| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Dawood Equities Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 28-Nov-25 | Maintain | BFR 3+ | Stable | - |
| 2 | Spectrum Securities Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 21-Nov-25 | Maintain | BFR 3+ | Stable | - |
| 3 | UBL Financial Services (Pvt.) Limited - BFR Press Release | Report | History |
Capital Markets | BFR | 01-Oct-25 | Initial | BFR 2 | Stable | - |
| 4 | Optimus Capital Management (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 25-Sep-25 | Maintain | BFR 2 | Stable | - |
| 5 | Trust Securities & Brokerage Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 19-Sep-25 | Maintain | BFR 2 | Stable | - |
| 6 | IGI Finex Securities Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 21-Aug-25 | Maintain | BFR 2+ | Stable | - |
| 7 | AL Habib Capital Markets (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 18-Jul-25 | Maintain | BFR 2+ | Stable | - |
| 8 | AL Haq Securities (Pvt.) Limited - BFR Press Release | Report | History |
Capital Markets | BFR | 18-Jul-25 | Initial | BFR 3 | Stable | - |
| 9 | Abbasi and Company (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 21-Jun-25 | Maintain | BFR 2 | Stable | - |
| 10 | AHM Securities (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 13-Jun-25 | Maintain | BFR 3 | Stable | - |
| 11 | Ismail Iqbal Securities (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 20-May-25 | Maintain | BFR 3+ | Stable | - |
| 12 | Habib Metropolitan Financial Services Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 16-May-25 | Maintain | BFR 3+ | Stable | - |
| 13 | KTRADE Securities Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 09-May-25 | Maintain | BFR 2 | Stable | - |
| 14 | Alfalah Securities (Pvt.) Limited (Formerly: Alfalah CLSA Securities (Pvt.) Limited) | BFR Press Release | Report | History |
Capital Markets | BFR | 23-Apr-25 | Downgrade | BFR 2 | Stable | Yes |
| 15 | Dr. Arslan Razaque Securities (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 21-Mar-25 | Maintain | BFR 3 | Stable | - |
| 16 | Aba Ali Habib Securities (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 14-Mar-25 | Maintain | BFR 2 | Stable | - |
| 17 | Zafar Securities (Pvt.) Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 07-Mar-25 | Maintain | BFR 3+ | Stable | - |
| 18 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) | BFR Press Release | Report | History |
Capital Markets | BFR | 20-Dec-24 | Maintain | BFR 2+ | Stable | - |
| 19 | Arif Habib Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 13-Dec-24 | Maintain | BFR 1 | Stable | - |
| 20 | JS Global Capital Limited | BFR Press Release | Report | History |
Capital Markets | BFR | 13-Dec-24 | Maintain | BFR 1 | Stable | - |