| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Airlink Communication Limited - PPSTS-VII - PKR 3.5bln - Sep-25 Press Release | Report | History |
Distributors | Debt Instrument | 04-Dec-25 | Initial | A+ | Stable | - |
| 2 | Beacon Impex (Pvt.) Limited - PP Sukuk - PKR 1bln - Sep-25 Press Release | Report | History |
Textile & Allied | Debt Instrument | 03-Dec-25 | Initial | A | Stable | - |
| 3 | Loads Limited - PPSTS - PKR 750mln - Jul-25 Press Release | Report | History |
Auto and Allied | Debt Instrument | 01-Dec-25 | Maintain | A | Stable | - |
| 4 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 21-Nov-25 | Initial | AA | Stable | - |
| 5 | Panther Tyres Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Auto and Allied | Debt Instrument | 20-Nov-25 | Preliminary | A | Stable | - |
| 6 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 04-Nov-25 | Maintain | A | Stable | - |
| 7 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 8 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 9 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - |
| 10 | Nishat Mills Limited - PPSTS - PKR 7bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 27-Oct-25 | Preliminary | AA | Stable | - |
| 11 | Select Technologies (Pvt.) Limited - PPSTS-III - PKR 2.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 24-Oct-25 | Preliminary | A | Stable | - |
| 12 | Reon Energy Limited - PPSTS - PKR 500mln - TBI Press Release | Report | History |
Energy | Debt Instrument | 23-Oct-25 | Preliminary | A | Stable | - |
| 13 | Mughal Iron & Steel Industries Limited - PPSTS - PKR 1.5bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 15-Oct-25 | Preliminary | A+ | Stable | - |
| 14 | Mughal Iron & Steel Industries Limited | PP Sukuk Press Release | Report | History |
Infrastructure | Debt Instrument | 10-Oct-25 | Maintain | A+ | Stable | - |
| 15 | 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 | - |
| 16 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Energy | Debt Instrument | 02-Oct-25 | Maintain | AAA | Stable | - |
| 17 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Energy | Debt Instrument | 02-Oct-25 | Maintain | AAA | Stable | - |
| 18 | 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 | - |
| 19 | Airlink Communication Limited - PPSTS-VI - PKR 3.0bln - Jul-25 Press Release | Report | History |
Distributors | Debt Instrument | 01-Oct-25 | Initial | A+ | Stable | - |
| 20 | Select Technologies (Pvt.) Limited - PPSTS - II- PKR 3.5bln - Jun-25 Press Release | Report | History |
Distributors | Debt Instrument | 12-Sep-25 | Initial | A | Stable | - |
| 21 | Zarea Limited - PPSTS - PKR 1bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Aug-25 | Preliminary | A- | Stable | - |
| 22 | K-Electric Limited - PPSTS-33 - PKR 7bln - Jul-25 Press Release | Report | History |
Energy | Debt Instrument | 18-Aug-25 | Initial | AA | Stable | - |
| 23 | Ismail Industries Limited - PPSTS-5 - PKR 8.0bln - Aug-25 Press Release | Report | History |
Food and Allied | Debt Instrument | 07-Aug-25 | Preliminary | AA- | Stable | - |
| 24 | Masood Spinning Mills Limited - PPSTS - PKR 2.0bln - May-25 Press Release | Report | History |
Textile & Allied | Debt Instrument | 24-Jul-25 | Initial | A- | Stable | - |
| 25 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 21-Jul-25 | Maintain | A+ | Stable | - |
| 26 | Mughal Iron & Steel Industries Limited - PPSTS - PKR 2.5bln - Jun-25 Press Release | Report | History |
Infrastructure | Debt Instrument | 14-Jul-25 | Initial | A+ | Stable | - |
| 27 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 04-Jul-25 | Preliminary | A+ | Stable | - |
| 28 | Pakistan Mobile Communications Limited - Sukuk - PKR 5bln - TBI Press Release | Report | History |
Communication | Debt Instrument | 25-Jun-25 | Preliminary | AA | Stable | - |
| 29 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 23-Jun-25 | Upgrade | AA+ | Stable | - |
| 30 | Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | Aug-22 Press Release | Report | History |
Engineering and Technology | Debt Instrument | 18-Jun-25 | Maintain | AA | Stable | - |
| 31 | Airlink Communication Limited - PPSTS-V - PKR 4.0bln - Mar-25 Press Release | Report | History |
Distributors | Debt Instrument | 16-Jun-25 | Initial | A+ | Stable | - |
| 32 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Textile & Allied | Debt Instrument | 05-Jun-25 | Maintain | A+ | Stable | - |
| 33 | Mahmood Textile Mills Limited - PPSTS - PKR 3.0bln - Mar-25 Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-May-25 | Initial | A- | Stable | - |
| 34 | 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 | - |