Rating Details	Rating Type	BFR
	Dissemination Date	Current (23-Jun-23 )	Previous (24-Jun-22)
	Action	Withdraw	Maintain
	Rating	-	BFR 3
	Outlook		Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership
	Governance
	Management and Client Services	.
	Internal Controls and Regulatory Compliance
	Business Sustainability
	Financial Sustainability

Key Rating Drivers

Cedar Capital (Private) Limited voluntarily surrendered the TRE Certificate to the Pakistan Stock Exchange Limited (PSX) accordingly. The PSX has accordingly removed Cedar Capital from TREC holder's register as per the notification dated 31 March 2023. Subsequent to the management's decision to discontinue the Broker Fiduciary Rating, PACRA has withdrawn the rating.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	07-Feb-08
	Type of License	Trading and Self-clearing
	Majority Ownership	Mr. Umair Amanullah | ~74%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Afnan Iqbal afnan.iqbal@pacra.com +92-42-35869504 www.pacra.com	Methodology | Broker Fiduciary Rating | Jan-23	Sector Study | Brokerage & Securities | Jan-23

Disclaimer

This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.