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Outstanding Ratings

Sr.No Entity Sector Rating Type Dissemination
Date
Action Rating Outlook Rating Watch
1 Latif Textile Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 22-Jan-26 Maintain BBB- Positive -
2 Zahir Khan & Brothers
Press Release | Report | History
Infrastructure Entity 21-Jan-26 Maintain A Stable -
3 Techno Time Construction (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 21-Jan-26 Maintain BBB+ Stable -
4 Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18
Press Release | Report | History
Banks Debt Instrument 16-Jan-26 Maintain AA- Stable -
5 Al-Khair Rice Mills (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 16-Jan-26 Upgrade BBB+ Stable -
6 Dynamic Packaging (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 16-Jan-26 Upgrade BBB+ Stable -
7 Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - TBI
Press Release | Report | History
Textile & Allied Debt Instrument 16-Jan-26 Preliminary A- Stable -
8 University of Management and Technology
Press Release | Report | History
Consumers Goods & Services Entity 15-Jan-26 Upgrade A Stable -
9 Loads Limited
Press Release | Report | History
Auto and Allied Entity 15-Jan-26 Maintain A Stable -
10 The Bank of Punjab | Tier 2 | TFC-III | Apr-23
Press Release | Report | History
Banks Debt Instrument 12-Jan-26 Maintain AA Stable -
11 The Bank of Punjab | TFC II | April-18
Press Release | Report | History
Banks Debt Instrument 12-Jan-26 Maintain AA Stable -
12 The Bank of Punjab | Additional Tier 1 Capital TFC | PKR 3.95bln | Feb-24
Press Release | Report | History
Banks Debt Instrument 12-Jan-26 Maintain AA- Stable -
13 The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22
Press Release | Report | History
Banks Debt Instrument 12-Jan-26 Maintain AA- Stable -
14 The Bank of Punjab | Tier 2 Capital TFC | PKR 7.5695bln | Jun-24
Press Release | Report | History
Banks Debt Instrument 12-Jan-26 Maintain AA Stable -
15 Tourism Promotion Services (Pakistan) Limited
Press Release | Report | History
Consumers Goods & Services Entity 12-Jan-26 Maintain AA Stable -
16 Kohat Cement Company Limited
Press Release | Report | History
Infrastructure Entity 12-Jan-26 Maintain A+ Stable -
17 Oursun Pakistan Limited
Press Release | Report | History
Energy Entity 09-Jan-26 Maintain A+ Stable -
18 Polaris Danah Natural Resource Development (Pvt.) Limited
Press Release | Report | History
Energy Entity 08-Jan-26 Maintain BB Stable -
19 Mari Energies Limited
Press Release | Report | History
Energy Entity 08-Jan-26 Maintain AAA Stable -
20 Sabirs' Vegetable Oils (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 07-Jan-26 Upgrade BBB+ Stable -
21 Select Technologies (Pvt.) Limited - PPSTS-III - PKR 2.0bln - Oct-25
Press Release | Report | History
Distributors Debt Instrument 05-Jan-26 Initial A Stable -
22 Multi Resin Industries
Press Release | Report | History
Pharma and Chemicals Entity 02-Jan-26 Maintain BBB- Stable -
23 Foundation Power Company Daharki Limited
Press Release | Report | History
Energy Entity 02-Jan-26 Maintain AA- Stable -
24 Jhulay Lal Parboiled Rice Mill
Press Release | Report | History
Agriculture & Allied Entity 31-Dec-25 Maintain BBB Stable -
25 Khadija Edible Oil Refinery (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 31-Dec-25 Maintain A- Stable -
26 Bank Alfalah Limited | Additional Tier 1 TFC | 7bln
Press Release | Report | History
Banks Debt Instrument 31-Dec-25 Maintain AA+ Stable -
27 Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22
Press Release | Report | History
Banks Debt Instrument 31-Dec-25 Maintain AA+ Stable -
28 Kassim Textiles (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 30-Dec-25 Maintain A- Stable -
29 BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk I | PKR 2 Bln| Apr-20
Press Release | Report | History
Banks Debt Instrument 30-Dec-25 Maintain A Stable -
30 JS Bank Limited | Tier II TFC | 3.5bln | Aug-23
Press Release | Report | History
Banks Debt Instrument 30-Dec-25 Maintain AA- Stable -
31 JS Bank Limited | PPTFC | 2.5bln | Dec-21
Press Release | Report | History
Banks Debt Instrument 30-Dec-25 Maintain AA- Stable -
32 BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk II | PKR 1 Bln | Feb-24
Press Release | Report | History
Banks Debt Instrument 30-Dec-25 Maintain A Stable -
33 JS Bank Limited | TFC Tier 1 | 2.5bln | Dec-18
Press Release | Report | History
Banks Debt Instrument 30-Dec-25 Maintain A+ Stable -
34 Bank AL Habib Limited | Tier II TFC VIII | Sep-21
Press Release | Report | History
Banks Debt Instrument 29-Dec-25 Maintain AAA Stable -
35 Bank AL Habib Limited | Tier-II | TFC X | PKR 7bln | Dec'22
Press Release | Report | History
Banks Debt Instrument 29-Dec-25 Maintain AAA Stable -
36 Bank AL Habib Limited | Tier-I | TFC VI | Dec-17
Press Release | Report | History
Banks Debt Instrument 29-Dec-25 Maintain AA+ Stable -
37 Bank AL Habib Limited | Tier-I | TFC IX | Apr-22
Press Release | Report | History
Banks Debt Instrument 29-Dec-25 Maintain AA+ Stable -
38 ACT2 Din Wind (Pvt) Limited ( formerly: ACT2 Wind (Pvt.) Limited )
Press Release | Report | History
Energy Entity 29-Dec-25 Maintain A- Stable -
39 Ahmad Hassan Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 27-Dec-25 Maintain BBB+ Stable -
40 Attock Petroleum Limited
Press Release | Report | History
Energy Entity 26-Dec-25 Initial AA Stable -
41 HBL Microfinance Bank Limited
Press Release | Report | History
Banks Entity 26-Dec-25 Maintain A+ Stable -
42 Interwood Mobel (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 26-Dec-25 Maintain A- Stable -
43 DEL Engineering Domestic (Pvt.) Limited
Press Release | Report | History
Holding Company Entity 26-Dec-25 Maintain AA- Stable -
44 Meko Denim Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 26-Dec-25 Maintain BBB+ Positive -
45 Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22
Press Release | Report | History
Banks Debt Instrument 26-Dec-25 Maintain A+ Stable -
46 Soneri Bank Limited | Tier 1 TFC
Press Release | Report | History
Banks Debt Instrument 26-Dec-25 Maintain A Stable -
47 Dr. Ziauddin Hospital Trust
Press Release | Report | History
Consumers Goods & Services Entity 26-Dec-25 Maintain A- Stable -
48 Allah Tawaqal Metals (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 26-Dec-25 Maintain BB+ Stable -
49 China Power Hub Generation Company (Pvt.) Limited
Press Release | Report | History
Energy Entity 26-Dec-25 Maintain AA+ Stable -
50 Matracon Pakistan (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 26-Dec-25 Upgrade BBB+ Stable -
51 Cherat Cement Company Limited
Press Release | Report | History
Infrastructure Entity 26-Dec-25 Maintain A+ Stable -
52 Service Global Footwear Limited
Press Release | Report | History
Consumers Goods & Services Entity 24-Dec-25 Maintain A+ Stable -
53 Al Rahim Textile Industries Limited
Press Release | Report | History
Textile & Allied Entity 24-Dec-25 Maintain A Stable -
54 Cherat Packaging Limited
Press Release | Report | History
Consumers Goods & Services Entity 23-Dec-25 Maintain A Positive -
55 Siddiqsons Tinplate Limited
Press Release | Report | History
Consumers Goods & Services Entity 23-Dec-25 Maintain A- Developing -
56 Inverex Power Solution
Press Release | Report | History
Energy Entity 20-Dec-25 Initial BBB Stable -
57 Reliance Weaving Mills Limited
Press Release | Report | History
Textile & Allied Entity 19-Dec-25 Maintain A Stable -
58 United Ethanol Industries Limited
Press Release | Report | History
Agriculture & Allied Entity 19-Dec-25 Maintain A- Stable -
59 EXIDE Pakistan Limited
Press Release | Report | History
Auto and Allied Entity 19-Dec-25 Maintain BBB+ Stable -
60 Tariq Glass Industries Limited
Press Release | Report | History
Infrastructure Entity 19-Dec-25 Maintain A+ Stable -
61 TPL Trakker Limited
Press Release | Report | History
Logistics Entity 19-Dec-25 Maintain A- Developing -
62 TPL Trakker Limited | Sukuk
Press Release | Report | History
Logistics Debt Instrument 19-Dec-25 Downgrade A Developing -
63 Advance Telecom (Pvt.) Limited
Press Release | Report | History
Distributors Entity 19-Dec-25 Maintain A- Stable -
64 Parwaaz Financial Services Limited - PPTFC - PKR 1bln - Mar-25
Press Release | Report | History
Non Banking Financial Institutes Debt Instrument 19-Dec-25 Maintain AA- Stable -
65 Azhar Corporation (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 18-Dec-25 Maintain BBB+ Stable -
66 Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | Aug-22
Press Release | Report | History
Engineering and Technology Debt Instrument 18-Dec-25 Maintain AA Stable -
67 PARCO Gunvor Limited
Press Release | Report | History
Energy Entity 17-Dec-25 Maintain AAA Stable -
68 Pakistan National Shipping Corporation
Press Release | Report | History
Logistics Entity 16-Dec-25 Upgrade AA+ Stable -
69 MACPAC Films Limited
Press Release | Report | History
Consumers Goods & Services Entity 16-Dec-25 Maintain BBB+ Stable -
70 Gas & Oil Pakistan Limited - PPSTS - PKR 10bln - TBI
Press Release | Report | History
Energy Debt Instrument 16-Dec-25 Preliminary AA Stable -
71 National Vocational and Technical Training Commission - PPTFC - PKR 1bln - TBI
Press Release | Report | History
Consumers Goods & Services Debt Instrument 15-Dec-25 Preliminary AAA Stable -
72 Select Technologies (Pvt.) Limited - PPSTS - IV- PKR 3.5bln - TBI
Press Release | Report | History
Distributors Debt Instrument 15-Dec-25 Preliminary A Stable -
73 JS Global Capital Limited
Press Release | Report | History
Capital Markets Entity 12-Dec-25 Maintain AA Stable -
74 Pharmatec Pakistan (Pvt.) Limited
Press Release | Report | History
Pharma and Chemicals Entity 12-Dec-25 Maintain A- Stable -
75 Sapphire Retail Limited
Press Release | Report | History
Textile & Allied Entity 12-Dec-25 Maintain A Stable -
76 Mega Conglomerate (Pvt.) Limited
Press Release | Report | History
Holding Company Entity 12-Dec-25 Maintain AA- Stable -
77 IGI Holdings Limited
Press Release | Report | History
Holding Company Entity 12-Dec-25 Maintain AA Stable -
78 Sui Southern Gas Company Limited
Press Release | Report | History
Energy Entity 12-Dec-25 Maintain AA- Stable -
79 Daewoo Pakistan Express Bus Service Limited - PPSTS - PKR 2.0bln - Dec-25
Press Release | Report | History
Auto and Allied Debt Instrument 12-Dec-25 Preliminary A Stable -
80 Orient Petroleum Inc. (Pakistan Branch)
Press Release | Report | History
Energy Entity 11-Dec-25 Upgrade A Stable -
81 HBL Microfinance Bank Limited | Tier 2 Capital TFC | PKR 1.5bln | Mar-24
Press Release | Report | History
Banks Debt Instrument 11-Dec-25 Maintain A Stable -
82 Daewoo Pakistan Express Bus Service Limited
Press Release | Report | History
Auto and Allied Entity 11-Dec-25 Upgrade A Stable -
83 EcoPack Limited
Press Release | Report | History
Consumers Goods & Services Entity 09-Dec-25 Maintain BBB+ Stable -
84 Pak Arab Refinery Limited
Press Release | Report | History
Energy Entity 08-Dec-25 Maintain AAA Stable -
85 Pakistan Oil Mills (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 05-Dec-25 Maintain A- Stable -
86 Ismail Industries Limited
Press Release | Report | History
Food and Allied Entity 05-Dec-25 Maintain AA- Stable -
87 Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24
Press Release | Report | History
Textile & Allied Debt Instrument 05-Dec-25 Maintain A+ Stable -
88 Ismail Industries Limited - PPSTS-5 - PKR 8.0bln - Aug-25
Press Release | Report | History
Food and Allied Debt Instrument 05-Dec-25 Initial AA- Stable -
89 Gas & Oil Pakistan Limited | PP Sukuk
Press Release | Report | History
Energy Debt Instrument 05-Dec-25 Maintain AA+ Stable -
90 Airlink Communication Limited - PPSTS-VII - PKR 3.5bln - Sep-25
Press Release | Report | History
Distributors Debt Instrument 04-Dec-25 Initial A+ Stable -
91 Beacon Impex (Pvt.) Limited - PP Sukuk - PKR 1bln - Sep-25
Press Release | Report | History
Textile & Allied Debt Instrument 03-Dec-25 Initial A Stable -
92 Ghulam Rasool & Company (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 03-Dec-25 Maintain A- Stable -
93 Mughal Energy Limited
Press Release | Report | History
Energy Entity 01-Dec-25 Maintain A Developing -
94 Loads Limited - PPSTS - PKR 750mln - Jul-25
Press Release | Report | History
Auto and Allied Debt Instrument 01-Dec-25 Maintain A Stable -
95 Sayban International
Press Release | Report | History
Agriculture & Allied Entity 28-Nov-25 Maintain BBB- Stable Yes
96 Ismail Iqbal Securities (Pvt.) Limited
Press Release | Report | History
Capital Markets Entity 28-Nov-25 Maintain A- Stable -
97 Tandlianwala Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 28-Nov-25 Maintain A Stable -
98 Starch Pack (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 26-Nov-25 Maintain A Stable -
99 East Gate Industries (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 25-Nov-25 Initial A Stable -
100 DIC Pakistan Limited
Press Release | Report | History
Pharma and Chemicals Entity 25-Nov-25 Maintain AA- Stable -
101 Samba Bank Limited
Press Release | Report | History
Banks Entity 25-Nov-25 Maintain AA Stable -
102 Be Be Jan Pakistan Limited
Press Release | Report | History
Textile & Allied Entity 21-Nov-25 Maintain BBB Stable -
103 Sapphire Finishing Mills Limited
Press Release | Report | History
Textile & Allied Entity 21-Nov-25 Maintain A Stable -
104 Inbox Business Technologies Limited
Press Release | Report | History
Engineering and Technology Entity 21-Nov-25 Maintain A- Stable -
105 HUM Network Limited
Press Release | Report | History
Communication Entity 21-Nov-25 Maintain AA- Stable -
106 KTRADE Securities Limited
Press Release | Report | History
Capital Markets Entity 21-Nov-25 Maintain A- Stable -
107 K-Electric Limited - Retail Utility Sukuk - PKR 3bln - TBI
Press Release | Report | History
Energy Debt Instrument 21-Nov-25 Initial AA Stable -
108 Azgard Nine Limited
Press Release | Report | History
Textile & Allied Entity 21-Nov-25 Initial BBB Stable -
109 Ghani Global Glass Limited
Press Release | Report | History
Infrastructure Entity 21-Nov-25 Maintain BBB+ Positive -
110 Airlink Communication
Press Release | Report | History
Distributors Entity 21-Nov-25 Maintain A+ Stable -
111 Samad Rubber Works (Pvt.) Limited
Press Release | Report | History
Pharma and Chemicals Entity 21-Nov-25 Maintain A- Stable -
112 Samba Bank Limited | PPTFC
Press Release | Report | History
Banks Debt Instrument 21-Nov-25 Maintain AA- Stable -
113 Panther Tyres Limited - PPSTS - PKR 2.0bln | Jan-26
Press Release | Report | History
Auto and Allied Debt Instrument 20-Nov-25 Preliminary A Stable -
114 Swat Agro Chemicals
Press Release | Report | History
Agriculture & Allied Entity 19-Nov-25 Maintain BBB Stable -
115 Ahmed Fine Weaving Limited
Press Release | Report | History
Textile & Allied Entity 14-Nov-25 Maintain A- Stable -
116 Sitara Petroleum Service Limited
Press Release | Report | History
Energy Entity 13-Nov-25 Upgrade A Stable -
117 Sapphire Fibres Limited
Press Release | Report | History
Textile & Allied Entity 13-Nov-25 Maintain A+ Stable -
118 Prism Energy (Pvt.) Limited
Press Release | Report | History
Energy Entity 11-Nov-25 Maintain A+ Stable -
119 Glamour Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 10-Nov-25 Maintain BBB- Stable -
120 Pakistan Services Limited
Press Release | Report | History
Consumers Goods & Services Entity 08-Nov-25 Maintain B Negative Yes
121 Fazal Holdings (Pvt.) Limited
Press Release | Report | History
Holding Company Entity 07-Nov-25 Maintain A+ Stable -
122 Liberty Power Tech Limited
Press Release | Report | History
Energy Entity 06-Nov-25 Maintain AA- Stable -
123 Berger Paints Pakistan Limited | PP Sukuk | Sep -21
Press Release | Report | History
Pharma and Chemicals Debt Instrument 04-Nov-25 Maintain A Stable -
124 TPL Corp Limited | PP Sukuk | Jun-22
Press Release | Report | History
Holding Company Debt Instrument 03-Nov-25 Downgrade A+ Developing Yes
125 TPL Corp Limited | PPTFC | Jun-22
Press Release | Report | History
Holding Company Debt Instrument 03-Nov-25 Downgrade A+ Developing Yes
126 TPL Corp Limited
Press Release | Report | History
Holding Company Entity 03-Nov-25 Maintain A Developing Yes
127 Service Retail (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 03-Nov-25 Initial A Stable -
128 Zahidjee Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 31-Oct-25 Maintain A Stable -
129 NRSP Microfinance Bank Limited | Tier II TFC
Press Release | Report | History
Banks Debt Instrument 30-Oct-25 Maintain A- Stable Yes
130 Platinum Steel Mill (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 30-Oct-25 Maintain BBB Stable -
131 Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln - TBI
Press Release | Report | History
Engineering and Technology Debt Instrument 28-Oct-25 Preliminary AAA Stable -
132 ISE Towers REIT Management Company Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 28-Oct-25 Maintain A Stable -
133 KSB Pumps Company Limited
Press Release | Report | History
Engineering and Technology Entity 28-Oct-25 Maintain A+ Stable -
134 Nishat Mills Limited - PPSTS - PKR 7bln - TBI
Press Release | Report | History
Textile & Allied Debt Instrument 27-Oct-25 Preliminary AA Stable -
135 Pharmagen Limited
Press Release | Report | History
Pharma and Chemicals Entity 24-Oct-25 Maintain A- Stable -
136 Etihad Alloys (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 24-Oct-25 Maintain BBB- Developing -
137 Service Tyres (Pvt.) Limited
Press Release | Report | History
Auto and Allied Entity 23-Oct-25 Initial A+ Stable -
138 Reon Energy Limited - PPSTS - PKR 500mln - TBI
Press Release | Report | History
Energy Debt Instrument 23-Oct-25 Preliminary A Stable -
139 Stylers International Limited
Press Release | Report | History
Textile & Allied Entity 23-Oct-25 Maintain A Stable -
140 ThalNova Power Thar (Pvt.) Limited
Press Release | Report | History
Energy Entity 23-Oct-25 Maintain AA- Stable -
141 Thar Energy Limited
Press Release | Report | History
Energy Entity 23-Oct-25 Maintain AA- Stable -
142 AGP Limited
Press Release | Report | History
Pharma and Chemicals Entity 23-Oct-25 Maintain A+ Stable -
143 Guard Agricultural Research and Services (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 23-Oct-25 Maintain A- Stable -
144 Ghani Global Holdings Limited
Press Release | Report | History
Holding Company Entity 21-Oct-25 Maintain A- Stable -
145 CCL Pharmaceuticals (Pvt.) Limited
Press Release | Report | History
Pharma and Chemicals Entity 17-Oct-25 Maintain A Stable -
146 Ghandhara Automobiles Limited
Press Release | Report | History
Auto and Allied Entity 17-Oct-25 Maintain A Stable -
147 Ghandhara Industries Limited
Press Release | Report | History
Auto and Allied Entity 17-Oct-25 Maintain A+ Stable -
148 Mughal Iron & Steel Industries Limited
Press Release | Report | History
Infrastructure Entity 15-Oct-25 Maintain A+ Stable -
149 Mughal Iron & Steel Industries Limited - PPSTS - PKR 1.5bln - TBI
Press Release | Report | History
Infrastructure Debt Instrument 15-Oct-25 Preliminary A+ Stable -
150 Mobilink Microfinance Bank Limited | PPTFC | Dec-22
Press Release | Report | History
Banks Debt Instrument 13-Oct-25 Maintain A- Stable -
151 Secure Logistics Trax Group Limited
Press Release | Report | History
Auto and Allied Entity 13-Oct-25 Maintain A+ Stable -
152 Mughal Iron & Steel Industries Limited | PP Sukuk
Press Release | Report | History
Infrastructure Debt Instrument 10-Oct-25 Maintain A+ Stable -
153 Irfan Noman Brothers (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 10-Oct-25 Maintain BBB+ Stable -
154 Mumtaz Feeds & Allied Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 10-Oct-25 Maintain BBB Stable -
155 Habib Construction Services Limited
Press Release | Report | History
Infrastructure Entity 09-Oct-25 Maintain BBB+ Positive -
156 Din Energy Limited
Press Release | Report | History
Energy Entity 08-Oct-25 Maintain A Stable -
157 Gas & Oil Pakistan Limited | GO Long Term Sukuk-I | PKR 2.5bln | TBI
Press Release | Report | History
Energy Debt Instrument 06-Oct-25 Preliminary AA Stable -
158 WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln
Press Release | Report | History
Energy Debt Instrument 02-Oct-25 Maintain AAA Stable -
159 WAPDA - Dasu Consolidated TFC - PKR 35.2bln
Press Release | Report | History
Energy Debt Instrument 02-Oct-25 Maintain AAA Stable -
160 Lucky Electric Power Company Limited - PPSTS-22 - PKR 6.0bln - Aug-25
Press Release | Report | History
Energy Debt Instrument 02-Oct-25 Maintain AA Stable -
161 Airlink Communication Limited - PPSTS-VI - PKR 3.0bln - Jul-25
Press Release | Report | History
Distributors Debt Instrument 01-Oct-25 Initial A+ Stable -
162 Orient Rental Modaraba
Press Release | Report | History
Non Banking Financial Institutes Entity 30-Sep-25 Maintain A- Stable -
163 A.J. Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 26-Sep-25 Maintain A- Stable -
164 Master Wind Energy Limited
Press Release | Report | History
Energy Entity 26-Sep-25 Maintain A+ Stable -
165 Parwaaz Financial Services Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 26-Sep-25 Maintain A+ Stable -
166 Thardeep Microfinance Foundation
Press Release | Report | History
Banks Entity 25-Sep-25 Maintain BB Stable Yes
167 Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23
Press Release | Report | History
Banks Debt Instrument 23-Sep-25 Maintain AAA Stable -
168 Gul Ahmed Wind Power Limited
Press Release | Report | History
Energy Entity 23-Sep-25 Maintain A+ Stable -
169 Prosperity Weaving Mills Limited
Press Release | Report | History
Textile & Allied Entity 19-Sep-25 Maintain A- Stable -
170 Escorts Investment Bank Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 19-Sep-25 Downgrade BBB- Stable -
171 Service Industries Limited
Press Release | Report | History
Auto and Allied Entity 19-Sep-25 Maintain AA Stable -
172 Dawood Equities Limited
Press Release | Report | History
Capital Markets Entity 19-Sep-25 Maintain A- Stable -
173 Nagina Cotton Mills Limited
Press Release | Report | History
Textile & Allied Entity 19-Sep-25 Maintain A- Stable -
174 Ellcot Spinning Mills Limited
Press Release | Report | History
Textile & Allied Entity 19-Sep-25 Maintain A- Stable -
175 Global Marketing Services
Press Release | Report | History
Pharma and Chemicals Entity 19-Sep-25 Maintain BBB+ Stable -
176 Trust Securities & Brokerage Limited
Press Release | Report | History
Capital Markets Entity 19-Sep-25 Maintain A- Stable -
177 First Punjab Modaraba
Press Release | Report | History
Non Banking Financial Institutes Entity 19-Sep-25 Maintain A- Stable -
178 Nishat Power Limited
Press Release | Report | History
Energy Entity 19-Sep-25 Maintain AA- Stable -
179 First Habib Modaraba
Press Release | Report | History
Non Banking Financial Institutes Entity 19-Sep-25 Maintain AA+ Stable -
180 Trans World Enterprise Services (Pvt.) Limited
Press Release | Report | History
Communication Entity 15-Sep-25 Maintain BBB Stable -
181 Select Technologies (Pvt.) Limited - PPSTS - II- PKR 3.5bln - Jun-25
Press Release | Report | History
Distributors Debt Instrument 12-Sep-25 Initial A Stable -
182 Berger Paints Pakistan Limited
Press Release | Report | History
Pharma and Chemicals Entity 12-Sep-25 Maintain A- Stable -
183 Nimir Chemicals Pakistan Limited
Press Release | Report | History
Pharma and Chemicals Entity 12-Sep-25 Maintain A- Stable -
184 Engro PowerGen Thar (Pvt.) Limited
Press Release | Report | History
Energy Entity 12-Sep-25 Maintain AA Stable -
185 My Petroleum (Pvt.) Limited
Press Release | Report | History
Energy Entity 11-Sep-25 Maintain BBB+ Stable -
186 Din Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 05-Sep-25 Maintain A- Stable -
187 Fazal Cloth Mills Limited
Press Release | Report | History
Textile & Allied Entity 05-Sep-25 Maintain A Stable -
188 Premier Industrial Chemical MFG. Co. (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 05-Sep-25 Maintain A- Stable -
189 Bulleh Shah Packaging (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 05-Sep-25 Maintain AA- Stable Yes
190 Bestway Cement Limited
Press Release | Report | History
Infrastructure Entity 03-Sep-25 Maintain AA- Stable -
191 Infralectric (Pvt.) Limited
Press Release | Report | History
Engineering and Technology Entity 29-Aug-25 Initial A- Stable -
192 Golden Packages (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 29-Aug-25 Maintain BBB Stable -
193 Nayatel (Pvt.) Limited
Press Release | Report | History
Communication Entity 29-Aug-25 Maintain A+ Stable -
194 Trans World Associates (Pvt.) Limited
Press Release | Report | History
Communication Entity 29-Aug-25 Maintain A+ Stable -
195 Martin Dow Limited
Press Release | Report | History
Pharma and Chemicals Entity 29-Aug-25 Upgrade A+ Stable -
196 Zarea Limited
Press Release | Report | History
Engineering and Technology Entity 28-Aug-25 Initial A- Stable -
197 OLP Financial Services Pakistan Limited | PPTFC (Formerly ORIX Leasing Pakistan Limited | PPTFC)
Press Release | Report | History
Non Banking Financial Institutes Debt Instrument 28-Aug-25 Maintain AA+ Stable -
198 Puma Energy Pakistan (Pvt.) Limited
Press Release | Report | History
Energy Entity 28-Aug-25 Maintain A- Stable -
199 Zarea Limited - PPSTS - PKR 1bln - TBI
Press Release | Report | History
Engineering and Technology Debt Instrument 28-Aug-25 Preliminary A- Stable -
200 Khas Textile Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 22-Aug-25 Maintain BBB- Stable -
201 Multan Electric Power Company Limited
Press Release | Report | History
Energy Entity 22-Aug-25 Upgrade A Positive -
202 Be Energy Limited
Press Release | Report | History
Energy Entity 22-Aug-25 Maintain A+ Stable -
203 Maaksons Engineering Corporation Limited
Press Release | Report | History
Infrastructure Entity 22-Aug-25 Maintain A- Stable -
204 Awan Trading Company (Pvt.) Limited
Press Release | Report | History
Energy Entity 19-Aug-25 Maintain A- Stable -
205 K-Electric Limited - PPSTS-33 - PKR 7bln - Jul-25
Press Release | Report | History
Energy Debt Instrument 18-Aug-25 Initial AA Stable -
206 Harappa Solar (Pvt.) Limited
Press Release | Report | History
Energy Entity 15-Aug-25 Maintain A+ Stable -
207 Packages Convertors Limited
Press Release | Report | History
Consumers Goods & Services Entity 15-Aug-25 Maintain AA- Stable -
208 Tufail Chemical Industries Limited
Press Release | Report | History
Pharma and Chemicals Entity 12-Aug-25 Maintain A- Stable Yes
209 National Grid Company of Pakistan Limited (formerly: National Transmission & Despatch Company Limited)
Press Release | Report | History
Energy Entity 08-Aug-25 Maintain AA+ Stable Yes
210 Sapphire Dairies (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 07-Aug-25 Maintain A- Stable -
211 Saigal Packages Industries (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 07-Aug-25 Maintain BBB- Stable -
212 MAL Pakistan Limited
Press Release | Report | History
Energy Entity 05-Aug-25 Initial A- Stable -
213 Mekotex (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 01-Aug-25 Maintain A- Stable -
214 Ghandhara Tyre & Rubber Company Limited
Press Release | Report | History
Auto and Allied Entity 01-Aug-25 Maintain A+ Stable Yes
215 Pak Suzuki Motor Company Limited
Press Release | Report | History
Auto and Allied Entity 01-Aug-25 Upgrade AA Stable -
216 Jazaa Global (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 30-Jul-25 Upgrade BBB Stable -
217 Pakistan Oxygen Limited
Press Release | Report | History
Pharma and Chemicals Entity 25-Jul-25 Upgrade A+ Stable -
218 Engro Fertilizers Limited
Press Release | Report | History
Agriculture & Allied Entity 25-Jul-25 Maintain AA Stable -
219 Jahangir Siddiqui & Co. Ltd.
Press Release | Report | History
Holding Company Entity 25-Jul-25 Maintain AA Stable -
220 Fauji Fertilizer Company Limited
Press Release | Report | History
Agriculture & Allied Entity 25-Jul-25 Maintain AA+ Stable -
221 Sarena Textile Industries (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 25-Jul-25 Maintain A Stable -
222 Fatima Fertilizer Company Limited
Press Release | Report | History
Agriculture & Allied Entity 24-Jul-25 Maintain AA+ Stable -
223 Reon Energy Limited
Press Release | Report | History
Energy Entity 18-Jul-25 Initial A Stable -
224 Sindh Engro Coal Mining Company
Press Release | Report | History
Energy Entity 18-Jul-25 Maintain AA Stable -
225 M.Y. Bari Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 18-Jul-25 Maintain BBB+ Stable -
226 Medipak Limited
Press Release | Report | History
Pharma and Chemicals Entity 18-Jul-25 Maintain BBB+ Positive -
227 Lumen Energia (Pvt.) Limited
Press Release | Report | History
Energy Entity 17-Jul-25 Initial BBB- Stable -
228 DHA Energy Supply Company (Pvt.) Limited
Press Release | Report | History
Energy Entity 17-Jul-25 Initial A Stable -
229 National Rural Support Programme
Press Release | Report | History
Banks Entity 15-Jul-25 Upgrade A Stable -
230 Avanceon Limited
Press Release | Report | History
Engineering and Technology Entity 14-Jul-25 Initial A Stable -
231 Hoora Pharma (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 11-Jul-25 Initial BBB Stable -
232 Faisalabad Electric Supply Company Limited
Press Release | Report | History
Energy Entity 11-Jul-25 Initial AA- Stable -
233 Diamond Fabrics Limited
Press Release | Report | History
Textile & Allied Entity 11-Jul-25 Maintain A- Stable -
234 Nisar Spinning Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 11-Jul-25 Maintain A- Stable -
235 Steelex (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 11-Jul-25 Maintain BBB Stable -
236 NIMIR Industrial Chemicals Limited
Press Release | Report | History
Pharma and Chemicals Entity 11-Jul-25 Maintain A+ Stable -
237 Nimir Resins Limited
Press Release | Report | History
Pharma and Chemicals Entity 11-Jul-25 Maintain A- Stable -
238 Pak Elektron Limited
Press Release | Report | History
Consumers Goods & Services Entity 09-Jul-25 Maintain A+ Stable -
239 Engro Elengy Terminal (Private) Limited
Press Release | Report | History
Energy Entity 07-Jul-25 Maintain AA- Stable -
240 Engro Polymer & Chemicals Limited
Press Release | Report | History
Pharma and Chemicals Entity 07-Jul-25 Maintain AA Stable -
241 ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI
Press Release | Report | History
Infrastructure Debt Instrument 04-Jul-25 Preliminary A+ Stable -
242 Liberty Mills Limited
Press Release | Report | History
Textile & Allied Entity 04-Jul-25 Maintain A+ Stable -
243 The Bank of Punjab
Press Release | Report | History
Banks Entity 30-Jun-25 Maintain AA+ Stable -
244 JS Bank Limited
Press Release | Report | History
Banks Entity 28-Jun-25 Maintain AA Stable -
245 Bank Alfalah Limited
Press Release | Report | History
Banks Entity 28-Jun-25 Maintain AAA Stable -
246 Rural Community Development Programmes
Press Release | Report | History
Banks Entity 27-Jun-25 Upgrade BBB+ Stable -
247 GuarantCo Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 27-Jun-25 Maintain AAA Stable -
248 Pakistan Aluminium Beverage Cans Limited
Press Release | Report | History
Consumers Goods & Services Entity 27-Jun-25 Maintain AA- Stable -
249 Bank of Khyber
Press Release | Report | History
Banks Entity 27-Jun-25 Maintain A+ Stable -
250 First Women Bank Limited
Press Release | Report | History
Banks Entity 27-Jun-25 Maintain A- Developing Yes
251 Export-Import Bank of Pakistan
Press Release | Report | History
Development Institutions Entity 27-Jun-25 Maintain AAA Stable -
252 Service Long March Tyres (Pvt.) Limited
Press Release | Report | History
Auto and Allied Entity 27-Jun-25 Maintain A+ Stable -
253 Orient Energy Systems (Pvt.) Limited
Press Release | Report | History
Engineering and Technology Entity 27-Jun-25 Maintain A- Stable -
254 Yunus Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 26-Jun-25 Maintain AA Stable -
255 PARCO Pearl Gas (Pvt.) Limited
Press Release | Report | History
Energy Entity 26-Jun-25 Maintain AA Stable -
256 Fatima Packaging Limited
Press Release | Report | History
Consumers Goods & Services Entity 25-Jun-25 Initial A Stable -
257 Pak Libya Holding Company (Pvt.) Limited
Press Release | Report | History
Development Institutions Entity 25-Jun-25 Upgrade AA Stable -
258 Soneri Bank Limited
Press Release | Report | History
Banks Entity 25-Jun-25 Maintain AA- Stable -
259 Pakistan Mobile Communications Limited - Sukuk - PKR 5bln - TBI
Press Release | Report | History
Communication Debt Instrument 25-Jun-25 Preliminary AA Stable -
260 BankIslami Pakistan Limited
Press Release | Report | History
Banks Entity 24-Jun-25 Maintain AA- Stable -
261 Habib Metropolitan Bank Limited
Press Release | Report | History
Banks Entity 24-Jun-25 Maintain AA+ Stable -
262 Allied Bank Limited
Press Release | Report | History
Banks Entity 24-Jun-25 Maintain AAA Stable -
263 Askari Bank Limited
Press Release | Report | History
Banks Entity 24-Jun-25 Maintain AA+ Stable -
264 Faysal Bank Limited
Press Release | Report | History
Banks Entity 24-Jun-25 Maintain AA Positive -
265 Pakistan Kuwait Investment Company (Pvt.) Limited
Press Release | Report | History
Development Institutions Entity 24-Jun-25 Maintain AAA Stable -
266 MCB Bank Limited
Press Release | Report | History
Banks Entity 23-Jun-25 Maintain AAA Stable -
267 MCB Islamic Bank Limited
Press Release | Report | History
Banks Entity 23-Jun-25 Maintain A+ Stable -
268 Bank AL Habib Limited
Press Release | Report | History
Banks Entity 23-Jun-25 Maintain AAA Stable -
269 National Bank of Pakistan
Press Release | Report | History
Banks Entity 23-Jun-25 Maintain AAA Stable -
270 Standard Chartered Bank (Pakistan) Limited
Press Release | Report | History
Banks Entity 23-Jun-25 Maintain AAA Stable -
271 National Credit Guarantee Company Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 20-Jun-25 Initial AAA Stable -
272 Hashwani Hotels Limited
Press Release | Report | History
Consumers Goods & Services Entity 20-Jun-25 Initial A Stable -
273 Engro Holdings Limited (Formerly Dawood Hercules Corporation Limited)
Press Release | Report | History
Holding Company Entity 20-Jun-25 Maintain AA Stable -
274 Saif Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 20-Jun-25 Maintain A- Stable Yes
275 Roomi Fabrics Limited
Press Release | Report | History
Textile & Allied Entity 20-Jun-25 Maintain A- Stable -
276 Pakistan Microfinance Investment Company Limited
Press Release | Report | History
Development Institutions Entity 20-Jun-25 Maintain AA Stable Yes
277 Narowal Energy Limited
Press Release | Report | History
Energy Entity 20-Jun-25 Maintain AA- Stable -
278 ACT Wind (Pvt.) Limited
Press Release | Report | History
Energy Entity 20-Jun-25 Maintain A+ Stable -
279 PAIR Investment Company Limited
Press Release | Report | History
Development Institutions Entity 20-Jun-25 Maintain AA Stable -
280 Siddiqsons Limited
Press Release | Report | History
Textile & Allied Entity 20-Jun-25 Maintain A- Stable -
281 Engro Corporation Limited
Press Release | Report | History
Holding Company Entity 19-Jun-25 Maintain AA+ Stable -
282 Jamal Pipe Industries (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 19-Jun-25 Maintain BBB Positive -
283 Multinet Pakistan (Pvt.) Limited
Press Release | Report | History
Engineering and Technology Entity 18-Jun-25 Maintain A- Stable -
284 Kohat Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 17-Jun-25 Maintain A- Stable -
285 ZKB Construction (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 16-Jun-25 Initial A Stable -
286 Meskay & Femtee Trading Company (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 16-Jun-25 Maintain A- Stable -
287 Ghani Chemical Industries Limited
Press Release | Report | History
Pharma and Chemicals Entity 13-Jun-25 Maintain A Stable -
288 Packages Limited
Press Release | Report | History
Holding Company Entity 13-Jun-25 Maintain AA+ Stable -
289 E-Vision Manufacturing Limited
Press Release | Report | History
Textile & Allied Entity 13-Jun-25 Maintain BBB Stable -
290 VMS Trading Company
Press Release | Report | History
Agriculture & Allied Entity 13-Jun-25 Maintain BBB Stable -
291 Pakistan International Bulk Terminal Limited
Press Release | Report | History
Energy Entity 13-Jun-25 Maintain A Stable Yes
292 Meko Fabrics (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 13-Jun-25 Initial BBB+ Stable -
293 Pearl Petro Industry (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 12-Jun-25 Maintain BBB- Positive -
294 The Hub Power Company Limited
Press Release | Report | History
Energy Entity 05-Jun-25 Maintain AA+ Stable -
295 Hadeed Pakistan (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 05-Jun-25 Initial A Stable -
296 Pakistan Refinery Limited
Press Release | Report | History
Energy Entity 05-Jun-25 Maintain A Stable -
297 Orient Power Company (Pvt.) Limited
Press Release | Report | History
Energy Entity 05-Jun-25 Maintain AA- Stable -
298 Pioneer Cement Limited
Press Release | Report | History
Infrastructure Entity 05-Jun-25 Upgrade A+ Stable -
299 Masood Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 04-Jun-25 Maintain A Stable -
300 K-Electric Limited
Press Release | Report | History
Energy Entity 04-Jun-25 Maintain AA Stable Yes
301 Amreli Steels Limited
Press Release | Report | History
Infrastructure Entity 03-Jun-25 Downgrade CCC Negative Yes
302 Pak-Arab Pipeline Company Limited
Press Release | Report | History
Logistics Entity 30-May-25 Maintain AAA Stable -
303 H. Sadar Ali Akhtar Ali (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 30-May-25 Maintain BBB+ Stable -
304 Meezan Plastic Industries (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 30-May-25 Maintain BB Stable -
305 Nishat Hotels and Properties Ltd
Press Release | Report | History
Consumers Goods & Services Entity 30-May-25 Maintain A Stable -
306 Panther Tyres Limited
Press Release | Report | History
Auto and Allied Entity 29-May-25 Maintain A Stable -
307 Attock Refinery Limited
Press Release | Report | History
Energy Entity 23-May-25 Maintain AA Stable -
308 National Refinery Limited
Press Release | Report | History
Energy Entity 23-May-25 Maintain AA Developing Yes
309 Olympia Chemicals Limited
Press Release | Report | History
Pharma and Chemicals Entity 22-May-25 Maintain A Stable -
310 Tata Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 22-May-25 Maintain A Stable Yes
311 Descon Oxychem Limited
Press Release | Report | History
Pharma and Chemicals Entity 16-May-25 Maintain A+ Stable -
312 Entertainment Pakistan Limited
Press Release | Report | History
Infrastructure Entity 16-May-25 Maintain BB Stable -
313 Pakistan Mobile Communications Limited
Press Release | Report | History
Communication Entity 16-May-25 Maintain AA Stable -
314 Martin Dow Marker Limited
Press Release | Report | History
Pharma and Chemicals Entity 15-May-25 Maintain A+ Stable -
315 Apna Microfinance Bank Limited
Press Release | Report | History
Banks Entity 15-May-25 Downgrade BB Negative -
316 Neelum Oil and Ghee Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 13-May-25 Initial A- Stable -
317 Waheed Hafeez Ghee Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 13-May-25 Initial A- Stable -
318 H. Nizam Din & Sons (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 13-May-25 Maintain A- Stable -
319 BF Biosciences Limited
Press Release | Report | History
Pharma and Chemicals Entity 12-May-25 Initial A- Stable -
320 Beacon Impex (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 12-May-25 Maintain A Stable -
321 Rainbow Hosiery (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 12-May-25 Upgrade BBB Stable -
322 Ziauddin University
Press Release | Report | History
Consumers Goods & Services Entity 12-May-25 Maintain BBB Stable -
323 Hub Power Holdings Limited
Press Release | Report | History
Holding Company Entity 09-May-25 Maintain AA Stable -
324 Flow Petroleum (Pvt.) Limited
Press Release | Report | History
Energy Entity 06-May-25 Maintain A- Stable -
325 Aslam Energy (Pvt.) Limited
Press Release | Report | History
Energy Entity 05-May-25 Maintain BBB+ Stable -
326 Gas & Oil Pakistan Limited
Press Release | Report | History
Energy Entity 05-May-25 Upgrade AA Stable -
327 Nishat Mills Limited
Press Release | Report | History
Textile & Allied Entity 02-May-25 Maintain AA Stable -
328 Infra Zamin Pakistan Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 02-May-25 Maintain AAA Stable -
329 Sefam (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 02-May-25 Maintain A- Stable Yes
330 Master Green Energy Limited
Press Release | Report | History
Energy Entity 02-May-25 Maintain A Stable Yes
331 Mobilink Microfinance Bank Limited
Press Release | Report | History
Banks Entity 30-Apr-25 Maintain A Stable -
332 Mahmood Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 30-Apr-25 Maintain A- Stable -
333 Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited)
Press Release | Report | History
Banks Entity 30-Apr-25 Upgrade A+ Stable -
334 NRSP Microfinance Bank Limited
Press Release | Report | History
Banks Entity 30-Apr-25 Maintain A- Stable Yes
335 ASA Microfinance Bank (Pakistan) Limited
Press Release | Report | History
Banks Entity 29-Apr-25 Maintain A- Stable -
336 Ferozsons Laboratories Limited
Press Release | Report | History
Pharma and Chemicals Entity 28-Apr-25 Initial A Stable -
337 AGAHE Pakistan
Press Release | Report | History
Banks Entity 26-Apr-25 Upgrade BBB Stable -
338 Union Microfinance Company Limited
Press Release | Report | History
Banks Entity 25-Apr-25 Downgrade BB Stable Yes
339 Pakistan Synthetics Limited
Press Release | Report | History
Consumers Goods & Services Entity 25-Apr-25 Maintain A- Stable -
340 TPL Properties Limited
Press Release | Report | History
Infrastructure Entity 25-Apr-25 Maintain A+ Developing -
341 Alfalah Securities (Pvt.) Limited (Formerly: Alfalah CLSA Securities (Pvt.) Limited)
Press Release | Report | History
Capital Markets Entity 23-Apr-25 Maintain A- Stable Yes
342 Salman Paper Products (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 22-Apr-25 Maintain BBB Stable -
343 National Foods Limited
Press Release | Report | History
Food and Allied Entity 18-Apr-25 Maintain AA- Stable -
344 Asif Rice Mills
Press Release | Report | History
Agriculture & Allied Entity 18-Apr-25 Maintain BBB+ Stable -
345 Flying Cement Company Limited
Press Release | Report | History
Infrastructure Entity 18-Apr-25 Maintain A- Stable Yes
346 New Horizon Computer
Press Release | Report | History
Engineering and Technology Entity 18-Apr-25 Upgrade BBB- Stable -
347 GH2 Industries (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 15-Apr-25 Initial A- Stable -
348 Crown Textile
Press Release | Report | History
Textile & Allied Entity 14-Apr-25 Maintain BBB- Positive -
349 Hilal Foods (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 11-Apr-25 Initial A- Stable -
350 Packages Real Estate (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 10-Apr-25 Initial A Stable -
351 Al-Abbas Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 09-Apr-25 Maintain A+ Stable -
352 Shahzad Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 08-Apr-25 Maintain A- Stable Yes
353 Lucky Electric Power Company Limited
Press Release | Report | History
Energy Entity 08-Apr-25 Maintain AA Stable -
354 Optimus Capital Management (Pvt.) Limited
Press Release | Report | History
Capital Markets Entity 04-Apr-25 Maintain A- Stable -
355 Noon Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 04-Apr-25 Maintain BBB+ Stable -
356 Mirpurkhas Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 04-Apr-25 Maintain A- Stable Yes
357 Jauharabad Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 04-Apr-25 Maintain BBB+ Stable -
358 Mehran Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 04-Apr-25 Maintain A- Stable -
359 SGM Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 04-Apr-25 Maintain BBB Stable -
360 Jhimpir Power (Pvt.) Limited
Press Release | Report | History
Energy Entity 04-Apr-25 Maintain A+ Stable -
361 Hawa Energy (Pvt.) Limited
Press Release | Report | History
Energy Entity 04-Apr-25 Maintain A+ Stable -
362 Quaid-e-Azam Solar Power (Pvt.) Limited
Press Release | Report | History
Energy Entity 04-Apr-25 Maintain AA Stable -
363 Madiha International (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 03-Apr-25 Upgrade BB+ Stable -
364 Bikiya Industries (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 03-Apr-25 Upgrade BB+ Stable -
365 International Business Management
Press Release | Report | History
Consumers Goods & Services Entity 03-Apr-25 Maintain BB+ Stable -
366 Ghani Chemical Industries Limited | PP Sukuk | PKR 800mln | Jan-24
Press Release | Report | History
Pharma and Chemicals Debt Instrument 03-Apr-25 Maintain A+ Stable -
367 Meridian Energy Limited
Press Release | Report | History
Energy Entity 28-Mar-25 Initial A Stable -
368 HNDS Energy Limited
Press Release | Report | History
Energy Entity 28-Mar-25 Initial A Stable -
369 Helios Power Limited
Press Release | Report | History
Energy Entity 28-Mar-25 Initial A Stable -
370 JS Investments Limited (JSIL)
Press Release | Report | History
Non Banking Financial Institutes Entity 28-Mar-25 Initial A+ Stable -
371 H.A.R Fibres (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 28-Mar-25 Maintain BBB- Stable -
372 Sargodha Jute Mills Limited
Press Release | Report | History
Textile & Allied Entity 28-Mar-25 Maintain A- Stable -
373 Ultra Pack (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 28-Mar-25 Maintain BBB Stable -
374 Masood Fabrics Limited
Press Release | Report | History
Textile & Allied Entity 28-Mar-25 Maintain A- Stable -
375 JWS Pakistan
Press Release | Report | History
Banks Entity 28-Mar-25 Maintain BBB Stable -
376 SAFCO Microfinance Company (Private) Limited
Press Release | Report | History
Banks Entity 28-Mar-25 Maintain BBB Stable -
377 Reliance Cotton Spinning Mills Limited
Press Release | Report | History
Textile & Allied Entity 28-Mar-25 Maintain A- Stable -
378 Sindh Microfinance Bank Limited
Press Release | Report | History
Banks Entity 28-Mar-25 Maintain A Stable -
379 Qadir Agro Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 27-Mar-25 Maintain BB+ Stable -
380 A. Rahim Foods (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 26-Mar-25 Initial A- Stable -
381 Halmore Power Generation Company Limited
Press Release | Report | History
Energy Entity 21-Mar-25 Maintain AA- Stable -
382 Warble (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 21-Mar-25 Upgrade BBB Stable -
383 Welcon Chemicals (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 21-Mar-25 Upgrade BBB Stable -
384 KTM Leather (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 21-Mar-25 Maintain BBB+ Stable Yes
385 Mount Fuji Textiles Limited
Press Release | Report | History
Textile & Allied Entity 21-Mar-25 Upgrade BBB+ Stable -
386 US Denim Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 20-Mar-25 Maintain A Stable -
387 Kohinoor Energy Limited
Press Release | Report | History
Energy Entity 19-Mar-25 Maintain AA Stable -
388 Saif Power Limited
Press Release | Report | History
Energy Entity 19-Mar-25 Maintain AA- Stable -
389 The Punjab Provincial Cooperative Bank Limited
Press Release | Report | History
Banks Entity 19-Mar-25 Maintain BBB+ Stable -
390 Malik MIJ Chunxing Resources Recycling Company Limited
Press Release | Report | History
Engineering and Technology Entity 18-Mar-25 Maintain A- Stable -
391 Descon Engineering Limited
Press Release | Report | History
Infrastructure Entity 14-Mar-25 Maintain AA- Stable -
392 Aba Ali Habib Securities (Pvt.) Limited
Press Release | Report | History
Capital Markets Entity 14-Mar-25 Maintain A- Stable -
393 Hunza Sugar Mills (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 14-Mar-25 Maintain BBB+ Stable -
394 Unicol Limited
Press Release | Report | History
Agriculture & Allied Entity 14-Mar-25 Maintain A Stable -
395 Fauji Cement Company Limited
Press Release | Report | History
Infrastructure Entity 13-Mar-25 Maintain AA- Stable -
396 Imperium Hospitality (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 13-Mar-25 Maintain BBB+ Stable -
397 ARY Communications Limited
Press Release | Report | History
Communication Entity 10-Mar-25 Maintain A Stable -
398 Gul Ahmed Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 07-Mar-25 Maintain AA- Stable -
399 Basfa Textile (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 28-Feb-25 Maintain BBB Stable -
400 OLP Financial Services Pakistan Limited (Formerly ORIX Leasing Pakistan Limited)
Press Release | Report | History
Non Banking Financial Institutes Entity 28-Feb-25 Maintain AA+ Stable -
401 Masood Spinning Mills Limited
Press Release | Report | History
Textile & Allied Entity 28-Feb-25 Maintain A- Stable -
402 OLP Modaraba
Press Release | Report | History
Non Banking Financial Institutes Entity 28-Feb-25 Maintain AA Stable -
403 Poly Pack (Pvt.) Limited
Press Release | Report | History
Consumers Goods & Services Entity 28-Feb-25 Maintain A- Stable -
404 Brainchild Communications Pakistan (Pvt.) Limited
Press Release | Report | History
Communication Entity 28-Feb-25 Maintain BBB+ Stable -
405 Allawasaya Textile & Finishing Mills Limited
Press Release | Report | History
Textile & Allied Entity 28-Feb-25 Downgrade BBB- Stable Yes
406 D.G. Khan Cement Company Limited
Press Release | Report | History
Infrastructure Entity 27-Feb-25 Maintain AA- Stable -
407 Newage Cables (Pvt.) Limited
Press Release | Report | History
Energy Entity 27-Feb-25 Maintain A- Stable -
408 Jinn Petroleum (Pvt.) Limited
Press Release | Report | History
Energy Entity 24-Feb-25 Upgrade BBB+ Stable -
409 US Apparel & Textiles (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 22-Feb-25 Maintain A+ Stable -
410 Alhamd Corporation (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 21-Feb-25 Maintain A- Stable -
411 Jadeed Feeds Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 21-Feb-25 Maintain A- Stable -
412 Select Technologies (Pvt.) Limited
Press Release | Report | History
Distributors Entity 21-Feb-25 Maintain A Stable -
413 Kashf Foundation
Press Release | Report | History
Banks Entity 21-Feb-25 Maintain A Stable -
414 Hyundai Nishat Motor (Pvt.) Limited
Press Release | Report | History
Auto and Allied Entity 21-Feb-25 Maintain A+ Stable -
415 Fecto Cement Limited
Press Release | Report | History
Infrastructure Entity 21-Feb-25 Maintain A- Stable -
416 Sapphire Electric Company Limited
Press Release | Report | History
Energy Entity 19-Feb-25 Maintain AA- Stable -
417 Liberty Wind Power 1 Limited
Press Release | Report | History
Energy Entity 18-Feb-25 Maintain A Stable -
418 Liberty Wind Power 2 Limited
Press Release | Report | History
Energy Entity 18-Feb-25 Maintain A Stable -
419 Maqbool Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 14-Feb-25 Downgrade BBB Stable Yes
420 Sindh Abadgars Sugar Mills Limited
Press Release | Report | History
Agriculture & Allied Entity 14-Feb-25 Maintain BBB Positive -
421 K.K. Rice Mills (Pvt.) Limited
Press Release | Report | History
Agriculture & Allied Entity 14-Feb-25 Maintain BBB Stable -
422 Nishat Packaging Limited (formerly Nishat Paper Products Company Limited)
Press Release | Report | History
Consumers Goods & Services Entity 14-Feb-25 Maintain A Stable -
423 Gharibwal Cement Limited
Press Release | Report | History
Infrastructure Entity 14-Feb-25 Maintain A Stable -
424 Gul Ahmed Electric Limited
Press Release | Report | History
Energy Entity 14-Feb-25 Maintain A Stable -
425 Ahmed Fine Textile Mills Limited
Press Release | Report | History
Textile & Allied Entity 13-Feb-25 Maintain A Stable -
426 Denim-E (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 07-Feb-25 Maintain BBB- Stable -
427 Shujabad Agro Industries (Pvt.) Limited
Press Release | Report | History
Food and Allied Entity 07-Feb-25 Maintain A- Stable -
428 Punjab Oil Mills Limited
Press Release | Report | History
Food and Allied Entity 07-Feb-25 Maintain BBB+ Stable -
429 Ibrahim Fibres Limited
Press Release | Report | History
Textile & Allied Entity 07-Feb-25 Maintain AA Stable -
430 Jadeed Oil Extraction (Private) Limited
Press Release | Report | History
Food and Allied Entity 07-Feb-25 Maintain BBB- Positive -
431 Mehmooda Maqbool Mills Limited
Press Release | Report | History
Food and Allied Entity 07-Feb-25 Maintain BBB+ Stable -
432 Jasons Commodities
Press Release | Report | History
Agriculture & Allied Entity 31-Jan-25 Maintain BBB Stable -
433 Sitara Heights (Pvt.) Limited
Press Release | Report | History
Infrastructure Entity 30-Jan-25 Maintain A- Negative Yes
434 Abhi (Pvt.) Limited
Press Release | Report | History
Non Banking Financial Institutes Entity 28-Jan-25 Initial A- Stable -
435 AL Habib Capital Markets (Pvt.) Limited
Press Release | Report | History
Capital Markets Entity 27-Jan-25 Initial A Stable -
436 Energy Infrastructure Holding (Pvt.) Limited
Press Release | Report | History
Holding Company Entity 24-Jan-25 Maintain A- Stable -
437 Ali Embroidery Mills (Pvt.) Limited
Press Release | Report | History
Textile & Allied Entity 23-Jan-25 Maintain BBB Stable -
438 U Microfinance Bank Limited
Press Release | Report | History
Banks Entity 14-Sep-24 Maintain A+ Stable -
439 ABHI Microfinance Bank Limited (formerly: FINCA Microfinance Bank Limited)
Press Release | Report | History
Banks Entity 23-Feb-24 Downgrade BBB+ Negative Yes
Complaints
Ms. Iram Tahir | Compliance Officer

+92 42 3586 9504-6 | compliance@pacra.com

DISCLAIMER
In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP.