| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - Sep-25 Press Release | Report | History |
Energy | Debt Instrument | 21-May-26 | Maintain | AA | Stable | - |
| 2 | Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 21-May-26 | Preliminary | A- | Stable | - |
| 3 | Ismail Industries Limited - PPSTS-6 - PKR 8.0bln - Feb-26 Press Release | Report | History |
Food and Allied | Debt Instrument | 15-May-26 | Initial | AA- | Stable | - |
| 4 | Trans World Associates (Pvt.) Limited - PPSTS - PKR 1.5bln - Apr-26 Press Release | Report | History |
Communication | Debt Instrument | 15-May-26 | Initial | A+ | Stable | - |
| 5 | Airlink Communication Limited - PPSTS-IX - PKR 3.0bln - Feb-26 Press Release | Report | History |
Distributors | Debt Instrument | 13-May-26 | Initial | A+ | Stable | - |
| 6 | Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 11-May-26 | Preliminary | A | Stable | - |
| 7 | Masood Textile Mills Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 06-May-26 | Preliminary | A | Stable | - |
| 8 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 04-May-26 | Maintain | A | Stable | - |
| 9 | NRSP Microfinance Bank Limited | Tier II TFC Press Release | Report | History |
Banks | Debt Instrument | 30-Apr-26 | Maintain | A- | Stable | - |
| 10 | 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 | - |
| 11 | Reon Energy Limited – PPSTS – PKR 400mln – Dec-25 Press Release | Report | History |
Energy | Debt Instrument | 23-Apr-26 | Initial | A | Stable | - |
| 12 | Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 23-Apr-26 | Preliminary | A+ | Stable | - |
| 13 | Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Press Release | Report | History |
Banks | Debt Instrument | 13-Apr-26 | Maintain | A- | Stable | - |
| 14 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Energy | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - |
| 15 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Energy | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - |
| 16 | Faysal Bank Limited - PPSukuk - PKR 7.0bln - TBI Press Release | Report | History |
Banks | Debt Instrument | 31-Mar-26 | Preliminary | AA | Stable | - |
| 17 | Airlink Communication Limited - PPSTS-VIII - PKR 3.0bln - Jan-26 Press Release | Report | History |
Distributors | Debt Instrument | 26-Mar-26 | Initial | A+ | Stable | - |
| 18 | Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23 Press Release | Report | History |
Banks | Debt Instrument | 18-Mar-26 | Maintain | AAA | Stable | - |
| 19 | Euro Oil (Pvt.) Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 17-Mar-26 | Preliminary | A- | Stable | - |
| 20 | Lucky Electric Power Company Limited - PPSTS-23 - PKR 6.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 16-Mar-26 | Preliminary | AA | Stable | - |
| 21 | Nishat Mills Limited - PPSTS - PKR 5bln - Nov-25 Press Release | Report | History |
Textile & Allied | Debt Instrument | 06-Mar-26 | Initial | AA | Stable | - |
| 22 | Airlink Communication Limited - PPSTS-X - PKR 2.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 06-Mar-26 | Preliminary | A+ | Stable | - |
| 23 | Mughal Iron & Steel Industries Limited - Medium Term Sukuk - PKR 2.50bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 02-Mar-26 | Preliminary | AA- | Stable | - |
| 24 | Mughal Iron & Steel Industries Limited - Syndicated TFC - PKR 2.50bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 02-Mar-26 | Preliminary | AA- | Stable | - |
| 25 | Mughal Iron & Steel Industries Limited - PPSTS - PKR 1.5bln - Nov-25 Press Release | Report | History |
Infrastructure | Debt Instrument | 27-Feb-26 | Initial | A+ | Stable | - |
| 26 | Zarea Limited - PPSTS - PKR 1bln - Jan-26 Press Release | Report | History |
Engineering and Technology | Debt Instrument | 20-Feb-26 | Initial | A- | Stable | - |
| 27 | Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - Feb-26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 20-Feb-26 | Initial | A- | Stable | - |
| 28 | Select Technologies (Pvt.) Limited - PPSTS - IV- PKR 3.5bln - Dec-25 Press Release | Report | History |
Distributors | Debt Instrument | 18-Feb-26 | Initial | A | Stable | - |
| 29 | JazzWorld Pakistan Limited (Formerly Pakistan Mobile Communications Limited)- Sukuk - PKR 5bln - TBI Press Release | Report | History |
Communication | Debt Instrument | 17-Feb-26 | Maintain | AA | Stable | - |
| 30 | Gas & Oil Pakistan Limited | GO Long Term Sukuk-I | PKR 2.5bln | Dec-25 Press Release | Report | History |
Energy | Debt Instrument | 14-Feb-26 | Initial | AA | Stable | - |
| 31 | Gas & Oil Pakistan Limited - PPSTS - PKR 10bln – Jan-26 Press Release | Report | History |
Energy | Debt Instrument | 14-Feb-26 | Initial | AA | Stable | - |
| 32 | Gas & Oil Pakistan Limited - PPSukuk - PKR 5.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 14-Feb-26 | Preliminary | AA+ | Stable | - |
| 33 | Panther Tyres Limited - PPSTS - PKR 2.0bln | Jan-26 Press Release | Report | History |
Auto and Allied | Debt Instrument | 12-Feb-26 | Initial | A | Stable | - |
| 34 | Daewoo Pakistan Express Bus Service Limited - PPSTS - PKR 2.0bln - Dec-25 Press Release | Report | History |
Auto and Allied | Debt Instrument | 12-Feb-26 | Initial | A | Stable | - |
| 35 | Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18 Press Release | Report | History |
Banks | Debt Instrument | 16-Jan-26 | Maintain | AA- | Stable | - |
| 36 | The Bank of Punjab | Tier 2 | TFC-III | Apr-23 Press Release | Report | History |
Banks | Debt Instrument | 12-Jan-26 | Maintain | AA | Stable | - |
| 37 | The Bank of Punjab | TFC II | April-18 Press Release | Report | History |
Banks | Debt Instrument | 12-Jan-26 | Maintain | AA | Stable | - |
| 38 | 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 | - |
| 39 | The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22 Press Release | Report | History |
Banks | Debt Instrument | 12-Jan-26 | Maintain | AA- | Stable | - |
| 40 | 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 | - |
| 41 | Select Technologies (Pvt.) Limited - PPSTS-III - PKR 2.0bln - Oct-25 Press Release | Report | History |
Distributors | Debt Instrument | 05-Jan-26 | Initial | A | Stable | - |
| 42 | Bank Alfalah Limited | Additional Tier 1 TFC | 7bln Press Release | Report | History |
Banks | Debt Instrument | 31-Dec-25 | Maintain | AA+ | Stable | - |
| 43 | Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 31-Dec-25 | Maintain | AA+ | Stable | - |
| 44 | 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 | - |
| 45 | JS Bank Limited | Tier II TFC | 3.5bln | Aug-23 Press Release | Report | History |
Banks | Debt Instrument | 30-Dec-25 | Maintain | AA- | Stable | - |
| 46 | JS Bank Limited | PPTFC | 2.5bln | Dec-21 Press Release | Report | History |
Banks | Debt Instrument | 30-Dec-25 | Maintain | AA- | Stable | - |
| 47 | 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 | - |
| 48 | JS Bank Limited | TFC Tier 1 | 2.5bln | Dec-18 Press Release | Report | History |
Banks | Debt Instrument | 30-Dec-25 | Maintain | A+ | Stable | - |
| 49 | Bank AL Habib Limited | Tier II TFC VIII | Sep-21 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-25 | Maintain | AAA | Stable | - |
| 50 | 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 | - |
| 51 | Bank AL Habib Limited | Tier-I | TFC VI | Dec-17 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-25 | Maintain | AA+ | Stable | - |
| 52 | Bank AL Habib Limited | Tier-I | TFC IX | Apr-22 Press Release | Report | History |
Banks | Debt Instrument | 29-Dec-25 | Maintain | AA+ | Stable | - |
| 53 | Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 26-Dec-25 | Maintain | A+ | Stable | - |
| 54 | Soneri Bank Limited | Tier 1 TFC Press Release | Report | History |
Banks | Debt Instrument | 26-Dec-25 | Maintain | A | Stable | - |
| 55 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 19-Dec-25 | Downgrade | A | Developing | Yes |
| 56 | 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 | - |
| 57 | 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 | - |
| 58 | 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 | - |
| 59 | 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 | - |
| 60 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Textile & Allied | Debt Instrument | 05-Dec-25 | Maintain | A+ | Stable | - |
| 61 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 05-Dec-25 | Maintain | AA+ | Stable | - |
| 62 | Loads Limited - PPSTS - PKR 750mln - Jul-25 Press Release | Report | History |
Auto and Allied | Debt Instrument | 01-Dec-25 | Maintain | A | Stable | - |
| 63 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 64 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 65 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - |
| 66 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 04-Jul-25 | Preliminary | A+ | Stable | - |