| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Kashf Foundation Press Release | Report | History |
Banks | Entity | 20-Feb-26 | Maintain | A | Stable | - |
| 2 | FFO Support Program Press Release | Report | History |
Banks | Entity | 10-Feb-26 | Initial | BB+ | Stable | - |
| 3 | AL Habib Exchange Company (Pvt.) Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 06-Feb-26 | Initial | A+ | Stable | - |
| 4 | Mashreq Bank Pakistan Limited Press Release | Report | History |
Banks | Entity | 29-Jan-26 | Initial | AA | Stable | - |
| 5 | AL Habib Capital Markets (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 27-Jan-26 | Maintain | A | Stable | - |
| 6 | HBL Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 26-Dec-25 | Maintain | A+ | Stable | - |
| 7 | Intermarket Securities Limited (Formerly: EFG Hermes Pakistan Limited) Press Release | Report | History |
Capital Markets | Entity | 19-Dec-25 | Maintain | A- | Stable | - |
| 8 | JS Global Capital Limited Press Release | Report | History |
Capital Markets | Entity | 12-Dec-25 | Maintain | AA | Stable | - |
| 9 | Ismail Iqbal Securities (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 28-Nov-25 | Maintain | A- | Stable | - |
| 10 | Samba Bank Limited Press Release | Report | History |
Banks | Entity | 25-Nov-25 | Maintain | AA | Stable | - |
| 11 | KTRADE Securities Limited Press Release | Report | History |
Capital Markets | Entity | 21-Nov-25 | Maintain | A- | Stable | - |
| 12 | ISE Towers REIT Management Company Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 28-Oct-25 | Maintain | A | Stable | - |
| 13 | Orient Rental Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 30-Sep-25 | Maintain | A- | Stable | - |
| 14 | Parwaaz Financial Services Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 26-Sep-25 | Maintain | A+ | Stable | - |
| 15 | Thardeep Microfinance Foundation Press Release | Report | History |
Banks | Entity | 25-Sep-25 | Maintain | BB | Stable | Yes |
| 16 | Escorts Investment Bank Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 19-Sep-25 | Downgrade | BBB- | Stable | - |
| 17 | Dawood Equities Limited Press Release | Report | History |
Capital Markets | Entity | 19-Sep-25 | Maintain | A- | Stable | - |
| 18 | Trust Securities & Brokerage Limited Press Release | Report | History |
Capital Markets | Entity | 19-Sep-25 | Maintain | A- | Stable | - |
| 19 | First Punjab Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 19-Sep-25 | Maintain | A- | Stable | - |
| 20 | First Habib Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 19-Sep-25 | Maintain | AA+ | Stable | - |
| 21 | National Rural Support Programme Press Release | Report | History |
Banks | Entity | 15-Jul-25 | Upgrade | A | Stable | - |
| 22 | The Bank of Punjab Press Release | Report | History |
Banks | Entity | 30-Jun-25 | Maintain | AA+ | Stable | - |
| 23 | JS Bank Limited Press Release | Report | History |
Banks | Entity | 28-Jun-25 | Maintain | AA | Stable | - |
| 24 | Bank Alfalah Limited Press Release | Report | History |
Banks | Entity | 28-Jun-25 | Maintain | AAA | Stable | - |
| 25 | Rural Community Development Programmes Press Release | Report | History |
Banks | Entity | 27-Jun-25 | Upgrade | BBB+ | Stable | - |
| 26 | GuarantCo Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 27-Jun-25 | Maintain | AAA | Stable | - |
| 27 | Bank of Khyber Press Release | Report | History |
Banks | Entity | 27-Jun-25 | Maintain | A+ | Stable | - |
| 28 | First Women Bank Limited Press Release | Report | History |
Banks | Entity | 27-Jun-25 | Maintain | A- | Developing | Yes |
| 29 | Export-Import Bank of Pakistan Press Release | Report | History |
Development Institutions | Entity | 27-Jun-25 | Maintain | AAA | Stable | - |
| 30 | Pak Libya Holding Company (Pvt.) Limited Press Release | Report | History |
Development Institutions | Entity | 25-Jun-25 | Upgrade | AA | Stable | - |
| 31 | Soneri Bank Limited Press Release | Report | History |
Banks | Entity | 25-Jun-25 | Maintain | AA- | Stable | - |
| 32 | BankIslami Pakistan Limited Press Release | Report | History |
Banks | Entity | 24-Jun-25 | Maintain | AA- | Stable | - |
| 33 | Habib Metropolitan Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-25 | Maintain | AA+ | Stable | - |
| 34 | Allied Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-25 | Maintain | AAA | Stable | - |
| 35 | Askari Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-25 | Maintain | AA+ | Stable | - |
| 36 | Faysal Bank Limited Press Release | Report | History |
Banks | Entity | 24-Jun-25 | Maintain | AA | Positive | - |
| 37 | Pakistan Kuwait Investment Company (Pvt.) Limited Press Release | Report | History |
Development Institutions | Entity | 24-Jun-25 | Maintain | AAA | Stable | - |
| 38 | MCB Bank Limited Press Release | Report | History |
Banks | Entity | 23-Jun-25 | Maintain | AAA | Stable | - |
| 39 | MCB Islamic Bank Limited Press Release | Report | History |
Banks | Entity | 23-Jun-25 | Maintain | A+ | Stable | - |
| 40 | Bank AL Habib Limited Press Release | Report | History |
Banks | Entity | 23-Jun-25 | Maintain | AAA | Stable | - |
| 41 | National Bank of Pakistan Press Release | Report | History |
Banks | Entity | 23-Jun-25 | Maintain | AAA | Stable | - |
| 42 | Standard Chartered Bank (Pakistan) Limited Press Release | Report | History |
Banks | Entity | 23-Jun-25 | Maintain | AAA | Stable | - |
| 43 | National Credit Guarantee Company Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 20-Jun-25 | Initial | AAA | Stable | - |
| 44 | Pakistan Microfinance Investment Company Limited Press Release | Report | History |
Development Institutions | Entity | 20-Jun-25 | Maintain | AA | Stable | Yes |
| 45 | PAIR Investment Company Limited Press Release | Report | History |
Development Institutions | Entity | 20-Jun-25 | Maintain | AA | Stable | - |
| 46 | Apna Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 15-May-25 | Downgrade | BB | Negative | - |
| 47 | Infra Zamin Pakistan Limited Press Release | Report | History |
Non Banking Financial Institutes | Entity | 02-May-25 | Maintain | AAA | Stable | - |
| 48 | Mobilink Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 30-Apr-25 | Maintain | A | Stable | - |
| 49 | Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited) Press Release | Report | History |
Banks | Entity | 30-Apr-25 | Upgrade | A+ | Stable | - |
| 50 | NRSP Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 30-Apr-25 | Maintain | A- | Stable | Yes |
| 51 | ASA Microfinance Bank (Pakistan) Limited Press Release | Report | History |
Banks | Entity | 29-Apr-25 | Maintain | A- | Stable | - |
| 52 | AGAHE Pakistan Press Release | Report | History |
Banks | Entity | 26-Apr-25 | Upgrade | BBB | Stable | - |
| 53 | Union Microfinance Company Limited Press Release | Report | History |
Banks | Entity | 25-Apr-25 | Downgrade | BB | Stable | Yes |
| 54 | Alfalah Securities (Pvt.) Limited (Formerly: Alfalah CLSA Securities (Pvt.) Limited)
Press Release | Report | History |
Capital Markets | Entity | 23-Apr-25 | Maintain | A- | Stable | Yes |
| 55 | Optimus Capital Management (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 04-Apr-25 | Maintain | A- | Stable | - |
| 56 | JS Investments Limited (JSIL) Press Release | Report | History |
Non Banking Financial Institutes | Entity | 28-Mar-25 | Initial | A+ | Stable | - |
| 57 | JWS Pakistan Press Release | Report | History |
Banks | Entity | 28-Mar-25 | Maintain | BBB | Stable | - |
| 58 | SAFCO Microfinance Company (Private) Limited Press Release | Report | History |
Banks | Entity | 28-Mar-25 | Maintain | BBB | Stable | - |
| 59 | Sindh Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 28-Mar-25 | Maintain | A | Stable | - |
| 60 | The Punjab Provincial Cooperative Bank Limited Press Release | Report | History |
Banks | Entity | 19-Mar-25 | Maintain | BBB+ | Stable | - |
| 61 | Aba Ali Habib Securities (Pvt.) Limited Press Release | Report | History |
Capital Markets | Entity | 14-Mar-25 | Maintain | A- | Stable | - |
| 62 | OLP Financial Services Pakistan Limited (Formerly ORIX Leasing Pakistan Limited) Press Release | Report | History |
Non Banking Financial Institutes | Entity | 28-Feb-25 | Maintain | AA+ | Stable | - |
| 63 | OLP Modaraba Press Release | Report | History |
Non Banking Financial Institutes | Entity | 28-Feb-25 | Maintain | AA | Stable | - |
| 64 | U Microfinance Bank Limited Press Release | Report | History |
Banks | Entity | 14-Sep-24 | Maintain | A+ | Stable | - |
| 65 | ABHI Microfinance Bank Limited (formerly: FINCA Microfinance Bank Limited) Press Release | Report | History |
Banks | Entity | 23-Feb-24 | Downgrade | BBB+ | Negative | Yes |