PACRA also has the expertise to rate debt instruments with features of structured finance. Such instruments may have various credit enhancement features designed for reducing either the investment risk, the default risk or both. Structured Finance ratings focus on evaluating specific cash flows identified for meeting the repayment obligations, and also the security arrangements. PACRA's ratings are contingent on examining all the underlying documentation that gives effect to the proposed features of the instrument.

While all ratings follow an interactive process, the degree of interaction between the client and PACRA is considerably more in such ratings than in standard instrument ratings. If required by the client, PACRA would also be prepared to assist the client in achieving the desired objectives.

In September 2002, PACRA assigned its first structured finance rating to securitised TFC issue of Paktel Limited amounting PKR 850 million.