| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Reon Energy Limited - PPSTS - PKR 1.5bln - Oct-26 Press Release | Report | History |
Energy | Debt Instrument | 12-Oct-26 | Initial | A | Stable | - |
| 2 | Loads Limited - PPSukuk - PKR 750mln - TBI Press Release | Report | History |
Auto and Allied | Debt Instrument | 12-Oct-26 | Preliminary | A | Stable | - |
| 3 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Energy | Debt Instrument | 09-Oct-26 | Maintain | AAA | Stable | - |
| 4 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Energy | Debt Instrument | 09-Oct-26 | Maintain | AAA | Stable | - |
| 5 | Lucky Electric Power Company Limited - PPSTS-25 - PKR 4.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 02-Oct-26 | Preliminary | AA | Stable | - |
| 6 | Select Technologies Limited | Term Finance Facility | PKR 3.3bln | Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 02-Oct-26 | Initial | AA | Stable | - |
| 7 | 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 | - |
| 8 | Airlink Communication Limited | Term Finance Facility | PKR 1.464bln | Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 23-Sep-26 | Initial | AA | Stable | - |
| 9 | Euro Oil (Pvt.) Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 17-Sep-26 | Preliminary | A- | Stable | - |
| 10 | National Refinery Limited - PPSTS - PKR 10bln - July-26 Press Release | Report | History |
Energy | Debt Instrument | 16-Sep-26 | Initial | AA | Stable | - |
| 11 | 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 | - |
| 12 | Airlink Communication Limited - PPSTS-XIV - PKR 2.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 11-Sep-26 | Preliminary | A+ | Stable | - |
| 13 | Select Technologies Limited – PPSTS-VI PKR 3.0bln – Jul-26 Press Release | Report | History |
Distributors | Debt Instrument | 03-Sep-26 | Initial | A | Stable | - |
| 14 | 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 | - |
| 15 | Masood Textile Mills Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-Sep-26 | Preliminary | A | Stable | - |
| 16 | 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 | - |
| 17 | Airlink Communication Limited - PPSTS-XII - PKR 3.0bln - Jul-26 Press Release | Report | History |
Distributors | Debt Instrument | 24-Aug-26 | Initial | A+ | Stable | - |
| 18 | Airlink Communication Limited - PPSTS-XIII - PKR 3.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 24-Aug-26 | Preliminary | A+ | Stable | - |
| 19 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 19-Aug-26 | Downgrade | A | Developing | Yes |
| 20 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 19-Aug-26 | Downgrade | A | Developing | Yes |
| 21 | 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 | - |
| 22 | Masood Spinning Mills Limited - PPSTS-IV - PKR 3.5bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 10-Aug-26 | Preliminary | A- | Stable | - |
| 23 | 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 | - |
| 24 | Zarea Limited - PPSTS-II - PKR 2.0 bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 06-Aug-26 | Preliminary | A- | Stable | - |
| 25 | Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - Jun 26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 30-Jul-26 | Initial | A | Stable | - |
| 26 | 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 | - |
| 27 | Select Technologies Limited - PPSTS-V - PKR 3.0bln - Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 20-Jul-26 | Initial | A | Stable | - |
| 28 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 03-Jul-26 | Preliminary | A+ | Stable | Yes |
| 29 | 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 | - |
| 30 | 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 | - |
| 31 | Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - Apr-26 Press Release | Report | History |
Distributors | Debt Instrument | 12-Jun-26 | Initial | A+ | Stable | - |
| 32 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 05-Jun-26 | Maintain | AA+ | Stable | - |
| 33 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-Jun-26 | Maintain | A+ | Stable | - |
| 34 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - Sep-25 Press Release | Report | History |
Energy | Debt Instrument | 21-May-26 | Maintain | AA | Stable | - |
| 35 | Trans World Associates (Pvt.) Limited - PPSTS - PKR 1.5bln - Apr-26 Press Release | Report | History |
Communication | Debt Instrument | 15-May-26 | Initial | A+ | Stable | - |
| 36 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 04-May-26 | Maintain | A | Stable | - |
| 37 | 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 | - |
| 38 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 19-Dec-25 | Downgrade | A | Developing | Yes |
| 39 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - |