| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Habib Construction Services Limited Press Release | Report | History |
Infrastructure | Entity | 09-Oct-26 | Upgrade | A- | Stable | - |
| 2 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Energy | Debt Instrument | 09-Oct-26 | Maintain | AAA | Stable | - |
| 3 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Energy | Debt Instrument | 09-Oct-26 | Maintain | AAA | Stable | - |
| 4 | Mumtaz Feeds & Allied Industries (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 09-Oct-26 | Maintain | BBB | Stable | - |
| 5 | Khaadi Pakistan Limited (formerly: Khaadi Pakistan SMC Pvt. Limited) Press Release | Report | History |
Textile & Allied | Entity | 09-Oct-26 | Initial | AA- | Stable | - |
| 6 | Irfan Noman Brothers (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 08-Oct-26 | Maintain | BBB+ | Stable | - |
| 7 | Din Energy Limited Press Release | Report | History |
Energy | Entity | 07-Oct-26 | Maintain | A | Stable | - |
| 8 | Matracon Pakistan (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 07-Oct-26 | Maintain | BBB+ | Stable | - |
| 9 | Lucky Electric Power Company Limited - PPSTS-25 - PKR 4.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 02-Oct-26 | Preliminary | AA | Stable | - |
| 10 | Select Technologies Limited | Term Finance Facility | PKR 3.3bln | Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 02-Oct-26 | Initial | AA | Stable | - |
| 11 | Orient Rental Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 30-Sep-26 | Maintain | A- | Stable | - |
| 12 | Mughal Iron & Steel Industries Limited - Medium Term Sukuk - PKR 2.50bln - Aug-26 Press Release | Report | History |
Infrastructure | Debt Instrument | 28-Sep-26 | Initial | AA- | Stable | - |
| 13 | A.J. Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 26-Sep-26 | Maintain | A- | Stable | - |
| 14 | Master Wind Energy Limited Press Release | Report | History |
Energy | Entity | 25-Sep-26 | Upgrade | AA- | Stable | - |
| 15 | Parwaaz Financial Services Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 25-Sep-26 | Maintain | A+ | Stable | - |
| 16 | Airlink Communication Limited | Term Finance Facility | PKR 1.464bln | Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 23-Sep-26 | Initial | AA | Stable | - |
| 17 | Service Industries Limited Press Release | Report | History |
Auto and Allied | Entity | 18-Sep-26 | Maintain | AA | Stable | - |
| 18 | Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23 Press Release | Report | History |
Banks | Debt Instrument | 18-Sep-26 | Maintain | AAA | Stable | - |
| 19 | Dawood Equities Limited Press Release | Report | History |
Capital Markets | Entity | 18-Sep-26 | Maintain | A- | Stable | - |
| 20 | Ellcot Spinning Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 18-Sep-26 | Maintain | A- | Stable | - |
| 21 | Nagina Cotton Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 18-Sep-26 | Maintain | A- | Stable | - |
| 22 | Global Marketing Services Press Release | Report | History |
Pharma and Chemicals | Entity | 18-Sep-26 | Maintain | BBB+ | Stable | - |
| 23 | Trust Securities & Brokerage Limited Press Release | Report | History |
Capital Markets | Entity | 18-Sep-26 | Maintain | A- | Stable | - |
| 24 | First Punjab Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 18-Sep-26 | Maintain | A- | Stable | - |
| 25 | Nishat Power Limited Press Release | Report | History |
Energy | Entity | 18-Sep-26 | Maintain | AA- | Stable | - |
| 26 | Multinet Pakistan (Pvt.) Limited Press Release | Report | History |
Engineering and Technology | Entity | 18-Sep-26 | Upgrade | A | Stable | - |
| 27 | First Habib Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 18-Sep-26 | Maintain | AA+ | Stable | - |
| 28 | Euro Oil (Pvt.) Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 17-Sep-26 | Preliminary | A- | Stable | - |
| 29 | National Refinery Limited - PPSTS - PKR 10bln - July-26 Press Release | Report | History |
Energy | Debt Instrument | 16-Sep-26 | Initial | AA | Stable | - |
| 30 | Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Press Release | Report | History |
Banks | Debt Instrument | 15-Sep-26 | Maintain | A- | Stable | - |
| 31 | Lucky Electric Power Company Limited - PPSTS-24 - PKR 6.0bln - Oct-26 Press Release | Report | History |
Energy | Debt Instrument | 14-Sep-26 | Preliminary | AA | Stable | - |
| 32 | Texo Poly Industries (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 11-Sep-26 | Initial | BBB+ | Stable | - |
| 33 | My Petroleum (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 11-Sep-26 | Maintain | BBB+ | Stable | - |
| 34 | Nimir Chemicals Pakistan Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 11-Sep-26 | Maintain | A- | Stable | - |
| 35 | Berger Paints Pakistan Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 11-Sep-26 | Maintain | A- | Stable | - |
| 36 | Airlink Communication Limited - PPSTS-XIV - PKR 2.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 11-Sep-26 | Preliminary | A+ | Stable | - |
| 37 | Engro PowerGen Thar (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 09-Sep-26 | Maintain | AA | Stable | - |
| 38 | Din Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 04-Sep-26 | Maintain | A- | Stable | - |
| 39 | Bulleh Shah Packaging (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 04-Sep-26 | Maintain | AA- | Stable | Yes |
| 40 | Fazal Cloth Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 04-Sep-26 | Maintain | A | Stable | - |
| 41 | Premier Industrial Chemical MFG. Co. (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 04-Sep-26 | Maintain | A- | Stable | Yes |
| 42 | Select Technologies Limited – PPSTS-VI PKR 3.0bln – Jul-26 Press Release | Report | History |
Distributors | Debt Instrument | 03-Sep-26 | Initial | A | Stable | - |
| 43 | Prosperity Weaving Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 03-Sep-26 | Maintain | A- | Positive | - |
| 44 | Bestway Cement Limited Press Release | Report | History |
Infrastructure | Entity | 02-Sep-26 | Maintain | AA- | Stable | - |
| 45 | Ismail Industries Limited - PPSTS-7 - PKR 8.0bln - Aug-26 Press Release | Report | History |
Food and Allied | Debt Instrument | 02-Sep-26 | Initial | AA- | Stable | - |
| 46 | Masood Textile Mills Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-Sep-26 | Preliminary | A | Stable | - |
| 47 | Golden Packages (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 28-Aug-26 | Maintain | BBB | Stable | - |
| 48 | Nayatel (Pvt.) Limited Press Release | Report | History |
Communication | Entity | 28-Aug-26 | Maintain | A+ | Stable | - |
| 49 | Infralectric (Pvt.) Limited Press Release | Report | History |
Engineering and Technology | Entity | 28-Aug-26 | Maintain | A- | Stable | - |
| 50 | Martin Dow Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 28-Aug-26 | Maintain | A+ | Stable | - |
| 51 | Puma Energy Pakistan (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 28-Aug-26 | Maintain | A- | Stable | - |
| 52 | Trans World Associates (Pvt.) Limited Press Release | Report | History |
Communication | Entity | 28-Aug-26 | Maintain | A+ | Stable | - |
| 53 | Packages Limited Press Release | Report | History |
Holding Company | Entity | 28-Aug-26 | Maintain | AA+ | Stable | - |
| 54 | Zarea Limited Press Release | Report | History |
Engineering and Technology | Entity | 27-Aug-26 | Maintain | A- | Stable | - |
| 55 | Daewoo Pakistan Express Bus Service Limited – PPSTS-III - PKR 4.0bln – Aug-26 Press Release | Report | History |
Auto and Allied | Debt Instrument | 27-Aug-26 | Maintain | A | Stable | - |
| 56 | Pearl Petro Industry (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 25-Aug-26 | Maintain | BBB | Stable | - |
| 57 | Airlink Communication Limited - PPSTS-XII - PKR 3.0bln - Jul-26 Press Release | Report | History |
Distributors | Debt Instrument | 24-Aug-26 | Initial | A+ | Stable | - |
| 58 | Airlink Communication Limited - PPSTS-XIII - PKR 3.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 24-Aug-26 | Preliminary | A+ | Stable | - |
| 59 | Be Energy Limited Press Release | Report | History |
Energy | Entity | 21-Aug-26 | Maintain | A+ | Stable | - |
| 60 | Maaksons Engineering Corporation Limited Press Release | Report | History |
Infrastructure | Entity | 21-Aug-26 | Maintain | A- | Stable | - |
| 61 | Khas Textile Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 21-Aug-26 | Maintain | BBB- | Stable | - |
| 62 | Multan Electric Power Company Limited Press Release | Report | History |
Energy | Entity | 21-Aug-26 | Upgrade | A+ | Stable | - |
| 63 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 19-Aug-26 | Downgrade | A | Developing | Yes |
| 64 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 19-Aug-26 | Downgrade | A | Developing | Yes |
| 65 | Awan Trading Company (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 19-Aug-26 | Maintain | A- | Stable | - |
| 66 | Bank AL Habib Limited - TFC - PKR 20.0bln - TBI Press Release | Report | History |
Banks | Debt Instrument | 19-Aug-26 | Preliminary | AAA | Stable | - |
| 67 | Gas & Oil Pakistan Limited | GO Long Term Sukuk-I | PKR 2.5bln | Dec-25 Press Release | Report | History |
Energy | Debt Instrument | 13-Aug-26 | Maintain | AA | Stable | - |
| 68 | Packages Convertors Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 13-Aug-26 | Maintain | AA- | Stable | - |
| 69 | Tufail Chemical Industries Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 12-Aug-26 | Maintain | A- | Stable | Yes |
| 70 | Masood Spinning Mills Limited - PPSTS-IV - PKR 3.5bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 10-Aug-26 | Preliminary | A- | Stable | - |
| 71 | JazzWorld Pakistan Limited (Formerly Pakistan Mobile Communications Limited)- Sukuk - PKR 5bln - TBI Press Release | Report | History |
Communication | Debt Instrument | 07-Aug-26 | Preliminary | AA | Stable | - |
| 72 | National Grid Company of Pakistan Limited (formerly: National Transmission & Despatch Company Limited) Press Release | Report | History |
Energy | Entity | 07-Aug-26 | Maintain | AA+ | Stable | Yes |
| 73 | Sapphire Dairies (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 07-Aug-26 | Maintain | A- | Stable | - |
| 74 | Zarea Limited - PPSTS-II - PKR 2.0 bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 06-Aug-26 | Preliminary | A- | Stable | - |
| 75 | MAL Pakistan Limited Press Release | Report | History |
Energy | Entity | 05-Aug-26 | Maintain | A- | Stable | - |
| 76 | JS Bank Limited | PPTFC Tier 2 Capital | PKR 4.0bln | Jul-26 Press Release | Report | History |
Banks | Debt Instrument | 05-Aug-26 | Initial | AA- | Stable | - |
| 77 | Harappa Solar (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 03-Aug-26 | Maintain | A+ | Stable | - |
| 78 | Fauji Fertilizer Company Limited Press Release | Report | History |
Agriculture & Allied | Entity | 31-Jul-26 | Upgrade | AAA | Stable | - |
| 79 | Ideas (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 31-Jul-26 | Initial | A | Stable | - |
| 80 | Mekotex (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 31-Jul-26 | Maintain | A- | Stable | - |
| 81 | Ghandhara Tyre & Rubber Company Limited Press Release | Report | History |
Auto and Allied | Entity | 31-Jul-26 | Maintain | A+ | Stable | Yes |
| 82 | Bank Alfalah Limited - PPTFC Tier 2 - PKR 20bln Press Release | Report | History |
Banks | Debt Instrument | 31-Jul-26 | Initial | AAA | Stable | - |
| 83 | Pak Suzuki Motor Company Limited Press Release | Report | History |
Auto and Allied | Entity | 31-Jul-26 | Maintain | AA | Stable | - |
| 84 | Jazaa Global (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 30-Jul-26 | Maintain | BBB | Stable | - |
| 85 | Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - Jun 26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 30-Jul-26 | Initial | A | Stable | - |
| 86 | ACT Polyols (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 28-Jul-26 | Initial | A- | Stable | - |
| 87 | Fatima Fertilizer Company Limited Press Release | Report | History |
Agriculture & Allied | Entity | 24-Jul-26 | Maintain | AA+ | Stable | - |
| 88 | Jahangir Siddiqui & Co. Ltd. Press Release | Report | History |
Holding Company | Entity | 24-Jul-26 | Maintain | AA | Stable | - |
| 89 | Engro Fertilizers Limited Press Release | Report | History |
Agriculture & Allied | Entity | 24-Jul-26 | Maintain | AA | Stable | - |
| 90 | Sarena Textile Industries (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 24-Jul-26 | Maintain | A | Stable | - |
| 91 | Pakistan Oxygen Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 24-Jul-26 | Maintain | A+ | Stable | - |
| 92 | Masood Spinning Mills Limited | PPSTS III | PKR 2.0bln | Jun-26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 23-Jul-26 | Initial | A- | Stable | - |
| 93 | Reon Energy Limited - PPSTS - PKR 1.5bln - Oct-26 Press Release | Report | History |
Energy | Debt Instrument | 21-Jul-26 | Preliminary | A | Stable | - |
| 94 | Select Technologies Limited - PPSTS-V - PKR 3.0bln - Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 20-Jul-26 | Initial | A | Stable | - |
| 95 | Askari Bank Limited Press Release | Report | History |
Banks | Entity | 20-Jul-26 | Upgrade | AAA | Stable | - |
| 96 | Reon Energy Limited Press Release | Report | History |
Energy | Entity | 17-Jul-26 | Maintain | A | Stable | - |
| 97 | Lumen Energia (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 17-Jul-26 | Maintain | BBB- | Stable | - |
| 98 | Sindh Engro Coal Mining Company Press Release | Report | History |
Energy | Entity | 17-Jul-26 | Maintain | AA | Stable | - |
| 99 | Medipak Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 17-Jul-26 | Maintain | BBB+ | Positive | - |
| 100 | M.Y. Bari Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 16-Jul-26 | Maintain | BBB+ | Stable | - |
| 101 | National Rural Support Programme Press Release | Report | History |
Banks | Entity | 15-Jul-26 | Maintain | A | Stable | - |
| 102 | Mega Motor Company (Pvt.) Limited Press Release | Report | History |
Auto and Allied | Entity | 14-Jul-26 | Initial | A- | Stable | - |
| 103 | Avanceon Limited Press Release | Report | History |
Engineering and Technology | Entity | 14-Jul-26 | Maintain | A | Stable | - |
| 104 | Faisalabad Electric Supply Company Limited Press Release | Report | History |
Energy | Entity | 10-Jul-26 | Maintain | AA- | Stable | - |
| 105 | Diamond Fabrics Limited Press Release | Report | History |
Textile & Allied | Entity | 10-Jul-26 | Maintain | A- | Stable | - |
| 106 | Steelex (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 10-Jul-26 | Maintain | BBB | Stable | - |
| 107 | Hoora Pharma (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 10-Jul-26 | Maintain | BBB | Stable | - |
| 108 | NIMIR Industrial Chemicals Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 10-Jul-26 | Maintain | A+ | Stable | - |
| 109 | Nimir Resins Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 10-Jul-26 | Maintain | A- | Stable | - |
| 110 | Nisar Spinning Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 10-Jul-26 | Maintain | A- | Stable | - |
| 111 | Jhulay Lal Parboiled Rice Mill Press Release | Report | History |
Agriculture & Allied | Entity | 09-Jul-26 | Maintain | BBB | Stable | - |
| 112 | Pak Elektron Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 09-Jul-26 | Maintain | A+ | Stable | - |
| 113 | Engro Polymer & Chemicals Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 07-Jul-26 | Maintain | AA | Stable | - |
| 114 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 03-Jul-26 | Preliminary | A+ | Stable | Yes |
| 115 | The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA | Stable | - |
| 116 | The Bank of Punjab | Additional Tier 1 Capital TFC | PKR 3.95bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA | Stable | - |
| 117 | The Bank of Punjab | TFC II | April-18 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 118 | The Bank of Punjab | Tier 2 | TFC-III | Apr-23 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 119 | The Bank of Punjab | Tier 2 Capital TFC | PKR 7.5695bln | Jun-24 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 120 | Liberty Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 03-Jul-26 | Maintain | A+ | Stable | - |
| 121 | Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited) Press Release | Report | History |
Banks | Entity | 01-Jul-26 | Upgrade | AA- | Stable | - |
| 122 | BankIslami Pakistan Limited - PP Sukuk Tier 2 Capital - PKR 5.0bln - TBI Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Preliminary | A+ | Stable | - |
| 123 | The Bank of Punjab Press Release | Report | History |
Banks | Entity | 30-Jun-26 | Upgrade | AAA | Stable | - |
| 124 | Habib Metropolitan Bank Limited Press Release | Report | History |
Banks | Entity | 30-Jun-26 | Upgrade | AAA | Stable | - |
| 125 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk I | PKR 2 Bln| Apr-20 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A | Stable | - |
| 126 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk II | PKR 1 Bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A | Stable | - |
| 127 | JS Bank Limited | PPTFC | 2.5bln | Dec-21 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA- | Stable | - |
| 128 | JS Bank Limited | TFC Tier 1 | 2.5bln | Dec-18 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A+ | Stable | - |
| 129 | JS Bank Limited | Tier II TFC | 3.5bln | Aug-23 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA- | Stable | - |
| 130 | Bank AL Habib Limited | Tier II TFC VIII | Sep-21 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AAA | Stable | - |
| 131 | Bank Alfalah Limited | Additional Tier 1 TFC | 7bln Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA+ | Stable | - |
| 132 | Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA+ | Stable | - |
| 133 | Soneri Bank Limited | Tier 1 TFC Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Upgrade | A+ | Stable | - |
| 134 | Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Upgrade | AA- | Stable | - |
| 135 | Soneri Bank Limited Press Release | Report | History |
Banks | Entity | 30-Jun-26 | Upgrade | AA | Stable | - |
| 136 | Bank AL Habib Limited | Tier-I | TFC VI | Dec-17 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AA+ | Stable | - |
| 137 | Bank AL Habib Limited | Tier-I | TFC IX | Apr-22 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AA+ | Stable | - |
| 138 | Bank AL Habib Limited | Tier-II | TFC X | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AAA | Stable | - |
| 139 | GuarantCo Ltd Press Release | Report | History |
Non Banking Financial Institutes | Entity | 27-Jun-26 | Maintain | AAA | Stable | - |
| 140 | Bank of Khyber Press Release | Report | History |
Banks | Entity | 27-Jun-26 | Upgrade | AA- | Stable | - |
| 141 | Hi-Tech Blending (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 24-Jun-26 | Initial | A- | Stable | - |
| 142 | Hi-Tech Lubricants Limited Press Release | Report | History |
Energy | Entity | 24-Jun-26 | Initial | A | Stable | - |
| 143 | Pak Libya Holding Company (Pvt.) Limited Press Release | Report | History |
Development Institutions | Entity | 24-Jun-26 | Maintain | AA | Stable | - |
| 144 | Export-Import Bank of Pakistan Press Release | Report | History |
Development Institutions | Entity | 24-Jun-26 | Maintain | AAA | Stable | - |
| 145 | Pakistan Aluminium Beverage Cans Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 24-Jun-26 | Maintain | AA- | Stable | - |
| 146 | BankIslami Pakistan Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AA- | Stable | - |
| 147 | JS Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AA | Stable | - |
| 148 | First Women Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Upgrade | A | Stable | - |
| 149 | Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18 Press Release | Report | History |
Banks | Debt Instrument | 24-Jun-26 | Maintain | AA- | Stable | - |
| 150 | Allied Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AAA | Stable | - |
| 151 | Samba Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AA | Stable | - |
| 152 | Trans World Enterprise Services (Pvt.) Limited Press Release | Report | History |
Communication | Entity | 24-Jun-26 | Upgrade | BBB+ | Stable | - |
| 153 | Faysal Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AA+ | Stable | - |
| 154 | Rural Community Development Programmes Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | BBB+ | Stable | - |
| 155 | Bank Alfalah Limited Press Release | Report | History |
Banks | Entity | 24-Jun-26 | Maintain | AAA | Stable | - |
| 156 | Pakistan Kuwait Investment Company (Pvt.) Limited Press Release | Report | History |
Development Institutions | Entity | 24-Jun-26 | Maintain | AAA | Stable | - |
| 157 | Service Long March Tyres Limited Press Release | Report | History |
Auto and Allied | Entity | 24-Jun-26 | Upgrade | AA- | Stable | - |
| 158 | PARCO Pearl Gas (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 24-Jun-26 | Maintain | AA | Stable | - |
| 159 | Orient Energy Systems (Pvt.) Limited Press Release | Report | History |
Engineering and Technology | Entity | 24-Jun-26 | Upgrade | A | Stable | - |
| 160 | Fatima Packaging Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 24-Jun-26 | Maintain | A | Stable | - |
| 161 | Faysal Bank Limited - PP Sukuk - PKR 7.0bln Press Release | Report | History |
Banks | Debt Instrument | 24-Jun-26 | Initial | AA | Stable | - |
| 162 | MCB Bank Limited Press Release | Report | History |
Banks | Entity | 23-Jun-26 | Maintain | AAA | Stable | - |
| 163 | MCB Islamic Bank Limited Press Release | Report | History |
Banks | Entity | 23-Jun-26 | Maintain | A+ | Positive | - |
| 164 | National Bank of Pakistan Press Release | Report | History |
Banks | Entity | 23-Jun-26 | Maintain | AAA | Stable | - |
| 165 | Bank AL Habib Limited Press Release | Report | History |
Banks | Entity | 23-Jun-26 | Maintain | AAA | Stable | - |
| 166 | Engro Corporation Limited Press Release | Report | History |
Holding Company | Entity | 19-Jun-26 | Maintain | AA+ | Stable | - |
| 167 | Engro Holdings Limited Press Release | Report | History |
Holding Company | Entity | 19-Jun-26 | Maintain | AA | Stable | - |
| 168 | Yunus Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Jun-26 | Maintain | AA | Stable | - |
| 169 | National Credit Guarantee Company Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 19-Jun-26 | Maintain | AAA | Stable | - |
| 170 | Saif Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Jun-26 | Maintain | A- | Stable | Yes |
| 171 | PAIR Investment Company Limited Press Release | Report | History |
Development Institutions | Entity | 19-Jun-26 | Maintain | AA | Stable | - |
| 172 | Siddiqsons Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Jun-26 | Maintain | A- | Stable | - |
| 173 | DIC Pakistan Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 18-Jun-26 | Maintain | AA- | Stable | - |
| 174 | Narowal Energy Limited Press Release | Report | History |
Energy | Entity | 18-Jun-26 | Maintain | AA- | Stable | - |
| 175 | Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | Aug-22 Press Release | Report | History |
Engineering and Technology | Debt Instrument | 18-Jun-26 | Maintain | AA | Stable | - |
| 176 | National Vocational and Technical Training Commission - PPTFC - PKR 1bln - TBI Press Release | Report | History |
Consumers Goods & Services | Debt Instrument | 18-Jun-26 | Preliminary | AAA | Stable | - |
| 177 | Parwaaz Financial Services Limited - PPTFC - PKR 1bln - Mar-25 Press Release | Report | History |
Non Banking Financial Institutes | Debt Instrument | 18-Jun-26 | Maintain | AA- | Stable | - |
| 178 | Kohat Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 17-Jun-26 | Maintain | A- | Stable | - |
| 179 | Meskay & Femtee Trading Company (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 16-Jun-26 | Maintain | A- | Stable | - |
| 180 | ZKB Construction (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 15-Jun-26 | Maintain | A | Stable | - |
| 181 | Pakistan International Bulk Terminal Limited Press Release | Report | History |
Energy | Entity | 12-Jun-26 | Maintain | A | Stable | - |
| 182 | VMS Trading Company Press Release | Report | History |
Agriculture & Allied | Entity | 12-Jun-26 | Maintain | BBB | Stable | - |
| 183 | E-Vision Manufacturing Limited Press Release | Report | History |
Textile & Allied | Entity | 12-Jun-26 | Maintain | BBB | Stable | - |
| 184 | Meko Fabrics (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 12-Jun-26 | Maintain | BBB+ | Stable | - |
| 185 | Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - Apr-26 Press Release | Report | History |
Distributors | Debt Instrument | 12-Jun-26 | Initial | A+ | Stable | - |
| 186 | HBL Microfinance Bank Limited | Tier 2 Capital TFC | PKR 1.5bln | Mar-24 Press Release | Report | History |
Banks | Debt Instrument | 11-Jun-26 | Maintain | A | Stable | - |
| 187 | Pakistan Refinery Limited Press Release | Report | History |
Energy | Entity | 05-Jun-26 | Maintain | A | Stable | - |
| 188 | Pakistan Microfinance Investment Company Limited Press Release | Report | History |
Development Institutions | Entity | 05-Jun-26 | Maintain | AA | Stable | - |
| 189 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 05-Jun-26 | Maintain | AA+ | Stable | - |
| 190 | ACT Wind (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 04-Jun-26 | Maintain | A+ | Stable | - |
| 191 | Orient Power Company (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 04-Jun-26 | Maintain | AA- | Stable | - |
| 192 | K-Electric Limited Press Release | Report | History |
Energy | Entity | 04-Jun-26 | Maintain | AA | Stable | Yes |
| 193 | Hadeed Pakistan (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 04-Jun-26 | Maintain | A | Stable | - |
| 194 | The Hub Power Company Limited Press Release | Report | History |
Energy | Entity | 02-Jun-26 | Maintain | AA+ | Stable | - |
| 195 | Masood Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 02-Jun-26 | Maintain | A | Stable | - |
| 196 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-Jun-26 | Maintain | A+ | Stable | - |
| 197 | Panther Tyres Limited Press Release | Report | History |
Auto and Allied | Entity | 25-May-26 | Maintain | A | Stable | - |
| 198 | Kassim (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 22-May-26 | Initial | BBB | Stable | - |
| 199 | Pak-Arab Pipeline Company Limited Press Release | Report | History |
Logistics | Entity | 22-May-26 | Maintain | AAA | Stable | - |
| 200 | Olympia Chemicals Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 22-May-26 | Maintain | A | Stable | - |
| 201 | National Refinery Limited Press Release | Report | History |
Energy | Entity | 22-May-26 | Maintain | AA | Developing | Yes |
| 202 | Tata Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 22-May-26 | Maintain | A | Stable | Yes |
| 203 | H. Sadar Ali Akhtar Ali (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 22-May-26 | Maintain | BBB+ | Stable | - |
| 204 | Meezan Plastic Industries (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 22-May-26 | Maintain | BB | Stable | - |
| 205 | Nishat Hotels and Properties Ltd Press Release | Report | History |
Consumers Goods & Services | Entity | 22-May-26 | Maintain | A | Stable | - |
| 206 | Union Microfinance Company Limited Press Release | Report | History |
Banks | Entity | 22-May-26 | Initial | BB | Stable | - |
| 207 | Attock Refinery Limited Press Release | Report | History |
Energy | Entity | 21-May-26 | Maintain | AA | Stable | - |
| 208 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - Sep-25 Press Release | Report | History |
Energy | Debt Instrument | 21-May-26 | Maintain | AA | Stable | - |
| 209 | Ghani Chemical Industries Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 18-May-26 | Maintain | A | Positive | - |
| 210 | Khadija Edible Oil Refinery (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 18-May-26 | Maintain | A- | Stable | - |
| 211 | TPL Corp Limited Press Release | Report | History |
Holding Company | Entity | 16-May-26 | Maintain | A | Developing | Yes |
| 212 | Martin Dow Marker Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 15-May-26 | Maintain | A+ | Stable | - |
| 213 | JazzWorld Pakistan Limited (formerly Pakistan Mobile Communications Ltd) Press Release | Report | History |
Communication | Entity | 15-May-26 | Maintain | AA | Stable | - |
| 214 | Descon Oxychem Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 15-May-26 | Maintain | A+ | Stable | - |
| 215 | Apna Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 15-May-26 | Maintain | BB | Negative | Yes |
| 216 | Trans World Associates (Pvt.) Limited - PPSTS - PKR 1.5bln - Apr-26 Press Release | Report | History |
Communication | Debt Instrument | 15-May-26 | Initial | A+ | Stable | - |
| 217 | Karachi Gateway Terminal (Pvt.) Limited Press Release | Report | History |
Logistics | Entity | 13-May-26 | Initial | AA- | Stable | - |
| 218 | Karachi Gateway Terminal Multipurpose (Pvt.) Limited Press Release | Report | History |
Logistics | Entity | 13-May-26 | Initial | AA- | Stable | - |
| 219 | H. Nizam Din & Sons (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 13-May-26 | Maintain | A- | Stable | Yes |
| 220 | Entertainment Pakistan Limited Press Release | Report | History |
Infrastructure | Entity | 13-May-26 | Maintain | BB | Stable | - |
| 221 | Neelum Oil and Ghee Industries (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 13-May-26 | Maintain | A- | Stable | - |
| 222 | Waheed Hafeez Ghee Industries (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 13-May-26 | Maintain | A- | Stable | - |
| 223 | Treet Battery Limited Press Release | Report | History |
Auto and Allied | Entity | 12-May-26 | Initial | A- | Stable | - |
| 224 | Beacon Impex (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 12-May-26 | Maintain | A | Stable | - |
| 225 | BF Biosciences Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 12-May-26 | Maintain | A- | Stable | - |
| 226 | Ziauddin University Press Release | Report | History |
Consumers Goods & Services | Entity | 12-May-26 | Maintain | BBB | Stable | - |
| 227 | Rainbow Hosiery (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 12-May-26 | Maintain | BBB | Stable | - |
| 228 | Adam Securities Limited Press Release | Report | History |
Capital Markets | Entity | 11-May-26 | Initial | A | Stable | - |
| 229 | Hub Power Holdings Limited Press Release | Report | History |
Holding Company | Entity | 08-May-26 | Maintain | AA | Stable | - |
| 230 | Aslam Energy (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 05-May-26 | Maintain | BBB+ | Stable | - |
| 231 | Flow Petroleum (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 05-May-26 | Maintain | A- | Stable | - |
| 232 | Gas & Oil Pakistan Limited Press Release | Report | History |
Energy | Entity | 05-May-26 | Maintain | AA | Stable | - |
| 233 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 04-May-26 | Maintain | A | Stable | - |
| 234 | Pakistan Oil Mills (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 04-May-26 | Upgrade | A | Stable | - |
| 235 | Netracon Technologies (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 30-Apr-26 | Initial | A- | Stable | - |
| 236 | Nishat Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 30-Apr-26 | Maintain | AA | Stable | - |
| 237 | Infra Zamin Pakistan Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 30-Apr-26 | Maintain | AAA | Stable | - |
| 238 | Sefam (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 30-Apr-26 | Maintain | A- | Stable | Yes |
| 239 | Mahmood Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 30-Apr-26 | Maintain | A- | Stable | - |
| 240 | Mobilink Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 30-Apr-26 | Maintain | A | Stable | - |
| 241 | NRSP Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 30-Apr-26 | Maintain | A- | Stable | - |
| 242 | NRSP Microfinance Bank Limited | Tier II TFC Press Release | Report | History |
Banks | Debt Instrument | 30-Apr-26 | Maintain | A- | Stable | - |
| 243 | Master Green Energy Limited Press Release | Report | History |
Energy | Entity | 30-Apr-26 | Maintain | A | Stable | - |
| 244 | ASA Microfinance Bank (Pakistan) Limited Press Release | Report | History |
Banks | Entity | 29-Apr-26 | Maintain | A- | Stable | - |
| 245 | Ferozsons Laboratories Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 28-Apr-26 | Maintain | A | Stable | - |
| 246 | Daewoo Pakistan Express Bus Service Limited - PPSTS-II - PKR 4.0bln - Mar-26 Press Release | Report | History |
Auto and Allied | Debt Instrument | 27-Apr-26 | Initial | A | Stable | - |
| 247 | Pakistan Synthetics Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 24-Apr-26 | Maintain | A- | Stable | - |
| 248 | AGAHE Pakistan Press Release | Report | History |
Banks | Entity | 24-Apr-26 | Maintain | BBB | Stable | - |
| 249 | Salman Paper Products (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 22-Apr-26 | Maintain | BBB | Stable | - |
| 250 | Flying Cement Company Limited Press Release | Report | History |
Infrastructure | Entity | 18-Apr-26 | Maintain | A- | Stable | Yes |
| 251 | Asif Rice Mills Press Release | Report | History |
Agriculture & Allied | Entity | 17-Apr-26 | Maintain | BBB+ | Stable | - |
| 252 | National Foods Limited Press Release | Report | History |
Food and Allied | Entity | 17-Apr-26 | Maintain | AA- | Stable | - |
| 253 | New Horizon Computer Press Release | Report | History |
Engineering and Technology | Entity | 17-Apr-26 | Maintain | BBB- | Stable | - |
| 254 | GH2 Industries (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 15-Apr-26 | Maintain | A- | Stable | - |
| 255 | Crown Textile Press Release | Report | History |
Textile & Allied | Entity | 14-Apr-26 | Maintain | BBB- | Positive | - |
| 256 | Packages Real Estate (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 10-Apr-26 | Maintain | A | Stable | - |
| 257 | Hilal Foods (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 10-Apr-26 | Maintain | A- | Stable | - |
| 258 | Armstrong ZE (Pvt.) Limited Press Release | Report | History |
Auto and Allied | Entity | 09-Apr-26 | Initial | A- | Stable | - |
| 259 | Al-Abbas Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 09-Apr-26 | Maintain | A+ | Stable | - |
| 260 | Lucky Electric Power Company Limited Press Release | Report | History |
Energy | Entity | 06-Apr-26 | Maintain | AA | Stable | - |
| 261 | International Business Management Press Release | Report | History |
Consumers Goods & Services | Entity | 03-Apr-26 | Maintain | BB+ | Stable | - |
| 262 | Bikiya Industries (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 03-Apr-26 | Maintain | BB+ | Stable | - |
| 263 | Madiha International (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 03-Apr-26 | Maintain | BB+ | Stable | - |
| 264 | Mehran Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 03-Apr-26 | Maintain | A- | Stable | - |
| 265 | Optimus Capital Management (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 03-Apr-26 | Maintain | A- | Stable | - |
| 266 | Noon Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 03-Apr-26 | Upgrade | A- | Stable | - |
| 267 | Mirpurkhas Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 03-Apr-26 | Maintain | A- | Stable | Yes |
| 268 | Sindh Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 30-Mar-26 | Maintain | A | Stable | - |
| 269 | JS Investments Limited (JSIL) Press Release | Report | History |
Non Banking Financial Institutes | Entity | 28-Mar-26 | Maintain | A+ | Stable | - |
| 270 | HNDS Energy Limited Press Release | Report | History |
Energy | Entity | 26-Mar-26 | Maintain | A | Stable | - |
| 271 | Meridian Energy Limited Press Release | Report | History |
Energy | Entity | 26-Mar-26 | Maintain | A | Stable | - |
| 272 | Helios Power Limited Press Release | Report | History |
Energy | Entity | 26-Mar-26 | Maintain | A | Stable | - |
| 273 | Ultra Pack (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 26-Mar-26 | Maintain | BBB | Stable | - |
| 274 | Sargodha Jute Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 26-Mar-26 | Maintain | A- | Stable | - |
| 275 | H.A.R Fibres (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 26-Mar-26 | Maintain | BBB- | Stable | - |
| 276 | Qadir Agro Industries (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 26-Mar-26 | Maintain | BB+ | Stable | - |
| 277 | A. Rahim Foods (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 26-Mar-26 | Maintain | A- | Stable | - |
| 278 | SAFCO Microfinance Company (Private) Limited Press Release | Report | History |
Banks | Entity | 26-Mar-26 | Maintain | BBB | Stable | - |
| 279 | JWS Pakistan Press Release | Report | History |
Banks | Entity | 26-Mar-26 | Maintain | BBB | Positive | - |
| 280 | Amreli Steels Limited Press Release | Report | History |
Infrastructure | Entity | 26-Mar-26 | Maintain | CCC | Developing | Yes |
| 281 | US Denim Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Mar-26 | Maintain | A | Stable | - |
| 282 | Kohinoor Energy Limited Press Release | Report | History |
Energy | Entity | 19-Mar-26 | Maintain | AA | Stable | - |
| 283 | Saif Power Limited Press Release | Report | History |
Energy | Entity | 19-Mar-26 | Maintain | AA- | Stable | - |
| 284 | The Punjab Provincial Cooperative Bank Limited Press Release | Report | History |
Banks | Entity | 19-Mar-26 | Upgrade | A- | Stable | - |
| 285 | KTM Leather (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 19-Mar-26 | Maintain | BBB+ | Stable | Yes |
| 286 | Warble (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 19-Mar-26 | Maintain | BBB | Stable | - |
| 287 | Welcon Chemicals (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 19-Mar-26 | Maintain | BBB | Stable | - |
| 288 | Mount Fuji Textiles Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Mar-26 | Maintain | BBB+ | Stable | - |
| 289 | TPL Properties Limited Press Release | Report | History |
Infrastructure | Entity | 19-Mar-26 | Downgrade | A | Developing | Yes |
| 290 | Malik MIJ Chunxing Resources Recycling Company Limited Press Release | Report | History |
Engineering and Technology | Entity | 18-Mar-26 | Maintain | A- | Stable | - |
| 291 | Hunza Sugar Mills (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 13-Mar-26 | Maintain | BBB+ | Stable | - |
| 292 | Unicol Limited Press Release | Report | History |
Agriculture & Allied | Entity | 13-Mar-26 | Maintain | A | Stable | - |
| 293 | Fauji Cement Company Limited Press Release | Report | History |
Infrastructure | Entity | 12-Mar-26 | Maintain | AA- | Stable | - |
| 294 | Aba Ali Habib Securities (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 12-Mar-26 | Maintain | A- | Stable | - |
| 295 | Imperium Hospitality (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 12-Mar-26 | Upgrade | A- | Stable | - |
| 296 | SGM Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 11-Mar-26 | Upgrade | BBB+ | Stable | - |
| 297 | Jauharabad Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 11-Mar-26 | Maintain | BBB+ | Positive | - |
| 298 | ARY Communications Limited Press Release | Report | History |
Communication | Entity | 10-Mar-26 | Maintain | A | Stable | - |
| 299 | Halmore Power Generation Company Limited Press Release | Report | History |
Energy | Entity | 09-Mar-26 | Maintain | AA- | Stable | - |
| 300 | Euro Oil (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 06-Mar-26 | Initial | A- | Stable | - |
| 301 | Gul Ahmed Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 06-Mar-26 | Maintain | AA- | Stable | - |
| 302 | Shahzad Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 06-Mar-26 | Maintain | A- | Stable | - |
| 303 | UBL Financial Services (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 03-Mar-26 | Initial | A- | Stable | - |
| 304 | Masood Spinning Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 27-Feb-26 | Maintain | A- | Stable | - |
| 305 | Poly Pack (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 27-Feb-26 | Maintain | A- | Stable | - |
| 306 | Brainchild Communications Pakistan (Pvt.) Limited Press Release | Report | History |
Communication | Entity | 27-Feb-26 | Maintain | BBB+ | Stable | - |
| 307 | Basfa Textile (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 27-Feb-26 | Maintain | BBB | Stable | - |
| 308 | Allawasaya Textile & Finishing Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 27-Feb-26 | Maintain | BBB- | Stable | Yes |
| 309 | Newage Cables (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 27-Feb-26 | Maintain | A- | Stable | - |
| 310 | D.G. Khan Cement Company Limited Press Release | Report | History |
Infrastructure | Entity | 26-Feb-26 | Maintain | AA- | Stable | - |
| 311 | US Apparel & Textiles (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 20-Feb-26 | Maintain | A+ | Stable | - |
| 312 | Jadeed Feeds Industries (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 20-Feb-26 | Maintain | A- | Stable | - |
| 313 | Alhamd Corporation (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 20-Feb-26 | Maintain | A- | Stable | - |
| 314 | Hyundai Nishat Motor (Pvt.) Limited Press Release | Report | History |
Auto and Allied | Entity | 20-Feb-26 | Maintain | A+ | Stable | - |
| 315 | Fecto Cement Limited Press Release | Report | History |
Infrastructure | Entity | 20-Feb-26 | Maintain | A- | Stable | - |
| 316 | Kashf Foundation Press Release | Report | History |
Banks | Entity | 20-Feb-26 | Maintain | A | Stable | - |
| 317 | Select Technologies Limited Press Release | Report | History |
Distributors | Entity | 20-Feb-26 | Maintain | A | Stable | - |
| 318 | Descon Engineering Limited Press Release | Report | History |
Infrastructure | Entity | 18-Feb-26 | Maintain | AA- | Positive | - |
| 319 | Liberty Wind Power 2 Limited Press Release | Report | History |
Energy | Entity | 18-Feb-26 | Maintain | A | Stable | - |
| 320 | Liberty Wind Power 1 Limited Press Release | Report | History |
Energy | Entity | 18-Feb-26 | Maintain | A | Stable | - |
| 321 | Jinn Petroleum (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 17-Feb-26 | Maintain | BBB+ | Stable | - |
| 322 | Sindh Abadgars Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 13-Feb-26 | Maintain | BBB | Positive | - |
| 323 | Nishat Packaging Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 13-Feb-26 | Maintain | A | Stable | - |
| 324 | Gul Ahmed Electric Limited Press Release | Report | History |
Energy | Entity | 13-Feb-26 | Maintain | A | Stable | - |
| 325 | Ahmed Fine Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 12-Feb-26 | Maintain | A | Stable | - |
| 326 | Gharibwal Cement Limited Press Release | Report | History |
Infrastructure | Entity | 12-Feb-26 | Maintain | A | Stable | - |
| 327 | K.K. Rice Mills (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 12-Feb-26 | Upgrade | BBB+ | Stable | - |
| 328 | FFO Support Program Press Release | Report | History |
Banks | Entity | 10-Feb-26 | Initial | BB+ | Stable | - |
| 329 | Shams Power Limited Press Release | Report | History |
Energy | Entity | 10-Feb-26 | Initial | A- | Stable | - |
| 330 | Mehmooda Maqbool Mills Limited Press Release | Report | History |
Food and Allied | Entity | 06-Feb-26 | Maintain | BBB+ | Stable | - |
| 331 | AL Habib Exchange Company (Pvt.) Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 06-Feb-26 | Initial | A+ | Stable | - |
| 332 | Denim-E (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 06-Feb-26 | Maintain | BBB- | Positive | - |
| 333 | Eva Foods (Pvt.) Ltd (formerly: Shujabad Agro Industries (Pvt.) Limited) Press Release | Report | History |
Food and Allied | Entity | 06-Feb-26 | Maintain | A- | Stable | - |
| 334 | Jadeed Oil Extraction (Private) Limited Press Release | Report | History |
Food and Allied | Entity | 06-Feb-26 | Maintain | BBB- | Positive | - |
| 335 | Punjab Oil Mills Limited Press Release | Report | History |
Food and Allied | Entity | 06-Feb-26 | Maintain | BBB+ | Stable | - |
| 336 | Ibrahim Fibres Limited Press Release | Report | History |
Textile & Allied | Entity | 06-Feb-26 | Maintain | AA | Stable | - |
| 337 | Jasons Commodities Press Release | Report | History |
Agriculture & Allied | Entity | 30-Jan-26 | Maintain | BBB | Stable | - |
| 338 | Mashreq Bank Pakistan Limited Press Release | Report | History |
Banks | Entity | 29-Jan-26 | Initial | AA | Stable | - |
| 339 | Sitara Heights (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 29-Jan-26 | Maintain | A- | Stable | - |
| 340 | AL Habib Capital Markets (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 27-Jan-26 | Maintain | A | Stable | - |
| 341 | Energy Infrastructure Holding (Pvt.) Limited Press Release | Report | History |
Holding Company | Entity | 23-Jan-26 | Maintain | A- | Stable | - |
| 342 | Ali Embroidery Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 23-Jan-26 | Maintain | BBB | Stable | - |
| 343 | Latif Textile Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 22-Jan-26 | Maintain | BBB- | Positive | - |
| 344 | Zahir Khan & Brothers Press Release | Report | History |
Infrastructure | Entity | 21-Jan-26 | Maintain | A | Stable | - |
| 345 | Techno Time Construction (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 21-Jan-26 | Maintain | BBB+ | Stable | - |
| 346 | Dynamic Packaging (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 16-Jan-26 | Upgrade | BBB+ | Stable | - |
| 347 | University of Management and Technology Press Release | Report | History |
Consumers Goods & Services | Entity | 15-Jan-26 | Upgrade | A | Stable | - |
| 348 | Loads Limited Press Release | Report | History |
Auto and Allied | Entity | 15-Jan-26 | Maintain | A | Stable | - |
| 349 | Tourism Promotion Services (Pakistan) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 12-Jan-26 | Maintain | AA | Stable | - |
| 350 | Kohat Cement Company Limited Press Release | Report | History |
Infrastructure | Entity | 12-Jan-26 | Maintain | A+ | Stable | - |
| 351 | Oursun Pakistan Limited Press Release | Report | History |
Energy | Entity | 09-Jan-26 | Maintain | A+ | Stable | - |
| 352 | Polaris Danah Natural Resource Development (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 08-Jan-26 | Maintain | BB | Stable | - |
| 353 | Mari Energies Limited Press Release | Report | History |
Energy | Entity | 08-Jan-26 | Maintain | AAA | Stable | - |
| 354 | Sabirs' Vegetable Oils (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 07-Jan-26 | Upgrade | BBB+ | Stable | - |
| 355 | Multi Resin Industries Press Release | Report | History |
Pharma and Chemicals | Entity | 02-Jan-26 | Maintain | BBB- | Stable | - |
| 356 | Foundation Power Company Daharki Limited Press Release | Report | History |
Energy | Entity | 02-Jan-26 | Maintain | AA- | Stable | - |
| 357 | Kassim Textiles (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 30-Dec-25 | Maintain | A- | Stable | - |
| 358 | Getz Pharma (Pvt.) Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 30-Dec-25 | Maintain | AA | Stable | - |
| 359 | ACT2 Din Wind (Pvt) Limited ( formerly: ACT2 Wind (Pvt.) Limited ) Press Release | Report | History |
Energy | Entity | 29-Dec-25 | Maintain | A- | Stable | - |
| 360 | Ahmad Hassan Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 27-Dec-25 | Maintain | BBB+ | Stable | - |
| 361 | Attock Petroleum Limited Press Release | Report | History |
Energy | Entity | 26-Dec-25 | Initial | AA | Stable | - |
| 362 | HBL Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 26-Dec-25 | Maintain | A+ | Stable | - |
| 363 | Interwood Mobel (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 26-Dec-25 | Maintain | A- | Stable | - |
| 364 | DEL Engineering Domestic (Pvt.) Limited Press Release | Report | History |
Holding Company | Entity | 26-Dec-25 | Maintain | AA- | Stable | - |
| 365 | Meko Denim Mills (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 26-Dec-25 | Maintain | BBB+ | Positive | - |
| 366 | Dr. Ziauddin Hospital Trust Press Release | Report | History |
Consumers Goods & Services | Entity | 26-Dec-25 | Maintain | A- | Stable | - |
| 367 | Allah Tawaqal Metals (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 26-Dec-25 | Maintain | BB+ | Stable | - |
| 368 | China Power Hub Generation Company (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 26-Dec-25 | Maintain | AA+ | Stable | - |
| 369 | Cherat Cement Company Limited Press Release | Report | History |
Infrastructure | Entity | 26-Dec-25 | Maintain | A+ | Stable | - |
| 370 | Service Global Footwear Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 24-Dec-25 | Maintain | A+ | Stable | - |
| 371 | Al Rahim Textile Industries Limited Press Release | Report | History |
Textile & Allied | Entity | 24-Dec-25 | Maintain | A | Stable | - |
| 372 | Cherat Packaging Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 23-Dec-25 | Maintain | A | Positive | - |
| 373 | Siddiqsons Tinplate Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 23-Dec-25 | Maintain | A- | Developing | - |
| 374 | Inverex Power Solution Press Release | Report | History |
Energy | Entity | 20-Dec-25 | Initial | BBB | Stable | - |
| 375 | Reliance Weaving Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 19-Dec-25 | Maintain | A | Stable | - |
| 376 | United Ethanol Industries Limited Press Release | Report | History |
Agriculture & Allied | Entity | 19-Dec-25 | Maintain | A- | Stable | - |
| 377 | EXIDE Pakistan Limited Press Release | Report | History |
Auto and Allied | Entity | 19-Dec-25 | Maintain | BBB+ | Stable | - |
| 378 | Tariq Glass Industries Limited Press Release | Report | History |
Infrastructure | Entity | 19-Dec-25 | Maintain | A+ | Stable | - |
| 379 | TPL Trakker Limited Press Release | Report | History |
Logistics | Entity | 19-Dec-25 | Maintain | A- | Developing | Yes |
| 380 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 19-Dec-25 | Downgrade | A | Developing | Yes |
| 381 | Advance Telecom (Pvt.) Limited Press Release | Report | History |
Distributors | Entity | 19-Dec-25 | Maintain | A- | Stable | - |
| 382 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) Press Release | Report | History |
Capital Markets | Entity | 19-Dec-25 | Maintain | A- | Stable | - |
| 383 | Azhar Corporation (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 18-Dec-25 | Maintain | BBB+ | Stable | - |
| 384 | PARCO Gunvor Limited Press Release | Report | History |
Energy | Entity | 17-Dec-25 | Maintain | AAA | Stable | - |
| 385 | Pakistan National Shipping Corporation Press Release | Report | History |
Logistics | Entity | 16-Dec-25 | Upgrade | AA+ | Stable | - |
| 386 | MACPAC Films Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 16-Dec-25 | Maintain | BBB+ | Stable | - |
| 387 | JS Global Capital Limited Press Release | Report | History |
Capital Markets | Entity | 12-Dec-25 | Maintain | AA | Stable | - |
| 388 | Pharmatec Pakistan (Pvt.) Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 12-Dec-25 | Maintain | A- | Stable | - |
| 389 | Sapphire Retail Limited Press Release | Report | History |
Textile & Allied | Entity | 12-Dec-25 | Maintain | A | Stable | - |
| 390 | Mega Conglomerate (Pvt.) Limited Press Release | Report | History |
Holding Company | Entity | 12-Dec-25 | Maintain | AA- | Stable | - |
| 391 | IGI Holdings Limited Press Release | Report | History |
Holding Company | Entity | 12-Dec-25 | Maintain | AA | Stable | - |
| 392 | Sui Southern Gas Company Limited Press Release | Report | History |
Energy | Entity | 12-Dec-25 | Maintain | AA- | Stable | - |
| 393 | Orient Petroleum Inc. (Pakistan Branch) Press Release | Report | History |
Energy | Entity | 11-Dec-25 | Upgrade | A | Stable | - |
| 394 | Daewoo Pakistan Express Bus Service Limited Press Release | Report | History |
Auto and Allied | Entity | 11-Dec-25 | Upgrade | A | Stable | - |
| 395 | EcoPack Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 09-Dec-25 | Maintain | BBB+ | Stable | - |
| 396 | Pak Arab Refinery Limited Press Release | Report | History |
Energy | Entity | 08-Dec-25 | Maintain | AAA | Stable | - |
| 397 | Ismail Industries Limited Press Release | Report | History |
Food and Allied | Entity | 05-Dec-25 | Maintain | AA- | Stable | - |
| 398 | Ghulam Rasool & Company (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 03-Dec-25 | Maintain | A- | Stable | - |
| 399 | Mughal Energy Limited Press Release | Report | History |
Energy | Entity | 01-Dec-25 | Maintain | A | Developing | - |
| 400 | Sayban International Press Release | Report | History |
Agriculture & Allied | Entity | 28-Nov-25 | Maintain | BBB- | Stable | Yes |
| 401 | Ismail Iqbal Securities (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 28-Nov-25 | Maintain | A- | Stable | - |
| 402 | Tandlianwala Sugar Mills Limited Press Release | Report | History |
Agriculture & Allied | Entity | 28-Nov-25 | Maintain | A | Stable | - |
| 403 | Starch Pack (Pvt.) Limited Press Release | Report | History |
Food and Allied | Entity | 26-Nov-25 | Maintain | A | Stable | - |
| 404 | East Gate Industries (Pvt.) Limited Press Release | Report | History |
Textile & Allied | Entity | 25-Nov-25 | Initial | A | Stable | - |
| 405 | Be Be Jan Pakistan Limited Press Release | Report | History |
Textile & Allied | Entity | 21-Nov-25 | Maintain | BBB | Stable | - |
| 406 | Sapphire Finishing Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 21-Nov-25 | Maintain | A | Stable | - |
| 407 | Inbox Business Technologies Limited Press Release | Report | History |
Engineering and Technology | Entity | 21-Nov-25 | Maintain | A- | Stable | - |
| 408 | HUM Network Limited Press Release | Report | History |
Communication | Entity | 21-Nov-25 | Maintain | AA- | Stable | - |
| 409 | KTRADE Securities Limited Press Release | Report | History |
Capital Markets | Entity | 21-Nov-25 | Maintain | A- | Stable | - |
| 410 | Azgard Nine Limited Press Release | Report | History |
Textile & Allied | Entity | 21-Nov-25 | Initial | BBB | Stable | - |
| 411 | Ghani Global Glass Limited Press Release | Report | History |
Infrastructure | Entity | 21-Nov-25 | Maintain | BBB+ | Positive | - |
| 412 | Airlink Communication Press Release | Report | History |
Distributors | Entity | 21-Nov-25 | Maintain | A+ | Stable | - |
| 413 | Samad Rubber Works (Pvt.) Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 21-Nov-25 | Maintain | A- | Stable | - |
| 414 | Swat Agro Chemicals Press Release | Report | History |
Agriculture & Allied | Entity | 19-Nov-25 | Maintain | BBB | Stable | - |
| 415 | Ahmed Fine Weaving Limited Press Release | Report | History |
Textile & Allied | Entity | 14-Nov-25 | Maintain | A- | Stable | - |
| 416 | Sitara Petroleum Service Limited Press Release | Report | History |
Energy | Entity | 13-Nov-25 | Upgrade | A | Stable | - |
| 417 | Sapphire Fibres Limited Press Release | Report | History |
Textile & Allied | Entity | 13-Nov-25 | Maintain | A+ | Stable | - |
| 418 | Prism Energy (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 11-Nov-25 | Maintain | A+ | Stable | - |
| 419 | Glamour Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 10-Nov-25 | Maintain | BBB- | Stable | - |
| 420 | Pakistan Services Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 08-Nov-25 | Maintain | B | Negative | Yes |
| 421 | Fazal Holdings (Pvt.) Limited Press Release | Report | History |
Holding Company | Entity | 07-Nov-25 | Maintain | A+ | Stable | - |
| 422 | Liberty Power Tech Limited Press Release | Report | History |
Energy | Entity | 06-Nov-25 | Maintain | AA- | Stable | - |
| 423 | Service Retail (Pvt.) Limited Press Release | Report | History |
Consumers Goods & Services | Entity | 03-Nov-25 | Initial | A | Stable | - |
| 424 | Zahidjee Textile Mills Limited Press Release | Report | History |
Textile & Allied | Entity | 31-Oct-25 | Maintain | A | Stable | - |
| 425 | Platinum Steel Mill (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 30-Oct-25 | Maintain | BBB | Stable | - |
| 426 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - |
| 427 | KSB Pumps Company Limited Press Release | Report | History |
Engineering and Technology | Entity | 28-Oct-25 | Maintain | A+ | Stable | - |
| 428 | Pharmagen Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 24-Oct-25 | Maintain | A- | Stable | - |
| 429 | Etihad Alloys (Pvt.) Limited Press Release | Report | History |
Infrastructure | Entity | 24-Oct-25 | Maintain | BBB- | Developing | - |
| 430 | Service Tyres (Pvt.) Limited Press Release | Report | History |
Auto and Allied | Entity | 23-Oct-25 | Initial | A+ | Stable | - |
| 431 | Stylers International Limited Press Release | Report | History |
Textile & Allied | Entity | 23-Oct-25 | Maintain | A | Stable | - |
| 432 | ThalNova Power Thar (Pvt.) Limited Press Release | Report | History |
Energy | Entity | 23-Oct-25 | Maintain | AA- | Stable | - |
| 433 | Thar Energy Limited Press Release | Report | History |
Energy | Entity | 23-Oct-25 | Maintain | AA- | Stable | - |
| 434 | AGP Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 23-Oct-25 | Maintain | A+ | Stable | - |
| 435 | Guard Agricultural Research and Services (Pvt.) Limited Press Release | Report | History |
Agriculture & Allied | Entity | 23-Oct-25 | Maintain | A- | Stable | - |
| 436 | Ghani Global Holdings Limited Press Release | Report | History |
Holding Company | Entity | 21-Oct-25 | Maintain | A- | Stable | - |
| 437 | CCL Pharmaceuticals (Pvt.) Limited Press Release | Report | History |
Pharma and Chemicals | Entity | 17-Oct-25 | Maintain | A | Stable | - |
| 438 | Ghandhara Automobiles Limited Press Release | Report | History |
Auto and Allied | Entity | 17-Oct-25 | Maintain | A | Stable | - |
| 439 | Ghandhara Industries Limited Press Release | Report | History |
Auto and Allied | Entity | 17-Oct-25 | Maintain | A+ | Stable | - |
| 440 | Mughal Iron & Steel Industries Limited Press Release | Report | History |
Infrastructure | Entity | 15-Oct-25 | Maintain | A+ | Stable | - |
| 441 | Secure Logistics Trax Group Limited Press Release | Report | History |
Auto and Allied | Entity | 13-Oct-25 | Maintain | A+ | Stable | - |
| 442 | ABHI Microfinance Bank Limited (formerly: FINCA Microfinance Bank Limited) Press Release | Report | History |
Banks | Entity | 23-Feb-24 | Downgrade | BBB+ | Negative | Yes |