons Engineering Corporation Limited Press Release \| Report \| History	Construction	Entity	21-Aug-26	Maintain	A-	A2	Stable	-
31	Khas Textile Mills (Pvt.) Limited Press Release \| Report \| History	Spinning	Entity	21-Aug-26	Maintain	BBB-	A2	Stable	-
32	Multan Electric Power Company Limited Press Release \| Report \| History	Transmission & Distribution \| Electricity	Entity	21-Aug-26	Upgrade	A+	A1	Stable	-
33	TPL Corp Limited \| PP Sukuk \| Jun-22 Press Release \| Report \| History	Holding Companies	Debt Instrument	19-Aug-26	Downgrade	A		Developing	Yes
34	TPL Corp Limited \| PPTFC \| Jun-22 Press Release \| Report \| History	Holding Companies	Debt Instrument	19-Aug-26	Downgrade	A		Developing	Yes
35	Faysal Islamic Asset Allocation Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	19-Aug-26	Same	4-Star	4-Star		-
36	Awan Trading Company (Pvt.) Limited Press Release \| Report \| History	Coal Mining and Trading	Entity	19-Aug-26	Maintain	A-	A2	Stable	-
37	Bank AL Habib Limited - TFC - PKR 20.0bln - TBI Press Release \| Report \| History	Commercial Banks	Debt Instrument	19-Aug-26	Preliminary	AAA		Stable	-
38	5th Pillar Family Takaful Limited Press Release \| Report \| History	Life Insurance	IFS	18-Aug-26	Maintain	A+ (ifs)		Stable	-
39	Gas & Oil Pakistan Limited \| GO Long Term Sukuk-I \| PKR 2.5bln \| Dec-25 Press Release \| Report \| History	Oil Marketing Companies & Dealers	Debt Instrument	13-Aug-26	Maintain	AA		Stable	-
40	Packages Convertors Limited Press Release \| Report \| History	Paper and Packaging	Entity	13-Aug-26	Maintain	AA-	A1	Stable	-
41	JS Fixed Term Munafa Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Aug-26	Maintain	AAA(f)		Stable	-
42	Tufail Chemical Industries Limited Press Release \| Report \| History	Chemicals	Entity	12-Aug-26	Maintain	A-	A2	Stable	Yes
43	AL Habib Asset Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	12-Aug-26	Maintain	AM1		Stable	-
44	Masood Spinning Mills Limited - PPSTS-IV - PKR 3.5bln - TBI Press Release \| Report \| History	Spinning	Debt Instrument	10-Aug-26	Preliminary	A-	A1	Stable	-
45	JazzWorld Pakistan Limited (Formerly Pakistan Mobile Communications Limited)- Sukuk - PKR 5bln - TBI Press Release \| Report \| History	Telecommunication	Debt Instrument	07-Aug-26	Preliminary	AA		Stable	-
46	National Grid Company of Pakistan Limited (formerly: National Transmission & Despatch Company Limited) Press Release \| Report \| History	Transmission & Distribution \| Electricity	Entity	07-Aug-26	Maintain	AA+	A1+	Stable	Yes
47	Sapphire Dairies (Pvt.) Limited Press Release \| Report \| History	Dairy	Entity	07-Aug-26	Maintain	A-	A2	Stable	-
48	Lucky Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	07-Aug-26	Upgrade	AM1		Stable	-
49	Zarea Limited - PPSTS-II - PKR 2.0 bln - TBI Press Release \| Report \| History	Technology	Debt Instrument	06-Aug-26	Preliminary	A-	A1	Stable	-
50	MAL Pakistan Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	05-Aug-26	Maintain	A-	A2	Stable	-
51	Alhamra Islamic Money Market Fund (Formerly: MCB Pakistan Frequent Payout Fund) Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Aug-26	Maintain	AA+(f)		Stable	Yes
52	JS Bank Limited \| PPTFC Tier 2 Capital \| PKR 4.0bln \| Jul-26 Press Release \| Report \| History	Commercial Banks	Debt Instrument	05-Aug-26	Initial	AA-		Stable	-
53	Ismail Industries Limited - PPSTS-7 - PKR 8.0bln - Aug-26 Press Release \| Report \| History	Food Products	Debt Instrument	05-Aug-26	Preliminary	AA-	A1	Stable	-
54	Harappa Solar (Pvt.) Limited Press Release \| Report \| History	Power	Entity	03-Aug-26	Maintain	A+	A1	Stable	-
55	Fauji Fertilizer Company Limited Press Release \| Report \| History	Fertilizers	Entity	31-Jul-26	Upgrade	AAA	A1+	Stable	-
56	Ideas (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	31-Jul-26	Initial	A	A1	Stable	-
57	Mekotex (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	31-Jul-26	Maintain	A-	A2	Stable	-
58	Ghandhara Tyre & Rubber Company Limited Press Release \| Report \| History	Tyres	Entity	31-Jul-26	Maintain	A+	A1	Stable	Yes
59	Bank Alfalah Limited - PPTFC Tier 2 - PKR 20bln Press Release \| Report \| History	Commercial Banks	Debt Instrument	31-Jul-26	Initial	AAA		Stable	-
60	AWT Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	31-Jul-26	Upgrade	AM2++		Stable	-
61	Pak Suzuki Motor Company Limited Press Release \| Report \| History	Passenger Cars	Entity	31-Jul-26	Maintain	AA	A1+	Stable	-
62	NBP Money Market Liquid Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	31-Jul-26	Initial	AA(f)		Stable	-
63	Jazaa Global (Pvt.) Limited Press Release \| Report \| History	Food Products	Entity	30-Jul-26	Maintain	BBB	A2	Stable	-
64	Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - Jun 26 Press Release \| Report \| History	Composite and Garments	Debt Instrument	30-Jul-26	Initial	A	A1	Stable	-
65	ACT Polyols (Pvt.) Limited Press Release \| Report \| History	Food Products	Entity	28-Jul-26	Initial	A-	A2	Stable	-
66	The Pakistan General Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	28-Jul-26	Upgrade	A (ifs)		Stable	-
67	National Refinery Limited - PPSTS - PKR 10bln - July-26 Press Release \| Report \| History	Refineries	Debt Instrument	28-Jul-26	Preliminary	AA	A1	Stable	-
68	Fatima Fertilizer Company Limited Press Release \| Report \| History	Fertilizers	Entity	24-Jul-26	Maintain	AA+	A1+	Stable	-
69	Jahangir Siddiqui & Co. Ltd. Press Release \| Report \| History	Holding Companies	Entity	24-Jul-26	Maintain	AA	A1+	Stable	-
70	Engro Fertilizers Limited Press Release \| Report \| History	Fertilizers	Entity	24-Jul-26	Maintain	AA	A1+	Stable	-
71	The Universal Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	24-Jul-26	Maintain	A (ifs)		Stable	Yes
72	Sarena Textile Industries (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	24-Jul-26	Maintain	A	A2	Stable	-
73	Pakistan Oxygen Limited Press Release \| Report \| History	Industrial Gases	Entity	24-Jul-26	Maintain	A+	A1	Stable	-
74	Masood Spinning Mills Limited \| PPSTS III \| PKR 2.0bln \| Jun-26 Press Release \| Report \| History	Spinning	Debt Instrument	23-Jul-26	Initial	A-	A1	Stable	-
75	ABL Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	21-Jul-26	Maintain	AA(f)		Stable	-
76	NBP Fixed Term Munafa Plan - XIVB under NBP Mustahkam Fund-II Press Release \| Report \| History	Mutual Funds	Stability Rating	21-Jul-26	Initial	AA+(f)		Stable	-
77	Reon Energy Limited - PPSTS - PKR 1.5bln - TBI Press Release \| Report \| History	Power	Debt Instrument	21-Jul-26	Preliminary	A	A1	Stable	-
78	Select Technologies Limited - PPSTS-V - PKR 3.0bln - Jun-26 Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	20-Jul-26	Initial	A	A1	Stable	-
79	Askari Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	20-Jul-26	Upgrade	AAA	A1+	Stable	-
80	AL Habib Capital Markets (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	17-Jul-26	Maintain	BFR 2+		Stable	-
81	AL Habib Capital Markets (Pvt.) Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	17-Jul-26	Maintain	BMR2+		Stable	-
82	JS Fixed Term Munafa Fund II Press Release \| Report \| History	Mutual Funds	Stability Rating	17-Jul-26	Maintain	AAA(f)		Stable	-
83	Reon Energy Limited Press Release \| Report \| History	Power	Entity	17-Jul-26	Maintain	A	A1	Stable	-
84	Lumen Energia (Pvt.) Limited Press Release \| Report \| History	Power	Entity	17-Jul-26	Maintain	BBB-	A3	Stable	-
85	Sindh Engro Coal Mining Company Press Release \| Report \| History	Coal Mining and Trading	Entity	17-Jul-26	Maintain	AA	A1+	Stable	-
86	Medipak Limited Press Release \| Report \| History	Pharmaceuticals	Entity	17-Jul-26	Maintain	BBB+	A2	Positive	-
87	AL Haq Securities (Pvt.) Limited - BFR Press Release \| Report \| History	Brokerage & Securities	BFR	17-Jul-26	Maintain	BFR 3		Stable	-
88	Lucky Electric Power Company Limited - PPSTS-23 - PKR 6.0bln - Mar-26 Press Release \| Report \| History	Power	Debt Instrument	17-Jul-26	Maintain	AA	A1+	Stable	-
89	M.Y. Bari Mills (Pvt.) Limited Press Release \| Report \| History	Towels	Entity	16-Jul-26	Maintain	BBB+	A2	Stable	-
90	Faysal Halal Amdani Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-Jul-26	Maintain	AA(f)		Stable	-
91	National Rural Support Programme Press Release \| Report \| History	Microfinance	Entity	15-Jul-26	Maintain	A	A1	Stable	-
92	SIA Equities (Pvt.) Limited - BFR Press Release \| Report \| History	Brokerage Firms	BFR	14-Jul-26	Initial	BFR 4+		Stable	-
93	Mega Motor Company (Pvt.) Limited Press Release \| Report \| History	Passenger Cars	Entity	14-Jul-26	Initial	A-	A2	Stable	-
94	Pak Qatar Income Plan under Pak Qatar Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	14-Jul-26	Maintain	AA-(f)		Stable	-
95	Pak Qatar Daily Dividend Plan under Pak Qatar Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	14-Jul-26	Maintain	AA(f)		Stable	-
96	Pak Qatar Cash Plan under Pak Qatar Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	14-Jul-26	Maintain	AA(f)		Stable	-
97	Avanceon Limited Press Release \| Report \| History	Technology	Entity	14-Jul-26	Maintain	A	A1	Stable	-
98	Alfalah GHP Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA+(f)		Stable	-
99	Alfalah GHP Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA-(f)		Stable	-
100	NIT Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AAA(f)		Stable	-
101	NIT Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA-(f)		Stable	-
102	NIT Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA-(f)		Stable	-
103	NIT Government Bond Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA(f)		Stable	-
104	Alfalah GHP Income Multiplier Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	A+(f)		Stable	-
105	Alfalah GHP Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA-(f)		Stable	-
106	Alfalah GHP Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA+(f)		Stable	-
107	Alfalah Islamic Amdani Fund (Formerly: Alfalah Islamic Rozana Amdani Fund) Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Jul-26	Maintain	AA(f)		Stable	-
108	Arif Latif Securities (Pvt.) Limited - BFR Press Release \| Report \| History	Brokerage & Securities	BFR	10-Jul-26	Initial	BFR 3		Stable	-
109	Faisalabad Electric Supply Company Limited Press Release \| Report \| History	Transmission & Distribution \| Electricity	Entity	10-Jul-26	Maintain	AA-	A1	Stable	-
110	Diamond Fabrics Limited Press Release \| Report \| History	Composite and Garments	Entity	10-Jul-26	Maintain	A-	A2	Stable	-
111	Steelex (Pvt.) Limited Press Release \| Report \| History	Steel	Entity	10-Jul-26	Maintain	BBB	A2	Stable	-
112	Hoora Pharma (Pvt.) Limited Press Release \| Report \| History	Healthcare	Entity	10-Jul-26	Maintain	BBB	A2	Stable	-
113	NIMIR Industrial Chemicals Limited Press Release \| Report \| History	Chemicals	Entity	10-Jul-26	Maintain	A+	A1	Stable	-
114	Nimir Resins Limited Press Release \| Report \| History	Chemicals	Entity	10-Jul-26	Maintain	A-	A2	Stable	-
115	Nisar Spinning Mills (Pvt.) Limited Press Release \| Report \| History	Spinning	Entity	10-Jul-26	Maintain	A-	A2	Stable	-
116	786 Smart Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	09-Jul-26	Maintain	AA-(f)		Stable	-
117	Jhulay Lal Parboiled Rice Mill Press Release \| Report \| History	Rice	Entity	09-Jul-26	Maintain	BBB	A2	Stable	-
118	Pak Elektron Limited Press Release \| Report \| History	Household Appliances	Entity	09-Jul-26	Maintain	A+	A1	Stable	-
119	Engro Polymer & Chemicals Limited Press Release \| Report \| History	Chemicals	Entity	07-Jul-26	Maintain	AA	A1+	Stable	-
120	Indus DC REIT Scheme Press Release \| Report \| History	Real Estate	REIT Fund Rating	06-Jul-26	Preliminary	RFR 3		Stable	-
121	ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release \| Report \| History	Construction	Debt Instrument	03-Jul-26	Preliminary	A+		Stable	Yes
122	Lakson Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	03-Jul-26	Maintain	A+(f)		Stable	-
123	Lakson Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	03-Jul-26	Maintain	AA(f)		Stable	-
124	Lakson Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	03-Jul-26	Maintain	AA+(f)		Stable	-
125	The Bank of Punjab \| Additional Tier 1 Capital TFC \| Jun-22 Press Release \| Report \| History	Commercial Banks	Debt Instrument	03-Jul-26	Upgrade	AA		Stable	-
126	The Bank of Punjab \| Additional Tier 1 Capital TFC \| PKR 3.95bln \| Feb-24 Press Release \| Report \| History	Commercial Banks	Debt Instrument	03-Jul-26	Upgrade	AA		Stable	-
127	The Bank of Punjab \| TFC II \| April-18 Press Release \| Report \| History	Commercial Banks	Debt Instrument	03-Jul-26	Upgrade	AA+		Stable	-
128	The Bank of Punjab \| Tier 2 \| TFC-III \| Apr-23 Press Release \| Report \| History	Commercial Banks	Debt Instrument	03-Jul-26	Upgrade	AA+		Stable	-
129	The Bank of Punjab \| Tier 2 Capital TFC \| PKR 7.5695bln \| Jun-24 Press Release \| Report \| History	Commercial Banks	Debt Instrument	03-Jul-26	Upgrade	AA+		Stable	-
130	Liberty Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	03-Jul-26	Maintain	A+	A1	Stable	-
131	Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited) Press Release \| Report \| History	Microfinance	Entity	01-Jul-26	Upgrade	AA-	A1	Stable	-
132	AWT Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	30-Jun-26	Maintain	AA+(f)		Stable	-
133	AWT Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	30-Jun-26	Maintain	A+(f)		Stable	-
134	BankIslami Pakistan Limited - PP Sukuk Tier 2 Capital - PKR 5.0bln - TBI Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Preliminary	A+		Stable	-
135	The Bank of Punjab Press Release \| Report \| History	Commercial Banks	Entity	30-Jun-26	Upgrade	AAA	A1+	Stable	-
136	Habib Metropolitan Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	30-Jun-26	Upgrade	AAA	A1+	Stable	-
137	BankIslami Pakistan Limited \| ADT-1 Modaraba Sukuk I \| PKR 2 Bln\| Apr-20 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	A		Stable	-
138	BankIslami Pakistan Limited \| ADT-1 Modaraba Sukuk II \| PKR 1 Bln \| Feb-24 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	A		Stable	-
139	JS Bank Limited \| PPTFC \| 2.5bln \| Dec-21 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	AA-		Stable	-
140	JS Bank Limited \| TFC Tier 1 \| 2.5bln \| Dec-18 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	A+		Stable	-
141	JS Bank Limited \| Tier II TFC \| 3.5bln \| Aug-23 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	AA-		Stable	-
142	Bank AL Habib Limited \| Tier II TFC VIII \| Sep-21 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	AAA		Stable	-
143	Bank Alfalah Limited \| Additional Tier 1 TFC \| 7bln Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	AA+		Stable	-
144	Bank Alfalah Limited \| Additional Tier 1 TFC \| PKR 7bln \| Dec'22 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Maintain	AA+		Stable	-
145	Soneri Bank Limited \| Tier 1 TFC Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Upgrade	A+		Stable	-
146	Soneri Bank Limited \| Tier 2 Capital TFC \| PKR 4bln \| Dec'22 Press Release \| Report \| History	Commercial Banks	Debt Instrument	30-Jun-26	Upgrade	AA-		Stable	-
147	Soneri Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	30-Jun-26	Upgrade	AA	A1+	Stable	-
148	Askari Life Assurance Company Limited Press Release \| Report \| History	Life Insurance	IFS	30-Jun-26	Maintain	A (ifs)		Positive	-
149	Select Technologies Limited – PPSTS-VI PKR 3.0bln – Jul-26 Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	30-Jun-26	Preliminary	A	A1	Stable	-
150	Bank AL Habib Limited \| Tier-I \| TFC VI \| Dec-17 Press Release \| Report \| History	Commercial Banks	Debt Instrument	29-Jun-26	Maintain	AA+		Stable	-
151	Bank AL Habib Limited \| Tier-I \| TFC IX \| Apr-22 Press Release \| Report \| History	Commercial Banks	Debt Instrument	29-Jun-26	Maintain	AA+		Stable	-
152	Bank AL Habib Limited \| Tier-II \| TFC X \| PKR 7bln \| Dec'22 Press Release \| Report \| History	Commercial Banks	Debt Instrument	29-Jun-26	Maintain	AAA		Stable	-
153	GuarantCo Ltd Press Release \| Report \| History	Credit Guarantee Institutions	Entity	27-Jun-26	Maintain	AAA	A1+	Stable	-
154	Bank of Khyber Press Release \| Report \| History	Commercial Banks	Entity	27-Jun-26	Upgrade	AA-	A1	Stable	-
155	Hi-Tech Blending (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	24-Jun-26	Initial	A-	A2	Stable	-
156	Hi-Tech Lubricants Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	24-Jun-26	Initial	A	A2	Stable	-
157	Pak Libya Holding Company (Pvt.) Limited Press Release \| Report \| History	Development Financial Institutions (DFIs)	Entity	24-Jun-26	Maintain	AA	A1+	Stable	-
158	Export-Import Bank of Pakistan Press Release \| Report \| History	Development Financial Institutions (DFIs)	Entity	24-Jun-26	Maintain	AAA	A1+	Stable	-
159	Pakistan Aluminium Beverage Cans Limited Press Release \| Report \| History	Paper and Packaging	Entity	24-Jun-26	Maintain	AA-	A1	Stable	-
160	BankIslami Pakistan Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AA-	A1	Stable	-
161	JS Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AA	A1+	Stable	-
162	First Women Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Upgrade	A	A1	Stable	-
163	Alfalah Financial Sector Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Jun-26	Maintain	A+(f)		Stable	-
164	Alfalah Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Jun-26	Maintain	AA(f)		Stable	-
165	Alfalah Islamic Sovereign Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Jun-26	Maintain	AA+(f)		Stable	-
166	Askari Bank Limited \| TFC VI ( Additional Tier I ) \| Jul-18 Press Release \| Report \| History	Commercial Banks	Debt Instrument	24-Jun-26	Maintain	AA-		Stable	-
167	Allied Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AAA	A1+	Stable	-
168	Samba Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AA	A1+	Stable	-
169	Trans World Enterprise Services (Pvt.) Limited Press Release \| Report \| History	Telecommunication	Entity	24-Jun-26	Upgrade	BBB+	A2	Stable	-
170	Faysal Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AA+	A1+	Stable	-
171	Rural Community Development Programmes Press Release \| Report \| History	Microfinance	Entity	24-Jun-26	Maintain	BBB+	A2	Stable	-
172	Bank Alfalah Limited Press Release \| Report \| History	Commercial Banks	Entity	24-Jun-26	Maintain	AAA	A1+	Stable	-
173	Pakistan Kuwait Investment Company (Pvt.) Limited Press Release \| Report \| History	Development Financial Institutions (DFIs)	Entity	24-Jun-26	Maintain	AAA	A1+	Stable	-
174	Service Long March Tyres Limited Press Release \| Report \| History	Tyres	Entity	24-Jun-26	Upgrade	AA-	A1	Stable	-
175	IGI Life Insurance Limited Press Release \| Report \| History	Life Insurance	IFS	24-Jun-26	Maintain	A++ (ifs)		Stable	-
176	PARCO Pearl Gas (Pvt.) Limited Press Release \| Report \| History	Distribution \| Gas	Entity	24-Jun-26	Maintain	AA	A1+	Stable	-
177	Orient Energy Systems (Pvt.) Limited Press Release \| Report \| History	Machinery	Entity	24-Jun-26	Upgrade	A	A1	Stable	-
178	Fatima Packaging Limited Press Release \| Report \| History	Paper and Packaging	Entity	24-Jun-26	Maintain	A	A1	Stable	-
179	Adamjee Life Assurance Company Limited Press Release \| Report \| History	Life Insurance	IFS	24-Jun-26	Maintain	AA (ifs)		Stable	-
180	Faysal Bank Limited - PP Sukuk - PKR 7.0bln Press Release \| Report \| History	Commercial Banks	Debt Instrument	24-Jun-26	Initial	AA		Stable	-
181	MCB Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	23-Jun-26	Maintain	AAA	A1+	Stable	-
182	MCB Islamic Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	23-Jun-26	Maintain	A+	A1	Positive	-
183	National Bank of Pakistan Press Release \| Report \| History	Commercial Banks	Entity	23-Jun-26	Maintain	AAA	A1+	Stable	-
184	Bank AL Habib Limited Press Release \| Report \| History	Commercial Banks	Entity	23-Jun-26	Maintain	AAA	A1+	Stable	-
185	Pak Oman Micro Finance Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Jun-26	Maintain	A-(f)		Stable	-
186	Engro Corporation Limited Press Release \| Report \| History	Holding Companies	Entity	19-Jun-26	Maintain	AA+	A1+	Stable	-
187	Engro Holdings Limited Press Release \| Report \| History	Holding Companies	Entity	19-Jun-26	Maintain	AA	A1+	Stable	-
188	Yunus Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	19-Jun-26	Maintain	AA	A1+	Stable	-
189	National Credit Guarantee Company Limited Press Release \| Report \| History	Credit Guarantee Institutions	Entity	19-Jun-26	Maintain	AAA	A1+	Stable	-
190	Saif Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	19-Jun-26	Maintain	A-	A2	Stable	Yes
191	PAIR Investment Company Limited Press Release \| Report \| History	Development Financial Institutions (DFIs)	Entity	19-Jun-26	Maintain	AA	A1+	Stable	-
192	Abbasi and Company (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	19-Jun-26	Maintain	BFR 2		Stable	-
193	Abbasi and Company (Pvt.) Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	19-Jun-26	Maintain	BMR2		Stable	-
194	Siddiqsons Limited Press Release \| Report \| History	Composite and Garments	Entity	19-Jun-26	Maintain	A-	A1	Stable	-
195	DIC Pakistan Limited Press Release \| Report \| History	Chemicals	Entity	18-Jun-26	Maintain	AA-	A1	Stable	-
196	Narowal Energy Limited Press Release \| Report \| History	Power	Entity	18-Jun-26	Maintain	AA-	A1+	Stable	-
197	Multinet Pakistan (Pvt.) Limited Press Release \| Report \| History	Technology	Entity	18-Jun-26	Maintain	A-	A2	Stable	-
198	Multinet Pakistan (Pvt.) Limited \| Digital Infrastructure Facility \| PKR 2100 mln \| Aug-22 Press Release \| Report \| History	Technology	Debt Instrument	18-Jun-26	Maintain	AA		Stable	-
199	National Vocational and Technical Training Commission - PPTFC - PKR 1bln - TBI Press Release \| Report \| History	Education	Debt Instrument	18-Jun-26	Preliminary	AAA		Stable	-
200	Parwaaz Financial Services Limited - PPTFC - PKR 1bln - Mar-25 Press Release \| Report \| History	Non-Banking Finance Companies	Debt Instrument	18-Jun-26	Maintain	AA-		Stable	-
201	National Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	17-Jun-26	Initial	AA (ifs)		Stable	-
202	Pak Oman Daily Dividend Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	17-Jun-26	Maintain	AA(f)		Stable	-
203	Kohat Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	17-Jun-26	Maintain	A-	A2	Stable	-
204	Alhamra Government Securities Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	16-Jun-26	Maintain	AA(f)		Stable	-
205	Lucky Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	16-Jun-26	Maintain	AA(f)		Stable	-
206	Lucky Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	16-Jun-26	Maintain	AA+(f)		Stable	-
207	MCB Government Securities Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	16-Jun-26	Maintain	AA(f)		Stable	-
208	Meskay & Femtee Trading Company (Pvt.) Limited Press Release \| Report \| History	Rice	Entity	16-Jun-26	Maintain	A-	A2	Stable	-
209	Alhamra Cash Management Optimizer Press Release \| Report \| History	Mutual Funds	Stability Rating	16-Jun-26	Maintain	AA(f)		Stable	-
210	ZKB Construction (Pvt.) Limited Press Release \| Report \| History	Construction	Entity	15-Jun-26	Maintain	A	A2	Stable	-
211	AKD Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Jun-26	Maintain	AA+(f)		Stable	-
212	AKD Aggressive Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Jun-26	Maintain	A+(f)		Stable	-
213	AKD Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Jun-26	Maintain	AA-(f)		Stable	-
214	AKD Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Jun-26	Maintain	AA(f)		Stable	-
215	Atlas Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	12-Jun-26	Maintain	AA(f)		Stable	-
216	Pakistan International Bulk Terminal Limited Press Release \| Report \| History	Coal Mining and Trading	Entity	12-Jun-26	Maintain	A	A2	Stable	-
217	AHM Securities (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	12-Jun-26	Maintain	BFR 3		Stable	-
218	VMS Trading Company Press Release \| Report \| History	Rice	Entity	12-Jun-26	Maintain	BBB	A2	Stable	-
219	E-Vision Manufacturing Limited Press Release \| Report \| History	Polyester	Entity	12-Jun-26	Maintain	BBB	A2	Stable	-
220	Meko Fabrics (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	12-Jun-26	Maintain	BBB+	A2	Stable	-
221	Airlink Communication Limited - PPSTS-X - PKR 2.0bln - Mar-26 Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	12-Jun-26	Initial	A+	A1	Stable	-
222	Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - Apr-26 Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	12-Jun-26	Initial	A+	A1	Stable	-
223	HBL Microfinance Bank Limited \| Tier 2 Capital TFC \| PKR 1.5bln \| Mar-24 Press Release \| Report \| History	Microfinance	Debt Instrument	11-Jun-26	Maintain	A		Stable	-
224	Airlink Communication Limited \| Term Finance Facility \| PKR 1.464bln \| TBI Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	08-Jun-26	Preliminary	AA		Stable	-
225	Select Technologies Limited \| Term Finance Facility \| PKR 3.3bln \| TBI Press Release \| Report \| History	Mobile Phone and Allied Products	Debt Instrument	08-Jun-26	Preliminary	AA		Stable	-
226	Pakistan Refinery Limited Press Release \| Report \| History	Refineries	Entity	05-Jun-26	Maintain	A	A1	Stable	-
227	Pakistan Microfinance Investment Company Limited Press Release \| Report \| History	Development Financial Institutions (DFIs)	Entity	05-Jun-26	Maintain	AA	A1+	Stable	-
228	Gas & Oil Pakistan Limited \| PP Sukuk Press Release \| Report \| History	Oil Marketing Companies & Dealers	Debt Instrument	05-Jun-26	Maintain	AA+		Stable	-
229	ACT Wind (Pvt.) Limited Press Release \| Report \| History	Power	Entity	04-Jun-26	Maintain	A+	A1	Stable	-
230	Orient Power Company (Pvt.) Limited Press Release \| Report \| History	Power	Entity	04-Jun-26	Maintain	AA-	A1	Stable	-
231	K-Electric Limited Press Release \| Report \| History	Transmission & Distribution \| Electricity	Entity	04-Jun-26	Maintain	AA	A1+	Stable	Yes
232	Hadeed Pakistan (Pvt.) Limited Press Release \| Report \| History	Steel	Entity	04-Jun-26	Maintain	A	A1	Stable	-
233	The Hub Power Company Limited Press Release \| Report \| History	Power	Entity	02-Jun-26	Maintain	AA+	A1+	Stable	-
234	Masood Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	02-Jun-26	Maintain	A	A2	Stable	-
235	Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release \| Report \| History	Composite and Garments	Debt Instrument	02-Jun-26	Maintain	A+		Stable	-
236	ABL Special Saving Fund Press Release \| Report \| History	Mutual Funds	Capital Preservation Rating	29-May-26	Same	CP2+		Stable	-
237	Panther Tyres Limited Press Release \| Report \| History	Tyres	Entity	25-May-26	Maintain	A	A1	Stable	-
238	AL Habib Government Securities Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	25-May-26	Maintain	AAA(f)		Stable	-
239	Kassim (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	22-May-26	Initial	BBB	A2	Stable	-
240	Faysal Islamic Special Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-May-26	Maintain	AA(f)		Stable	-
241	National Investment Trust Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	22-May-26	Maintain	AM1		Stable	-
242	Pak-Arab Pipeline Company Limited Press Release \| Report \| History	Oil Transportation & Storage	Entity	22-May-26	Maintain	AAA	A1+	Stable	-
243	Olympia Chemicals Limited Press Release \| Report \| History	Chemicals	Entity	22-May-26	Maintain	A	A1	Stable	-
244	Al Ameen Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-May-26	Maintain	AA(f)		Stable	-
245	National Refinery Limited Press Release \| Report \| History	Refineries	Entity	22-May-26	Maintain	AA	A1	Developing	Yes
246	Tata Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	22-May-26	Maintain	A	A1	Stable	Yes
247	H. Sadar Ali Akhtar Ali (Pvt.) Limited Press Release \| Report \| History	Leather	Entity	22-May-26	Maintain	BBB+	A2	Stable	-
248	Meezan Plastic Industries (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	22-May-26	Maintain	BB	A3	Stable	-
249	Nishat Hotels and Properties Ltd Press Release \| Report \| History	Hotel & Lodging	Entity	22-May-26	Maintain	A	A1	Stable	-
250	Union Microfinance Company Limited Press Release \| Report \| History	Microfinance	Entity	22-May-26	Initial	BB	A4	Stable	-
251	Attock Refinery Limited Press Release \| Report \| History	Refineries	Entity	21-May-26	Maintain	AA	A1+	Stable	-
252	K-Electric Limited - Retail Utility Sukuk - PKR 3bln - Sep-25 Press Release \| Report \| History	Power	Debt Instrument	21-May-26	Maintain	AA	A1+	Stable	-
253	Ismail Iqbal Securities (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	20-May-26	Maintain	BFR 3+		Stable	-
254	Alfalah Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	19-May-26	Maintain	AA+ (ifs)		Stable	-
255	Ghani Chemical Industries Limited Press Release \| Report \| History	Industrial Gases	Entity	18-May-26	Maintain	A	A1	Positive	-
256	Khadija Edible Oil Refinery (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	18-May-26	Maintain	A-	A2	Stable	-
257	TPL Corp Limited Press Release \| Report \| History	Holding Companies	Entity	16-May-26	Maintain	A	A1	Developing	Yes
258	Habib Metropolitan Financial Services Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	15-May-26	Maintain	BFR 3+		Stable	-
259	Al Meezan Investment Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	15-May-26	Maintain	AM1		Stable	-
260	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	-
261	Atlas Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA-(f)		Stable	-
262	Atlas Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA-(f)		Stable	-
263	Atlas Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA(f)		Stable	-
264	Atlas Liquid Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA+(f)		Stable	-
265	Atlas Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA+(f)		Stable	-
266	Atlas Sovereign Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	15-May-26	Maintain	AA-(f)		Stable	-
267	Martin Dow Marker Limited Press Release \| Report \| History	Pharmaceuticals	Entity	15-May-26	Maintain	A+	A1	Stable	-
268	JazzWorld Pakistan Limited (formerly Pakistan Mobile Communications Ltd) Press Release \| Report \| History	Telecommunication	Entity	15-May-26	Maintain	AA	A1	Stable	-
269	Descon Oxychem Limited Press Release \| Report \| History	Chemicals	Entity	15-May-26	Maintain	A+	A1	Stable	-
270	Apna Microfinance Bank Limited Press Release \| Report \| History	Microfinance	Entity	15-May-26	Maintain	BB	A4	Negative	Yes
271	CSC Empowerment & Inclusion Programme Press Release \| Report \| History	Microfinance	Social Impact and Performance Rating	15-May-26	Maintain	SIP3		Stable	-
272	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	-
273	Karachi Gateway Terminal (Pvt.) Limited Press Release \| Report \| History	Shipping	Entity	13-May-26	Initial	AA-	A1	Stable	-
274	Karachi Gateway Terminal Multipurpose (Pvt.) Limited Press Release \| Report \| History	Shipping	Entity	13-May-26	Initial	AA-	A1	Stable	-
275	H. Nizam Din & Sons (Pvt.) Limited Press Release \| Report \| History	Relief	Entity	13-May-26	Maintain	A-	A2	Stable	Yes
276	Entertainment Pakistan Limited Press Release \| Report \| History	Real Estate	Entity	13-May-26	Maintain	BB	A3	Stable	-
277	Neelum Oil and Ghee Industries (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	13-May-26	Maintain	A-	A2	Stable	-
278	Waheed Hafeez Ghee Industries (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	13-May-26	Maintain	A-	A2	Stable	-
279	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	-
280	Treet Battery Limited Press Release \| Report \| History	Batteries	Entity	12-May-26	Initial	A-	A2	Stable	-
281	Beacon Impex (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	12-May-26	Maintain	A	A1	Stable	-
282	BF Biosciences Limited Press Release \| Report \| History	Pharmaceuticals	Entity	12-May-26	Maintain	A-	A2	Stable	-
283	Ziauddin University Press Release \| Report \| History	Education	Entity	12-May-26	Maintain	BBB	A2	Stable	-
284	Rainbow Hosiery (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	12-May-26	Maintain	BBB	A2	Stable	-
285	Adam Securities Limited Press Release \| Report \| History	Brokerage & Securities	Entity	11-May-26	Initial	A	A1	Stable	-
286	Adam Securities Limited - BFR Press Release \| Report \| History	Brokerage & Securities	BFR	11-May-26	Initial	BFR 2		Stable	-
287	EFU General Insurance Limited Press Release \| Report \| History	General Insurance	IFS	09-May-26	Maintain	AA++ (ifs)		Stable	-
288	Hub Power Holdings Limited Press Release \| Report \| History	Holding Companies	Entity	08-May-26	Maintain	AA	A1+	Stable	-
289	KTRADE Securities Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	08-May-26	Maintain	BFR 2		Positive	-
290	AKD Investment Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	07-May-26	Maintain	AM2		Stable	-
291	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	-
292	Aslam Energy (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	05-May-26	Maintain	BBB+	A2	Stable	-
293	Flow Petroleum (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	05-May-26	Maintain	A-	A2	Stable	-
294	Gas & Oil Pakistan Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	05-May-26	Maintain	AA	A1+	Stable	-
295	NBP Fund Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	05-May-26	Maintain	AM1		Stable	-
296	JS Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	AA+(f)		Stable	-
297	JS Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	AA+(f)		Stable	-
298	JS Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	AA(f)		Stable	-
299	JS Government Securities Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	AA(f)		Stable	-
300	JS Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	A+(f)		Stable	-
301	JS Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	AA-(f)		Stable	-
302	JS Microfinance Sector Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	04-May-26	Maintain	A(f)		Stable	-
303	Berger Paints Pakistan Limited \| PP Sukuk \| Sep -21 Press Release \| Report \| History	Chemicals	Debt Instrument	04-May-26	Maintain	A		Stable	-
304	Pakistan Oil Mills (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	04-May-26	Upgrade	A	A2	Stable	-
305	TPL Insurance Limited Press Release \| Report \| History	General Insurance	IFS	02-May-26	Maintain	AA (ifs)		Stable	Yes
306	Netracon Technologies (Pvt.) Limited Press Release \| Report \| History	Construction	Entity	30-Apr-26	Initial	A-	A2	Stable	-
307	Nishat Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	30-Apr-26	Maintain	AA	A1+	Stable	-
308	Infra Zamin Pakistan Limited Press Release \| Report \| History	Credit Guarantee Institutions	Entity	30-Apr-26	Maintain	AAA	A1+	Stable	-
309	Sefam (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	30-Apr-26	Maintain	A-	A2	Stable	Yes
310	Mahmood Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	30-Apr-26	Maintain	A-	A1	Stable	-
311	Mobilink Microfinance Bank Limited Press Release \| Report \| History	Microfinance	Entity	30-Apr-26	Maintain	A	A1	Stable	-
312	NRSP Microfinance Bank Limited Press Release \| Report \| History	Microfinance	Entity	30-Apr-26	Maintain	A-	A2	Stable	-
313	NRSP Microfinance Bank Limited \| Tier II TFC Press Release \| Report \| History	Microfinance	Debt Instrument	30-Apr-26	Maintain	A-		Stable	-
314	Master Green Energy Limited Press Release \| Report \| History	Power	Entity	30-Apr-26	Maintain	A	A1	Stable	-
315	ASA Microfinance Bank (Pakistan) Limited Press Release \| Report \| History	Microfinance	Entity	29-Apr-26	Maintain	A-	A2	Stable	-
316	NBP Financial Sector Income Plus Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	29-Apr-26	Initial	A+(f)		Stable	-
317	Ferozsons Laboratories Limited Press Release \| Report \| History	Pharmaceuticals	Entity	28-Apr-26	Maintain	A	A1	Stable	-
318	BMA Islamic Noor Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	27-Apr-26	Initial	AA(f)		Stable	-
319	BMA Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	27-Apr-26	Initial	AA+(f)		Stable	-
320	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	-
321	MCB Cash Management Optimizer Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA+(f)		Stable	-
322	MCB DCF Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA-(f)		Stable	-
323	MCB Pakistan Sovereign Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA-(f)		Stable	-
324	Pakistan Income Enhancement Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	A+(f)		Stable	-
325	Pakistan Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA(f)		Stable	-
326	Pakistan Cash Management Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA+(f)		Stable	-
327	Alhamra Daily Dividend Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA-(f)		Stable	-
328	Alhamra Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA(f)		Stable	-
329	MCB Investment Savings Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	24-Apr-26	Maintain	AA+(f)		Stable	-
330	Pakistan Synthetics Limited Press Release \| Report \| History	Paper and Packaging	Entity	24-Apr-26	Maintain	A-	A2	Stable	-
331	AGAHE Pakistan Press Release \| Report \| History	Microfinance	Entity	24-Apr-26	Maintain	BBB	A3	Stable	-
332	NBP Government Securities Plan - IV Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA(f)		Stable	-
333	NBP Income Opportunity Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
334	NBP Islamic Government Securities Plan – III Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA(f)		Stable	-
335	NBP Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
336	NBP Mahana Amdani Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA-(f)		Stable	-
337	NBP Islamic Mahana Amdani Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
338	NBP Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA(f)		Stable	-
339	NBP Riba Free Saving Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
340	NBP Savings Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
341	NBP Financial Sector Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	A+(f)		Stable	-
342	NBP Government Securities Liquid Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AAA(f)		Stable	-
343	NBP Government Securities Savings Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA-(f)		Stable	-
344	Salman Paper Products (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	22-Apr-26	Maintain	BBB	A2	Stable	-
345	NBP Islamic Savings Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA-(f)		Stable	-
346	NBP Islamic Daily Dividend Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	22-Apr-26	Maintain	AA+(f)		Stable	-
347	Flying Cement Company Limited Press Release \| Report \| History	Cement	Entity	18-Apr-26	Maintain	A-	A2	Stable	Yes
348	AKD Opportunity Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	17-Apr-26	Improved	3-Star	3-Star		-
349	AKD Islamic Stock Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	17-Apr-26	Same	2-Star	3-Star		-
350	Golden Arrow Stock Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	17-Apr-26	Same	3-Star	3-Star		-
351	Asif Rice Mills Press Release \| Report \| History	Rice	Entity	17-Apr-26	Maintain	BBB+	A2	Stable	-
352	National Foods Limited Press Release \| Report \| History	Food Products	Entity	17-Apr-26	Maintain	AA-	A1	Stable	-
353	New Horizon Computer Press Release \| Report \| History	Technology	Entity	17-Apr-26	Maintain	BBB-	A3	Stable	-
354	The United Insurance Company of Pakistan Limited Press Release \| Report \| History	General Insurance	IFS	17-Apr-26	Maintain	AA+ (ifs)		Stable	-
355	GH2 Industries (Pvt.) Limited Press Release \| Report \| History	Rice	Entity	15-Apr-26	Maintain	A-	A2	Stable	-
356	Crown Textile Press Release \| Report \| History	Composite and Garments	Entity	14-Apr-26	Maintain	BBB-	A2	Positive	-
357	Mobilink Microfinance Bank Limited \| PPTFC \| Dec-22 Press Release \| Report \| History	Microfinance	Debt Instrument	13-Apr-26	Maintain	A-		Stable	-
358	AL Habib Islamic Savings Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Apr-26	Maintain	AA(f)		Stable	-
359	AL Habib Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Apr-26	Maintain	AA(f)		Stable	-
360	AL Habib Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Apr-26	Maintain	AA+(f)		Stable	-
361	AL Habib Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	10-Apr-26	Maintain	AA(f)		Stable	-
362	Packages Real Estate (Pvt.) Limited Press Release \| Report \| History	Real Estate	Entity	10-Apr-26	Maintain	A	A1	Stable	-
363	Hilal Foods (Pvt.) Limited Press Release \| Report \| History	Food Products	Entity	10-Apr-26	Maintain	A-	A2	Stable	-
364	Armstrong ZE (Pvt.) Limited Press Release \| Report \| History	Tyres	Entity	09-Apr-26	Initial	A-	A2	Stable	-
365	Al-Abbas Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	09-Apr-26	Maintain	A+	A1	Stable	-
366	Lucky Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	07-Apr-26	Initial	AA(f)		Stable	-
367	Lucky Electric Power Company Limited Press Release \| Report \| History	Power	Entity	06-Apr-26	Maintain	AA	A1+	Stable	-
368	ABL Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	AA+(f)		Stable	-
369	ABL Financial Sector Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	A+(f)		Stable	-
370	ABL Government Securities Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	AA-(f)		Stable	-
371	ABL Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	A+(f)		Stable	-
372	ABL Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	A+(f)		Stable	-
373	ABL Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	06-Apr-26	Maintain	AA+(f)		Stable	-
374	International Business Management Press Release \| Report \| History	Paper and Packaging	Entity	03-Apr-26	Maintain	BB+	A3	Stable	-
375	Bikiya Industries (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	03-Apr-26	Maintain	BB+	A3	Stable	-
376	Madiha International (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	03-Apr-26	Maintain	BB+	A3	Stable	-
377	Mehran Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	03-Apr-26	Maintain	A-	A2	Stable	-
378	Optimus Capital Management (Pvt.) Limited Press Release \| Report \| History	Brokerage & Securities	Entity	03-Apr-26	Maintain	A-	A2	Stable	-
379	Noon Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	03-Apr-26	Upgrade	A-	A2	Stable	-
380	First Capital Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	03-Apr-26	Maintain	AM4++		Stable	-
381	Mirpurkhas Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	03-Apr-26	Maintain	A-	A2	Stable	Yes
382	ABL Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	02-Apr-26	Maintain	AA+(f)		Stable	Yes
383	ABL Islamic Sovereign Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	02-Apr-26	Maintain	AA(f)		Stable	-
384	WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release \| Report \| History	Power	Debt Instrument	02-Apr-26	Maintain	AAA		Stable	-
385	WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release \| Report \| History	Power	Debt Instrument	02-Apr-26	Maintain	AAA		Stable	-
386	Sindh Microfinance Bank Limited Press Release \| Report \| History	Microfinance	Entity	30-Mar-26	Maintain	A	A1	Stable	-
387	JS Investments Limited (JSIL) Press Release \| Report \| History	Non-Banking Finance Companies	Entity	28-Mar-26	Maintain	A+	A1	Stable	-
388	HNDS Energy Limited Press Release \| Report \| History	Power	Entity	26-Mar-26	Maintain	A	A2	Stable	-
389	Meridian Energy Limited Press Release \| Report \| History	Power	Entity	26-Mar-26	Maintain	A	A2	Stable	-
390	Helios Power Limited Press Release \| Report \| History	Power	Entity	26-Mar-26	Maintain	A	A2	Stable	-
391	Ultra Pack (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	26-Mar-26	Maintain	BBB	A2	Stable	-
392	Sargodha Jute Mills Limited Press Release \| Report \| History	Jute	Entity	26-Mar-26	Maintain	A-	A2	Stable	-
393	Reliance Cotton Spinning Mills Limited Press Release \| Report \| History	Spinning	Entity	26-Mar-26	Maintain	A-	A2	Stable	-
394	H.A.R Fibres (Pvt.) Limited Press Release \| Report \| History	Spinning	Entity	26-Mar-26	Maintain	BBB-	A2	Stable	-
395	Qadir Agro Industries (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	26-Mar-26	Maintain	BB+	A3	Stable	-
396	A. Rahim Foods (Pvt.) Limited Press Release \| Report \| History	Food Products	Entity	26-Mar-26	Maintain	A-	A2	Stable	-
397	SAFCO Microfinance Company (Private) Limited Press Release \| Report \| History	Microfinance	Entity	26-Mar-26	Maintain	BBB	A3	Stable	-
398	JWS Pakistan Press Release \| Report \| History	Microfinance	Entity	26-Mar-26	Maintain	BBB	A3	Positive	-
399	Amreli Steels Limited Press Release \| Report \| History	Steel	Entity	26-Mar-26	Maintain	CCC	A4	Developing	Yes
400	NBP Balanced Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Mar-26	Same	3-Star	3-Star		-
401	NBP Islamic Sarmaya Izafa Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Mar-26	Same	3-Star	3-Star		-
402	NBP Islamic Stock Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Mar-26	Same	3-Star	4-Star		-
403	NBP Sarmaya Izafa Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Mar-26	Same	4-Star	4-Star		-
404	NBP Stock Fund Press Release \| Report \| History	Mutual Funds	Performance Ranking	25-Mar-26	Same	4-Star	4-Star		-
405	US Denim Mills (Pvt.) Limited Press Release \| Report \| History	Weaving	Entity	19-Mar-26	Maintain	A	A1	Stable	-
406	Kohinoor Energy Limited Press Release \| Report \| History	Power	Entity	19-Mar-26	Maintain	AA	A1+	Stable	-
407	Saif Power Limited Press Release \| Report \| History	Power	Entity	19-Mar-26	Maintain	AA-	A1	Stable	-
408	The Punjab Provincial Cooperative Bank Limited Press Release \| Report \| History	Commercial Banks	Entity	19-Mar-26	Upgrade	A-	A2	Stable	-
409	Dr. Arslan Razaque Securities (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	19-Mar-26	Maintain	BFR 3		Stable	-
410	KTM Leather (Pvt.) Limited Press Release \| Report \| History	Leather	Entity	19-Mar-26	Maintain	BBB+	A2	Stable	Yes
411	Warble (Pvt.) Limited Press Release \| Report \| History	Pesticides	Entity	19-Mar-26	Maintain	BBB	A2	Stable	-
412	Welcon Chemicals (Pvt.) Limited Press Release \| Report \| History	Pesticides	Entity	19-Mar-26	Maintain	BBB	A2	Stable	-
413	Pak-Qatar Family Takaful Limited - PFM Press Release \| Report \| History	Life Insurance	Pension Fund Managers	19-Mar-26	Upgrade	AM2+(p)		Stable	-
414	Pak Qatar Asset Management Company Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	19-Mar-26	Upgrade	AM2+		Stable	-
415	786 Islamic Money Market Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	19-Mar-26	Initial	AA(f)		Stable	-
416	Mount Fuji Textiles Limited Press Release \| Report \| History	Composite and Garments	Entity	19-Mar-26	Maintain	BBB+	A2	Stable	-
417	TPL Properties Limited Press Release \| Report \| History	Real Estate	Entity	19-Mar-26	Downgrade	A	A1	Developing	Yes
418	Kashf Foundation \| PPTFC \| PKR 2.483bln \| Dec-23 Press Release \| Report \| History	Microfinance	Debt Instrument	18-Mar-26	Maintain	AAA		Stable	-
419	Malik MIJ Chunxing Resources Recycling Company Limited Press Release \| Report \| History	Metals	Entity	18-Mar-26	Maintain	A-	A2	Stable	-
420	ASA Microfinance Bank (Pakistan) Limited Press Release \| Report \| History	Microfinance	Social Impact and Performance Rating	17-Mar-26	Maintain	SIP2		Positive	-
421	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	-
422	Hunza Sugar Mills (Pvt.) Limited Press Release \| Report \| History	Sugar	Entity	13-Mar-26	Maintain	BBB+	A2	Stable	-
423	Unicol Limited Press Release \| Report \| History	Sugar	Entity	13-Mar-26	Maintain	A	A1	Stable	-
424	Fauji Cement Company Limited Press Release \| Report \| History	Cement	Entity	12-Mar-26	Maintain	AA-	A1+	Stable	-
425	Aba Ali Habib Securities (Pvt.) Limited Press Release \| Report \| History	Brokerage & Securities	Entity	12-Mar-26	Maintain	A-	A2	Stable	-
426	Aba Ali Habib Securities (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	12-Mar-26	Maintain	BFR 2		Stable	-
427	Imperium Hospitality (Pvt.) Limited Press Release \| Report \| History	Real Estate	Entity	12-Mar-26	Upgrade	A-	A2	Stable	-
428	SGM Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	11-Mar-26	Upgrade	BBB+	A2	Stable	-
429	Jauharabad Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	11-Mar-26	Maintain	BBB+	A2	Positive	-
430	ARY Communications Limited Press Release \| Report \| History	Media	Entity	10-Mar-26	Maintain	A	A1	Stable	-
431	Halmore Power Generation Company Limited Press Release \| Report \| History	Power	Entity	09-Mar-26	Maintain	AA-	A1	Stable	-
432	Euro Oil (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	06-Mar-26	Initial	A-	A2	Stable	-
433	Zafar Securities (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	06-Mar-26	Maintain	BFR 3+		Stable	-
434	Gul Ahmed Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	06-Mar-26	Maintain	AA-	A1	Stable	-
435	Shahzad Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	06-Mar-26	Maintain	A-	A2	Stable	-
436	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	-
437	Askari High Yield Scheme Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Mar-26	Maintain	A(f)		Stable	-
438	Pak Oman Advantage Islamic Income Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Mar-26	Maintain	A+(f)		Stable	-
439	Mahaana Islamic Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Mar-26	Maintain	AA+(f)		Stable	Yes
440	Alfalah GHP Sovereign Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Mar-26	Upgrade	AA(f)		Stable	-
441	UBL Cash Fund Press Release \| Report \| History	Mutual Funds	Stability Rating	05-Mar-26	Upgrade	AAA(f)		Stable	-
442	UBL Financial Services (Pvt.) Limited Press Release \| Report \| History	Brokerage & Securities	Entity	03-Mar-26	Initial	A-	A2	Stable	-
443	Mughal Iron & Steel Industries Limited - Medium Term Sukuk - PKR 2.50bln - Aug-26 Press Release \| Report \| History	Steel	Debt Instrument	02-Mar-26	Preliminary	AA-		Stable	-
444	Mughal Iron & Steel Industries Limited - Syndicated TFC - PKR 2.50bln - TBI Press Release \| Report \| History	Steel	Debt Instrument	02-Mar-26	Preliminary	AA-		Stable	-
445	Adamjee Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	27-Feb-26	Maintain	AA++ (ifs)		Stable	-
446	Masood Spinning Mills Limited Press Release \| Report \| History	Spinning	Entity	27-Feb-26	Maintain	A-	A2	Stable	-
447	Poly Pack (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	27-Feb-26	Maintain	A-	A2	Stable	-
448	Brainchild Communications Pakistan (Pvt.) Limited Press Release \| Report \| History	Media	Entity	27-Feb-26	Maintain	BBB+	A2	Stable	-
449	OLP Modaraba Press Release \| Report \| History	Non-Banking Finance Companies	Entity	27-Feb-26	Maintain	AA	A1+	Stable	-
450	Basfa Textile (Pvt.) Limited Press Release \| Report \| History	Spinning	Entity	27-Feb-26	Maintain	BBB	A2	Stable	-
451	Allawasaya Textile & Finishing Mills Limited Press Release \| Report \| History	Spinning	Entity	27-Feb-26	Maintain	BBB-	A2	Stable	Yes
452	Newage Cables (Pvt.) Limited Press Release \| Report \| History	Transmission & Distribution \| Electricity	Entity	27-Feb-26	Maintain	A-	A2	Stable	-
453	D.G. Khan Cement Company Limited Press Release \| Report \| History	Cement	Entity	26-Feb-26	Maintain	AA-	A1+	Stable	-
454	IGI General Insurance Limited Press Release \| Report \| History	General Insurance	IFS	21-Feb-26	Maintain	AA+ (ifs)		Stable	-
455	US Apparel & Textiles (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	20-Feb-26	Maintain	A+	A1	Stable	-
456	Jadeed Feeds Industries (Pvt.) Limited Press Release \| Report \| History	Poultry Feed	Entity	20-Feb-26	Maintain	A-	A2	Stable	-
457	Alhamd Corporation (Pvt.) Limited Press Release \| Report \| History	Spinning	Entity	20-Feb-26	Maintain	A-	A2	Stable	-
458	Hyundai Nishat Motor (Pvt.) Limited Press Release \| Report \| History	Passenger Cars	Entity	20-Feb-26	Maintain	A+	A1	Stable	-
459	Fecto Cement Limited Press Release \| Report \| History	Cement	Entity	20-Feb-26	Maintain	A-	A2	Stable	-
460	Kashf Foundation Press Release \| Report \| History	Microfinance	Entity	20-Feb-26	Maintain	A	A1	Stable	-
461	Select Technologies Limited Press Release \| Report \| History	Mobile Phone and Allied Products	Entity	20-Feb-26	Maintain	A	A1	Stable	-
462	Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - Feb-26 Press Release \| Report \| History	Spinning	Debt Instrument	20-Feb-26	Initial	A-	A1	Stable	-
463	Descon Engineering Limited Press Release \| Report \| History	Construction	Entity	18-Feb-26	Maintain	AA-	A1	Positive	-
464	Liberty Wind Power 2 Limited Press Release \| Report \| History	Power	Entity	18-Feb-26	Maintain	A	A1	Stable	-
465	Liberty Wind Power 1 Limited Press Release \| Report \| History	Power	Entity	18-Feb-26	Maintain	A	A1	Stable	-
466	Jinn Petroleum (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	17-Feb-26	Maintain	BBB+	A2	Stable	-
467	Sindh Abadgars Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	13-Feb-26	Maintain	BBB	A2	Positive	-
468	Nishat Packaging Limited Press Release \| Report \| History	Paper and Packaging	Entity	13-Feb-26	Maintain	A	A1	Stable	-
469	Gul Ahmed Electric Limited Press Release \| Report \| History	Power	Entity	13-Feb-26	Maintain	A	A2	Stable	-
470	WE Financial Services Limited Press Release \| Report \| History	Brokerage & Securities	BFR	12-Feb-26	Initial	BFR 3		Positive	-
471	Ahmed Fine Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	12-Feb-26	Maintain	A	A1	Stable	-
472	Gharibwal Cement Limited Press Release \| Report \| History	Cement	Entity	12-Feb-26	Maintain	A	A1	Stable	-
473	K.K. Rice Mills (Pvt.) Limited Press Release \| Report \| History	Rice	Entity	12-Feb-26	Upgrade	BBB+	A2	Stable	-
474	FFO Support Program Press Release \| Report \| History	Microfinance	Entity	10-Feb-26	Initial	BB+	A3	Stable	-
475	Shams Power Limited Press Release \| Report \| History	Power	Entity	10-Feb-26	Initial	A-	A2	Stable	-
476	Mehmooda Maqbool Mills Limited Press Release \| Report \| History	Edible Oil	Entity	06-Feb-26	Maintain	BBB+	A2	Stable	-
477	Pak Qatar General Takaful Limited Press Release \| Report \| History	General Insurance	IFS	06-Feb-26	Maintain	A+ (ifs)		Positive	-
478	AL Habib Exchange Company (Pvt.) Limited Press Release \| Report \| History	Non-Banking Finance Companies	Entity	06-Feb-26	Initial	A+	A1	Stable	-
479	Denim-E (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	06-Feb-26	Maintain	BBB-	A2	Positive	-
480	Eva Foods (Pvt.) Ltd (formerly: Shujabad Agro Industries (Pvt.) Limited) Press Release \| Report \| History	Edible Oil	Entity	06-Feb-26	Maintain	A-	A2	Stable	-
481	Jadeed Oil Extraction (Private) Limited Press Release \| Report \| History	Edible Oil	Entity	06-Feb-26	Maintain	BBB-	A3	Positive	-
482	Punjab Oil Mills Limited Press Release \| Report \| History	Edible Oil	Entity	06-Feb-26	Maintain	BBB+	A2	Stable	-
483	Ibrahim Fibres Limited Press Release \| Report \| History	Polyester	Entity	06-Feb-26	Maintain	AA	A1+	Stable	-
484	Askari General Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	04-Feb-26	Maintain	AA+ (ifs)		Stable	-
485	Sindh Insurance Limited Press Release \| Report \| History	General Insurance	IFS	31-Jan-26	Upgrade	AA (ifs)		Stable	-
486	Salaam Takaful Limited Press Release \| Report \| History	General Insurance	IFS	30-Jan-26	Maintain	A++ (ifs)		Stable	-
487	Jasons Commodities Press Release \| Report \| History	Rice	Entity	30-Jan-26	Maintain	BBB	A2	Stable	-
488	Mashreq Bank Pakistan Limited Press Release \| Report \| History	Digital Banks	Entity	29-Jan-26	Initial	AA	A1	Stable	-
489	Sitara Heights (Pvt.) Limited Press Release \| Report \| History	Real Estate	Entity	29-Jan-26	Maintain	A-	A2	Stable	-
490	AL Habib Capital Markets (Pvt.) Limited Press Release \| Report \| History	Brokerage & Securities	Entity	27-Jan-26	Maintain	A	A1	Stable	-
491	Energy Infrastructure Holding (Pvt.) Limited Press Release \| Report \| History	Holding Companies	Entity	23-Jan-26	Maintain	A-	A1	Stable	-
492	Ali Embroidery Mills (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	23-Jan-26	Maintain	BBB	A2	Stable	-
493	Latif Textile Mills (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	22-Jan-26	Maintain	BBB-	A2	Positive	-
494	Zahir Khan & Brothers Press Release \| Report \| History	Construction	Entity	21-Jan-26	Maintain	A	A2	Stable	-
495	Techno Time Construction (Pvt.) Limited Press Release \| Report \| History	Construction	Entity	21-Jan-26	Maintain	BBB+	A2	Stable	-
496	Dynamic Packaging (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	16-Jan-26	Upgrade	BBB+	A2	Stable	-
497	University of Management and Technology Press Release \| Report \| History	Education	Entity	15-Jan-26	Upgrade	A	A1	Stable	-
498	Loads Limited Press Release \| Report \| History	Automotive Parts	Entity	15-Jan-26	Maintain	A	A1	Stable	-
499	Tourism Promotion Services (Pakistan) Limited Press Release \| Report \| History	Hotel & Lodging	Entity	12-Jan-26	Maintain	AA	A1	Stable	-
500	Kohat Cement Company Limited Press Release \| Report \| History	Cement	Entity	12-Jan-26	Maintain	A+	A1	Stable	-
501	Oursun Pakistan Limited Press Release \| Report \| History	Power	Entity	09-Jan-26	Maintain	A+	A1	Stable	-
502	Polaris Danah Natural Resource Development (Pvt.) Limited Press Release \| Report \| History	Oil Exploration & Production	Entity	08-Jan-26	Maintain	BB	A3	Stable	-
503	Mari Energies Limited Press Release \| Report \| History	Oil Exploration & Production	Entity	08-Jan-26	Maintain	AAA	A1+	Stable	-
504	JS Investments Limited \| RMR Press Release \| Report \| History	Real Estate	REIT Manager Rating	08-Jan-26	Upgrade	RM 3+		Stable	-
505	Mukab REIT Management Company Limited Press Release \| Report \| History	Real Estate	REIT Manager Rating	07-Jan-26	Initial	RM 4		Stable	-
506	Sabirs' Vegetable Oils (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	07-Jan-26	Upgrade	BBB+	A2	Stable	-
507	Jubilee Life Insurance Company Limited Press Release \| Report \| History	Life Insurance	IFS	05-Jan-26	Maintain	AA++ (ifs)		Stable	-
508	Multi Resin Industries Press Release \| Report \| History	Chemicals	Entity	02-Jan-26	Maintain	BBB-	A2	Stable	-
509	Foundation Power Company Daharki Limited Press Release \| Report \| History	Power	Entity	02-Jan-26	Maintain	AA-	A1+	Stable	-
510	JS Rental REIT Press Release \| Report \| History	Real Estate	Rental REIT Fund	02-Jan-26	Maintain	A+(rr)		Positive	-
511	A.U.A Securities (Pvt.) Limited - BFR Press Release \| Report \| History	Brokerage Firms	BFR	31-Dec-25	Initial	BFR 4		Stable	-
512	Kassim Textiles (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	30-Dec-25	Maintain	A-	A2	Stable	-
513	Getz Pharma (Pvt.) Limited Press Release \| Report \| History	Pharmaceuticals	Entity	30-Dec-25	Maintain	AA	A1+	Stable	-
514	ACT2 Din Wind (Pvt) Limited ( formerly: ACT2 Wind (Pvt.) Limited ) Press Release \| Report \| History	Power	Entity	29-Dec-25	Maintain	A-	A2	Stable	-
515	Ahmad Hassan Textile Mills Limited Press Release \| Report \| History	Weaving	Entity	27-Dec-25	Maintain	BBB+	A2	Stable	-
516	Attock Petroleum Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	26-Dec-25	Initial	AA	A1+	Stable	-
517	HBL Microfinance Bank Limited Press Release \| Report \| History	Microfinance	Entity	26-Dec-25	Maintain	A+	A1	Stable	-
518	Interwood Mobel (Pvt.) Limited Press Release \| Report \| History	Furniture & Fixtures	Entity	26-Dec-25	Maintain	A-	A2	Stable	-
519	DEL Engineering Domestic (Pvt.) Limited Press Release \| Report \| History	Holding Companies	Entity	26-Dec-25	Maintain	AA-	A1	Stable	-
520	Meko Denim Mills (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	26-Dec-25	Maintain	BBB+	A2	Positive	-
521	Dr. Ziauddin Hospital Trust Press Release \| Report \| History	Healthcare	Entity	26-Dec-25	Maintain	A-	A2	Stable	-
522	Allah Tawaqal Metals (Pvt.) Limited Press Release \| Report \| History	Steel	Entity	26-Dec-25	Maintain	BB+	A3	Stable	-
523	China Power Hub Generation Company (Pvt.) Limited Press Release \| Report \| History	Power	Entity	26-Dec-25	Maintain	AA+	A1+	Stable	-
524	Matracon Pakistan (Pvt.) Limited Press Release \| Report \| History	Construction	Entity	26-Dec-25	Upgrade	BBB+	A2	Stable	-
525	Cherat Cement Company Limited Press Release \| Report \| History	Cement	Entity	26-Dec-25	Maintain	A+	A1	Stable	-
526	Service Global Footwear Limited Press Release \| Report \| History	Footwear	Entity	24-Dec-25	Maintain	A+	A1	Stable	-
527	Al Rahim Textile Industries Limited Press Release \| Report \| History	Towels	Entity	24-Dec-25	Maintain	A	A1	Stable	-
528	Pak-Qatar Family Takaful Limited Press Release \| Report \| History	Life Insurance	IFS	23-Dec-25	Upgrade	AA (ifs)		Stable	-
529	Cherat Packaging Limited Press Release \| Report \| History	Paper and Packaging	Entity	23-Dec-25	Maintain	A	A1	Positive	-
530	Siddiqsons Tinplate Limited Press Release \| Report \| History	Paper and Packaging	Entity	23-Dec-25	Maintain	A-	A2	Developing	-
531	TPL REIT Management Company Limited Press Release \| Report \| History	Real Estate	REIT Manager Rating	23-Dec-25	Maintain	RM 3+		Stable	Yes
532	TPL REIT Fund I Press Release \| Report \| History	Real Estate	REIT Fund Rating	23-Dec-25	Maintain	RFR 3+		Developing	Yes
533	Inverex Power Solution Press Release \| Report \| History	Power	Entity	20-Dec-25	Initial	BBB	A2	Stable	-
534	Reliance Weaving Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	19-Dec-25	Maintain	A	A2	Stable	-
535	United Ethanol Industries Limited Press Release \| Report \| History	Sugar	Entity	19-Dec-25	Maintain	A-	A2	Stable	-
536	EXIDE Pakistan Limited Press Release \| Report \| History	Batteries	Entity	19-Dec-25	Maintain	BBB+	A2	Stable	-
537	Tariq Glass Industries Limited Press Release \| Report \| History	Glass	Entity	19-Dec-25	Maintain	A+	A1	Stable	-
538	TPL Trakker Limited Press Release \| Report \| History	Tracking Services	Entity	19-Dec-25	Maintain	A-	A2	Developing	Yes
539	TPL Trakker Limited \| Sukuk Press Release \| Report \| History	Tracking Services	Debt Instrument	19-Dec-25	Downgrade	A		Developing	Yes
540	Advance Telecom (Pvt.) Limited Press Release \| Report \| History	Mobile Phone and Allied Products	Entity	19-Dec-25	Maintain	A-	A2	Stable	-
541	Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) Press Release \| Report \| History	Brokerage & Securities	Entity	19-Dec-25	Maintain	A-	A1	Stable	-
542	Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	19-Dec-25	Maintain	BMR2+		Stable	-
543	Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	19-Dec-25	Maintain	BFR 2+		Stable	-
544	Azhar Corporation (Pvt.) Limited Press Release \| Report \| History	Edible Oil	Entity	18-Dec-25	Maintain	BBB+	A2	Stable	-
545	PARCO Gunvor Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	17-Dec-25	Maintain	AAA	A1+	Stable	-
546	Pakistan National Shipping Corporation Press Release \| Report \| History	Shipping	Entity	16-Dec-25	Upgrade	AA+	A1+	Stable	-
547	MACPAC Films Limited Press Release \| Report \| History	Paper and Packaging	Entity	16-Dec-25	Maintain	BBB+	A2	Stable	-
548	JS Global Capital Limited Press Release \| Report \| History	Brokerage & Securities	Entity	12-Dec-25	Maintain	AA	A1+	Stable	-
549	JS Global Capital Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	12-Dec-25	Maintain	BFR 1		Stable	-
550	JS Global Capital Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	12-Dec-25	Maintain	BMR1		Stable	-
551	State Life Insurance Corporation of Pakistan - PFM Press Release \| Report \| History	Life Insurance	Pension Fund Managers	12-Dec-25	Initial	AM1(p)		Stable	-
552	Pharmatec Pakistan (Pvt.) Limited Press Release \| Report \| History	Pharmaceuticals	Entity	12-Dec-25	Maintain	A-	A2	Stable	-
553	Sapphire Retail Limited Press Release \| Report \| History	Composite and Garments	Entity	12-Dec-25	Maintain	A	A1	Stable	-
554	Mega Conglomerate (Pvt.) Limited Press Release \| Report \| History	Holding Companies	Entity	12-Dec-25	Maintain	AA-	A1	Stable	-
555	IGI Holdings Limited Press Release \| Report \| History	Holding Companies	Entity	12-Dec-25	Maintain	AA	A1+	Stable	-
556	Arif Habib Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	12-Dec-25	Maintain	BFR 1		Stable	-
557	Arif Habib Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	12-Dec-25	Maintain	BMR1		Stable	-
558	Rural Community Development Programmes Press Release \| Report \| History	Microfinance	Social Impact and Performance Rating	12-Dec-25	Maintain	SIP3++		Positive	-
559	Sui Southern Gas Company Limited Press Release \| Report \| History	Distribution \| Gas	Entity	12-Dec-25	Maintain	AA-	A1	Stable	-
560	Orient Petroleum Inc. (Pakistan Branch) Press Release \| Report \| History	Oil Exploration & Production	Entity	11-Dec-25	Upgrade	A	A2	Stable	-
561	Daewoo Pakistan Express Bus Service Limited Press Release \| Report \| History	Trucks & Buses	Entity	11-Dec-25	Upgrade	A	A2	Stable	-
562	EcoPack Limited Press Release \| Report \| History	Paper and Packaging	Entity	09-Dec-25	Maintain	BBB+	A2	Stable	-
563	Pak Arab Refinery Limited Press Release \| Report \| History	Refineries	Entity	08-Dec-25	Maintain	AAA	A1+	Stable	-
564	Ismail Industries Limited Press Release \| Report \| History	Food Products	Entity	05-Dec-25	Maintain	AA-	A1	Stable	-
565	IMM Project One Development REIT Scheme Press Release \| Report \| History	Real Estate	REIT Fund Rating	04-Dec-25	Preliminary	RFR 3		Stable	-
566	Ghulam Rasool & Company (Pvt.) Limited Press Release \| Report \| History	Construction	Entity	03-Dec-25	Maintain	A-	A2	Stable	-
567	Mughal Energy Limited Press Release \| Report \| History	Power	Entity	01-Dec-25	Maintain	A	A2	Developing	-
568	Sayban International Press Release \| Report \| History	Pesticides	Entity	28-Nov-25	Maintain	BBB-	A2	Stable	Yes
569	Ismail Iqbal Securities (Pvt.) Limited Press Release \| Report \| History	Brokerage & Securities	Entity	28-Nov-25	Maintain	A-	A2	Stable	-
570	Tandlianwala Sugar Mills Limited Press Release \| Report \| History	Sugar	Entity	28-Nov-25	Maintain	A	A1	Stable	-
571	Dawood Equities Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	28-Nov-25	Maintain	BFR 3+		Stable	-
572	Starch Pack (Pvt.) Limited Press Release \| Report \| History	Food Products	Entity	26-Nov-25	Maintain	A	A1	Stable	-
573	East Gate Industries (Pvt.) Limited Press Release \| Report \| History	Composite and Garments	Entity	25-Nov-25	Initial	A	A1	Stable	-
574	Be Be Jan Pakistan Limited Press Release \| Report \| History	Composite and Garments	Entity	21-Nov-25	Maintain	BBB	A2	Stable	-
575	Sapphire Finishing Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	21-Nov-25	Maintain	A	A1	Stable	-
576	Inbox Business Technologies Limited Press Release \| Report \| History	Technology	Entity	21-Nov-25	Maintain	A-	A2	Stable	-
577	HUM Network Limited Press Release \| Report \| History	Media	Entity	21-Nov-25	Maintain	AA-	A1	Stable	-
578	KTRADE Securities Limited Press Release \| Report \| History	Brokerage & Securities	Entity	21-Nov-25	Maintain	A-	A2	Stable	-
579	Azgard Nine Limited Press Release \| Report \| History	Composite and Garments	Entity	21-Nov-25	Initial	BBB	A2	Stable	-
580	Ghani Global Glass Limited Press Release \| Report \| History	Glass	Entity	21-Nov-25	Maintain	BBB+	A2	Positive	-
581	Airlink Communication Press Release \| Report \| History	Mobile Phone and Allied Products	Entity	21-Nov-25	Maintain	A+	A1	Stable	-
582	Samad Rubber Works (Pvt.) Limited Press Release \| Report \| History	Chemicals	Entity	21-Nov-25	Maintain	A-	A2	Stable	-
583	Spectrum Securities Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	21-Nov-25	Maintain	BFR 3+		Stable	-
584	Spectrum Securities Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	21-Nov-25	Maintain	BMR3+		Stable	-
585	Swat Agro Chemicals Press Release \| Report \| History	Pesticides	Entity	19-Nov-25	Maintain	BBB	A2	Stable	-
586	Reliance Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	17-Nov-25	Upgrade	A++ (ifs)		Stable	-
587	Ahmed Fine Weaving Limited Press Release \| Report \| History	Weaving	Entity	14-Nov-25	Maintain	A-	A2	Stable	-
588	Sitara Petroleum Service Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	13-Nov-25	Upgrade	A	A1	Stable	-
589	Sapphire Fibres Limited Press Release \| Report \| History	Composite and Garments	Entity	13-Nov-25	Maintain	A+	A1	Stable	-
590	Prism Energy (Pvt.) Limited Press Release \| Report \| History	Power	Entity	11-Nov-25	Maintain	A+	A1	Stable	-
591	786 Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	10-Nov-25	Upgrade	AM3+		Stable	-
592	Glamour Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	10-Nov-25	Maintain	BBB-	A2	Stable	-
593	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	-
594	Pakistan Services Limited Press Release \| Report \| History	Hotel & Lodging	Entity	08-Nov-25	Maintain	B	A4	Negative	Yes
595	Fazal Holdings (Pvt.) Limited Press Release \| Report \| History	Holding Companies	Entity	07-Nov-25	Maintain	A+	A1	Stable	-
596	Atlas Asset Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	07-Nov-25	Upgrade	AM1		Stable	-
597	IMM REIT Management Company Limited Press Release \| Report \| History	Real Estate	REIT Manager Rating	06-Nov-25	Maintain	RM 3		Stable	-
598	Liberty Power Tech Limited Press Release \| Report \| History	Power	Entity	06-Nov-25	Maintain	AA-	A1	Stable	-
599	JS Investments Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	05-Nov-25	Upgrade	AM1		Stable	-
600	Habib Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	04-Nov-25	Maintain	A++ (ifs)		Stable	-
601	Service Retail (Pvt.) Limited Press Release \| Report \| History	Footwear	Entity	03-Nov-25	Initial	A	A1	Stable	-
602	Zahidjee Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	31-Oct-25	Maintain	A	A1	Stable	-
603	Platinum Steel Mill (Pvt.) Limited Press Release \| Report \| History	Steel	Entity	30-Oct-25	Maintain	BBB	A2	Stable	-
604	Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln Press Release \| Report \| History	Technology	Debt Instrument	28-Oct-25	Preliminary	AAA		Stable	-
605	ISE Towers REIT Management Company Limited Press Release \| Report \| History	Non-Banking Finance Companies	Entity	28-Oct-25	Maintain	A	A1	Stable	-
606	KSB Pumps Company Limited Press Release \| Report \| History	Machinery	Entity	28-Oct-25	Maintain	A+	A1	Stable	-
607	Pharmagen Limited Press Release \| Report \| History	Pharmaceuticals	Entity	24-Oct-25	Maintain	A-	A2	Stable	-
608	ABL Asset Management Company Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	24-Oct-25	Maintain	AM1		Stable	-
609	Etihad Alloys (Pvt.) Limited Press Release \| Report \| History	Steel	Entity	24-Oct-25	Maintain	BBB-	A3	Developing	-
610	Service Tyres (Pvt.) Limited Press Release \| Report \| History	Tyres	Entity	23-Oct-25	Initial	A+	A1	Stable	-
611	Stylers International Limited Press Release \| Report \| History	Composite and Garments	Entity	23-Oct-25	Maintain	A	A1	Stable	-
612	Jubilee General Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	23-Oct-25	Maintain	AA++ (ifs)		Stable	-
613	ThalNova Power Thar (Pvt.) Limited Press Release \| Report \| History	Power	Entity	23-Oct-25	Maintain	AA-	A1	Stable	-
614	Thar Energy Limited Press Release \| Report \| History	Power	Entity	23-Oct-25	Maintain	AA-	A1	Stable	-
615	Habib Metropolitan Financial Services Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	23-Oct-25	Maintain	BMR2		Stable	-
616	AGP Limited Press Release \| Report \| History	Pharmaceuticals	Entity	23-Oct-25	Maintain	A+	A1	Stable	-
617	Guard Agricultural Research and Services (Pvt.) Limited Press Release \| Report \| History	Rice	Entity	23-Oct-25	Maintain	A-	A2	Stable	-
618	Ghani Global Holdings Limited Press Release \| Report \| History	Holding Companies	Entity	21-Oct-25	Maintain	A-	A2	Stable	-
619	CCL Pharmaceuticals (Pvt.) Limited Press Release \| Report \| History	Pharmaceuticals	Entity	17-Oct-25	Maintain	A	A1	Stable	-
620	Ghandhara Automobiles Limited Press Release \| Report \| History	Trucks & Buses	Entity	17-Oct-25	Maintain	A	A1	Stable	-
621	Ghandhara Industries Limited Press Release \| Report \| History	Trucks & Buses	Entity	17-Oct-25	Maintain	A+	A1	Stable	-
622	Mughal Iron & Steel Industries Limited Press Release \| Report \| History	Steel	Entity	15-Oct-25	Maintain	A+	A1	Stable	-
623	Secure Logistics Trax Group Limited Press Release \| Report \| History	Trucks & Buses	Entity	13-Oct-25	Maintain	A+	A1	Stable	-
624	East West Insurance Company Limited Press Release \| Report \| History	General Insurance	IFS	10-Oct-25	Maintain	AA+ (ifs)		Stable	-
625	Irfan Noman Brothers (Pvt.) Limited Press Release \| Report \| History	Rice	Entity	10-Oct-25	Maintain	BBB+	A2	Stable	-
626	Mumtaz Feeds & Allied Industries (Pvt.) Limited Press Release \| Report \| History	Poultry Feed	Entity	10-Oct-25	Maintain	BBB	A2	Stable	-
627	Habib Construction Services Limited Press Release \| Report \| History	Construction	Entity	09-Oct-25	Maintain	BBB+	A2	Positive	-
628	Din Energy Limited Press Release \| Report \| History	Power	Entity	08-Oct-25	Maintain	A	A2	Stable	-
629	MCB Investment Management Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	03-Oct-25	Maintain	AM1		Stable	-
630	UBL Financial Services (Pvt.) Limited - BFR Press Release \| Report \| History	Brokerage & Securities	BFR	01-Oct-25	Initial	BFR 2		Stable	-
631	Orient Rental Modaraba Press Release \| Report \| History	Non-Banking Finance Companies	Entity	30-Sep-25	Maintain	A-	A2	Stable	-
632	A.J. Textile Mills Limited Press Release \| Report \| History	Spinning	Entity	26-Sep-25	Maintain	A-	A2	Stable	-
633	Master Wind Energy Limited Press Release \| Report \| History	Power	Entity	26-Sep-25	Maintain	A+	A1	Stable	-
634	Parwaaz Financial Services Limited Press Release \| Report \| History	Non-Banking Finance Companies	Entity	26-Sep-25	Maintain	A+	A1	Stable	-
635	Optimus Capital Management (Pvt.) Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	25-Sep-25	Maintain	BFR 2		Stable	-
636	Optimus Capital Management (Pvt.) Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	25-Sep-25	Maintain	BMR2		Stable	-
637	Thardeep Microfinance Foundation Press Release \| Report \| History	Microfinance	Entity	25-Sep-25	Maintain	BB	A4	Stable	Yes
638	Gul Ahmed Wind Power Limited Press Release \| Report \| History	Power	Entity	23-Sep-25	Maintain	A+	A1	Stable	-
639	Prosperity Weaving Mills Limited Press Release \| Report \| History	Weaving	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
640	Service Industries Limited Press Release \| Report \| History	Tyres	Entity	19-Sep-25	Maintain	AA	A1+	Stable	-
641	Dawood Equities Limited Press Release \| Report \| History	Brokerage & Securities	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
642	Nagina Cotton Mills Limited Press Release \| Report \| History	Spinning	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
643	Ellcot Spinning Mills Limited Press Release \| Report \| History	Spinning	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
644	Global Marketing Services Press Release \| Report \| History	Pharmaceuticals	Entity	19-Sep-25	Maintain	BBB+	A2	Stable	-
645	Trust Securities & Brokerage Limited Press Release \| Report \| History	Brokerage & Securities	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
646	Trust Securities & Brokerage Limited \| BFR Press Release \| Report \| History	Brokerage & Securities	BFR	19-Sep-25	Maintain	BFR 2		Stable	-
647	Trust Securities & Brokerage Limited \| BMR Press Release \| Report \| History	Brokerage & Securities	Broker Management	19-Sep-25	Maintain	BMR2+		Stable	-
648	First Punjab Modaraba Press Release \| Report \| History	Non-Banking Finance Companies	Entity	19-Sep-25	Maintain	A-	A2	Stable	-
649	Nishat Power Limited Press Release \| Report \| History	Power	Entity	19-Sep-25	Maintain	AA-	A1	Stable	-
650	First Habib Modaraba Press Release \| Report \| History	Non-Banking Finance Companies	Entity	19-Sep-25	Maintain	AA+	A1+	Stable	-
651	Pak Oman Asset Management Company Limited Press Release \| Report \| History	Asset Management Companies (AMCs)	Asset Manager	12-Sep-25	Maintain	AM3++		Stable	-
652	Berger Paints Pakistan Limited Press Release \| Report \| History	Chemicals	Entity	12-Sep-25	Maintain	A-	A2	Stable	-
653	Nimir Chemicals Pakistan Limited Press Release \| Report \| History	Chemicals	Entity	12-Sep-25	Maintain	A-	A2	Stable	-
654	Engro PowerGen Thar (Pvt.) Limited Press Release \| Report \| History	Power	Entity	12-Sep-25	Maintain	AA	A1+	Stable	-
655	My Petroleum (Pvt.) Limited Press Release \| Report \| History	Oil Marketing Companies & Dealers	Entity	11-Sep-25	Maintain	BBB+	A2	Stable	-
656	Din Textile Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	05-Sep-25	Maintain	A-	A2	Stable	-
657	Fazal Cloth Mills Limited Press Release \| Report \| History	Composite and Garments	Entity	05-Sep-25	Maintain	A	A1	Stable	-
658	Premier Industrial Chemical MFG. Co. (Pvt.) Limited Press Release \| Report \| History	Sugar	Entity	05-Sep-25	Maintain	A-	A2	Stable	-
659	Bulleh Shah Packaging (Pvt.) Limited Press Release \| Report \| History	Paper and Packaging	Entity	05-Sep-25	Maintain	AA-	A1	Stable	Yes
660	Bestway Cement Limited Press Release \| Report \| History	Cement	Entity	03-Sep-25	Maintain	AA-	A1+	Stable	-
661	ABHI Microfinance Bank Limited (formerly: FINCA Microfinance Bank Limited) Press Release \| Report \| History	Microfinance	Entity	23-Feb-24	Downgrade	BBB+	A3	Negative	Yes