| Sr.No | Entity | Sector | Rating Type | Dissemination Date |
Action | Rating | Outlook | Rating Watch |
|---|---|---|---|---|---|---|---|---|
| 1 | Zarea Limited - PPSTS-II - PKR 2.0 bln - TBI Press Release | Report | History |
Engineering and Technology | Debt Instrument | 06-Aug-26 | Preliminary | A- | Stable | - |
| 2 | JS Bank Limited | PPTFC Tier 2 Capital | PKR 4.0bln | Jul-26 Press Release | Report | History |
Banks | Debt Instrument | 05-Aug-26 | Initial | AA- | Stable | - |
| 3 | Ismail Industries Limited - PPSTS-7 - PKR 8.0bln - TBI Press Release | Report | History |
Food and Allied | Debt Instrument | 05-Aug-26 | Preliminary | AA- | Stable | - |
| 4 | Bank Alfalah Limited - PPTFC Tier 2 - PKR 20bln Press Release | Report | History |
Banks | Debt Instrument | 31-Jul-26 | Initial | AAA | Stable | - |
| 5 | Beacon Impex (Pvt.) Limited - PPSTS - PKR 1.0bln - Jun 26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 30-Jul-26 | Initial | A | Stable | - |
| 6 | National Refinery Limited - PPSTS - PKR 10bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 28-Jul-26 | Preliminary | AA | Stable | - |
| 7 | Masood Spinning Mills Limited | PPSTS III | PKR 2.0bln | Jun-26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 23-Jul-26 | Initial | A- | Stable | - |
| 8 | Reon Energy Limited - PPSTS - PKR 1.5bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 21-Jul-26 | Preliminary | A | Stable | - |
| 9 | Select Technologies Limited - PPSTS-V - PKR 3.0bln - Jun-26 Press Release | Report | History |
Distributors | Debt Instrument | 20-Jul-26 | Initial | A | Stable | - |
| 10 | Airlink Communication Limited - PPSTS-XII - PKR 3.0bln - TBI Press Release | Report | History |
Distributors | Debt Instrument | 20-Jul-26 | Preliminary | A+ | Stable | - |
| 11 | Lucky Electric Power Company Limited - PPSTS-23 - PKR 6.0bln - Mar-26 Press Release | Report | History |
Energy | Debt Instrument | 17-Jul-26 | Maintain | AA | Stable | - |
| 12 | Daewoo Pakistan Express Bus Service Limited - PPSTS-III - PKR 4.0bln – TBI Press Release | Report | History |
Auto and Allied | Debt Instrument | 16-Jul-26 | Preliminary | A | Stable | - |
| 13 | ZKB Construction (Pvt.) Limited - PP Sukuk - PKR 3.0bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 03-Jul-26 | Preliminary | A+ | Stable | Yes |
| 14 | The Bank of Punjab | Additional Tier 1 Capital TFC | Jun-22 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA | Stable | - |
| 15 | The Bank of Punjab | Additional Tier 1 Capital TFC | PKR 3.95bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA | Stable | - |
| 16 | The Bank of Punjab | TFC II | April-18 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 17 | The Bank of Punjab | Tier 2 | TFC-III | Apr-23 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 18 | The Bank of Punjab | Tier 2 Capital TFC | PKR 7.5695bln | Jun-24 Press Release | Report | History |
Banks | Debt Instrument | 03-Jul-26 | Upgrade | AA+ | Stable | - |
| 19 | BankIslami Pakistan Limited - PP Sukuk Tier 2 Capital - PKR 5.0bln - TBI Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Preliminary | A+ | Stable | - |
| 20 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk I | PKR 2 Bln| Apr-20 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A | Stable | - |
| 21 | BankIslami Pakistan Limited | ADT-1 Modaraba Sukuk II | PKR 1 Bln | Feb-24 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A | Stable | - |
| 22 | JS Bank Limited | PPTFC | 2.5bln | Dec-21 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA- | Stable | - |
| 23 | JS Bank Limited | TFC Tier 1 | 2.5bln | Dec-18 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | A+ | Stable | - |
| 24 | JS Bank Limited | Tier II TFC | 3.5bln | Aug-23 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA- | Stable | - |
| 25 | Bank AL Habib Limited | Tier II TFC VIII | Sep-21 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AAA | Stable | - |
| 26 | Bank Alfalah Limited | Additional Tier 1 TFC | 7bln Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA+ | Stable | - |
| 27 | Bank Alfalah Limited | Additional Tier 1 TFC | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Maintain | AA+ | Stable | - |
| 28 | Soneri Bank Limited | Tier 1 TFC Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Upgrade | A+ | Stable | - |
| 29 | Soneri Bank Limited | Tier 2 Capital TFC | PKR 4bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 30-Jun-26 | Upgrade | AA- | Stable | - |
| 30 | Select Technologies Limited – PPSTS-VI PKR 3.0bln – Jul-26 Press Release | Report | History |
Distributors | Debt Instrument | 30-Jun-26 | Preliminary | A | Stable | - |
| 31 | Bank AL Habib Limited | Tier-I | TFC VI | Dec-17 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AA+ | Stable | - |
| 32 | Bank AL Habib Limited | Tier-I | TFC IX | Apr-22 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AA+ | Stable | - |
| 33 | Bank AL Habib Limited | Tier-II | TFC X | PKR 7bln | Dec'22 Press Release | Report | History |
Banks | Debt Instrument | 29-Jun-26 | Maintain | AAA | Stable | - |
| 34 | Askari Bank Limited | TFC VI ( Additional Tier I ) | Jul-18 Press Release | Report | History |
Banks | Debt Instrument | 24-Jun-26 | Maintain | AA- | Stable | - |
| 35 | Faysal Bank Limited - PP Sukuk - PKR 7.0bln Press Release | Report | History |
Banks | Debt Instrument | 24-Jun-26 | Initial | AA | Stable | - |
| 36 | Multinet Pakistan (Pvt.) Limited | Digital Infrastructure Facility | PKR 2100 mln | Aug-22 Press Release | Report | History |
Engineering and Technology | Debt Instrument | 18-Jun-26 | Maintain | AA | Stable | - |
| 37 | National Vocational and Technical Training Commission - PPTFC - PKR 1bln - TBI Press Release | Report | History |
Consumers Goods & Services | Debt Instrument | 18-Jun-26 | Preliminary | AAA | Stable | - |
| 38 | Parwaaz Financial Services Limited - PPTFC - PKR 1bln - Mar-25 Press Release | Report | History |
Non Banking Financial Institutes | Debt Instrument | 18-Jun-26 | Maintain | AA- | Stable | - |
| 39 | Airlink Communication Limited - PPSTS-X - PKR 2.0bln - Mar-26 Press Release | Report | History |
Distributors | Debt Instrument | 12-Jun-26 | Initial | A+ | Stable | - |
| 40 | Airlink Communication Limited - PPSTS-XI - PKR 4.0bln - Apr-26 Press Release | Report | History |
Distributors | Debt Instrument | 12-Jun-26 | Initial | A+ | Stable | - |
| 41 | HBL Microfinance Bank Limited | Tier 2 Capital TFC | PKR 1.5bln | Mar-24 Press Release | Report | History |
Banks | Debt Instrument | 11-Jun-26 | Maintain | A | Stable | - |
| 42 | Airlink Communication Limited | Term Finance Facility | PKR 1.464bln | TBI Press Release | Report | History |
Distributors | Debt Instrument | 08-Jun-26 | Preliminary | AA | Stable | - |
| 43 | Select Technologies Limited | Term Finance Facility | PKR 3.3bln | TBI Press Release | Report | History |
Distributors | Debt Instrument | 08-Jun-26 | Preliminary | AA | Stable | - |
| 44 | Gas & Oil Pakistan Limited | PP Sukuk Press Release | Report | History |
Energy | Debt Instrument | 05-Jun-26 | Maintain | AA+ | Stable | - |
| 45 | Masood Textile Mills Limited - PP Sukuk - PKR 2bln - Sep-24 Press Release | Report | History |
Textile & Allied | Debt Instrument | 02-Jun-26 | Maintain | A+ | Stable | - |
| 46 | K-Electric Limited - Retail Utility Sukuk - PKR 3bln - Sep-25 Press Release | Report | History |
Energy | Debt Instrument | 21-May-26 | Maintain | AA | Stable | - |
| 47 | 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 | - |
| 48 | Trans World Associates (Pvt.) Limited - PPSTS - PKR 1.5bln - Apr-26 Press Release | Report | History |
Communication | Debt Instrument | 15-May-26 | Initial | A+ | Stable | - |
| 49 | Airlink Communication Limited - PPSTS-IX - PKR 3.0bln - Feb-26 Press Release | Report | History |
Distributors | Debt Instrument | 13-May-26 | Initial | A+ | Stable | - |
| 50 | Masood Textile Mills Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Textile & Allied | Debt Instrument | 06-May-26 | Preliminary | A | Stable | - |
| 51 | Berger Paints Pakistan Limited | PP Sukuk | Sep -21 Press Release | Report | History |
Pharma and Chemicals | Debt Instrument | 04-May-26 | Maintain | A | Stable | - |
| 52 | NRSP Microfinance Bank Limited | Tier II TFC Press Release | Report | History |
Banks | Debt Instrument | 30-Apr-26 | Maintain | A- | Stable | - |
| 53 | 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 | - |
| 54 | Reon Energy Limited – PPSTS – PKR 400mln – Dec-25 Press Release | Report | History |
Energy | Debt Instrument | 23-Apr-26 | Initial | A | Stable | - |
| 55 | Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Press Release | Report | History |
Banks | Debt Instrument | 13-Apr-26 | Maintain | A- | Stable | - |
| 56 | WAPDA - Dasu Consolidated Sukuk - PKR 52.8bln Press Release | Report | History |
Energy | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - |
| 57 | WAPDA - Dasu Consolidated TFC - PKR 35.2bln Press Release | Report | History |
Energy | Debt Instrument | 02-Apr-26 | Maintain | AAA | Stable | - |
| 58 | Kashf Foundation | PPTFC | PKR 2.483bln | Dec-23 Press Release | Report | History |
Banks | Debt Instrument | 18-Mar-26 | Maintain | AAA | Stable | - |
| 59 | Euro Oil (Pvt.) Limited - PPSTS - PKR 2.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 17-Mar-26 | Preliminary | A- | Stable | - |
| 60 | 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 | - |
| 61 | Mughal Iron & Steel Industries Limited - Syndicated TFC - PKR 2.50bln - TBI Press Release | Report | History |
Infrastructure | Debt Instrument | 02-Mar-26 | Preliminary | AA- | Stable | - |
| 62 | Mughal Iron & Steel Industries Limited - PPSTS - PKR 1.5bln - Nov-25 Press Release | Report | History |
Infrastructure | Debt Instrument | 27-Feb-26 | Initial | A+ | Stable | - |
| 63 | Masood Spinning Mills Limited - PPSTS - PKR 3.0bln - Feb-26 Press Release | Report | History |
Textile & Allied | Debt Instrument | 20-Feb-26 | Initial | A- | Stable | - |
| 64 | 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 | - |
| 65 | 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 | - |
| 66 | Gas & Oil Pakistan Limited - PPSukuk - PKR 5.0bln - TBI Press Release | Report | History |
Energy | Debt Instrument | 14-Feb-26 | Preliminary | AA+ | Stable | - |
| 67 | TPL Trakker Limited | Sukuk Press Release | Report | History |
Logistics | Debt Instrument | 19-Dec-25 | Downgrade | A | Developing | Yes |
| 68 | TPL Corp Limited | PP Sukuk | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 69 | TPL Corp Limited | PPTFC | Jun-22 Press Release | Report | History |
Holding Company | Debt Instrument | 03-Nov-25 | Downgrade | A+ | Developing | Yes |
| 70 | Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln Press Release | Report | History |
Engineering and Technology | Debt Instrument | 28-Oct-25 | Preliminary | AAA | Stable | - |