| RATING
ROUNDUP |
|
Publicly
Notified Active Ratings by JCR-VIS Credit Rating
Company Limited |
| Issue/Issuer |
|
Medium
to Long Term |
Outlook |
Short
Term |
| |
|
|
|
|
| Entity
Ratings |
| AlBaraka
Islamic Bank BSC - Pakistan Branches |
|
A |
Stable |
A-1 |
| Allied
Bank Ltd. |
|
AA- |
Stable |
A-1+ |
| Al
Meezan Investment Management Ltd. |
|
A |
Stable |
A-2 |
| Al
Noor Sugar Mills Ltd |
|
BBB+ |
Stable |
A-2 |
| Al-Zamin
Leasing Modaraba |
|
A- |
Stable |
A-3 |
| Arif
Habib Rupali Bank Ltd. |
|
A |
Rating
Watch |
A-2 |
| Asian
Housing Finance Ltd. |
|
BB+ |
Negative |
B |
| B.R.R.
Guardian Modaraba |
|
A |
Stable |
A-2 |
| Century
Paper & Board Mills Ltd. |
|
A- |
Stable |
A-2 |
| Crescent
Commercial Bank Ltd. |
|
A |
Positive |
A-1 |
| Crescent
Standard Investment Bank Ltd. |
|
-- |
Suspended |
-- |
| Crescent
Steel & Allied Products Ltd. |
|
A+ |
Stable |
A-1 |
| Crescent
Leasing Corporation Ltd. |
|
BBB+ |
Rating
Watch - Developing |
A-2 |
| Escorts
Investment Bank Ltd. |
|
A |
Stable |
A-1 |
| Faysal
Bank Ltd. |
|
AA |
Stable |
A-1+ |
| First
Al-Noor Modaraba |
|
BBB |
Stable |
A-3 |
| First
Credit & Investment Bank Ltd. |
|
BBB+ |
Stable |
A-2 |
| First
Dawood Islamic Bank Ltd. |
|
A- |
Stable |
A-2 |
| First
Habib Bank Modaraba |
|
AA- |
Stable |
A-1+ |
| First
National Bank Modaraba |
|
A+ |
Stable |
A-1 |
| First
National Equities Ltd. |
|
BBB |
Stable |
A-3 |
| First
Paramount Modaraba |
|
BBB- |
Stable |
A-3 |
| Gharbwal
Cement Ltd. |
|
BBB |
Stable |
A-3 |
| Grays
Leasing Ltd. |
|
BBB+ |
Negative |
A-2 |
| Guardiam
Modaraba |
|
A- |
Rating
Watch - Positive |
A-2 |
| Habib
Bank Ltd. |
|
AA+ |
Stable |
A-1+ |
| Indus
Dyeing and Manufacturing Co Ltd. |
|
A |
Stable |
A-2 |
| International
Housing Finance Ltd. |
|
BBB+ |
Rating
Watch - Developing |
A-3 |
| Invest
Capital & Securities (Pvt) Ltd. |
|
A- |
Stable |
A-2 |
| Ittehad
Chemicals Ltd. |
|
A- |
Negative |
A-2 |
| Jamshoro
Joint Venture Ltd. |
|
A+ |
Stable |
A-1 |
| Javed
Omer Vohra & Company Ltd. |
|
BBB- |
Stable |
A-3 |
| Kashf
Foundation |
|
BBB+ |
Stable |
A-3 |
| Khushhali
Bank |
|
A- |
Positive |
A-1 |
| Kunjah
Textile Mills Ltd. |
|
BBB |
Stable |
A-2 |
| Meezan
Bank Ltd. |
|
A+ |
Stable |
A-1 |
| MIMA
Leather (Pvt) Ltd. |
|
BBB- |
Negative |
A-3 |
| National
Bank of Pakistan. |
|
AAA |
Stable |
A-1+ |
| National
Foods Ltd |
|
A+ |
Stable |
A-2 |
| NBP
Capital Ltd. |
|
A |
Stable |
A-1 |
| Oil
and Gas Development Company Ltd. |
|
AAA |
Stable |
A-1+ |
| Oman
Intl Bank SAOG - Pakistan Branches |
|
BBB |
Positive |
A-2 |
| Orient
Petroleum Intl. Inc. - Pakistan Branch |
|
A |
Stable |
A-1 |
| ORIX
Leasing Pakistan Ltd. |
(Public
Inf Rating) |
AA(p) |
-- |
-- |
| Pakarab
Fertilizers (Pvt) Ltd. |
|
AA- |
Stable |
A-1 |
| Pak
Gulf Leasing Company Ltd. |
|
BBB- |
Stable |
A-3 |
| Pak
Oman Investmant Company Ltd. |
|
AA+ |
Stable |
A-1+ |
| Pakistan
International Container Terminal Ltd. |
|
A- |
Stable |
A-2 |
| Pakistan
Kuwait Investment Co. (Pvt.) Ltd. |
|
AAA |
Stable |
A-1+ |
| Pakistan
Security Printing Corporation (Pvt.) Ltd |
|
AAA |
Stable |
A-1+ |
| PICIC
Commercial Bank Ltd. |
|
A+ |
Rating
Watch - Positive |
A-1 |
| Reliance
Weaving Mills Ltd. |
|
BBB+ |
Stable |
A-3 |
| Rozgar
Microfinance Bank Ltd. |
|
BB+ |
Stable |
A-3 |
| Saif
Textile Mills Ltd. |
|
A- |
Negative |
A-2 |
| Sapphire
Textile Mills Ltd. |
|
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd. |
|
BBB+ |
Stable |
A-3 |
| Saudi
Pak Ind & Agricultural Inv Co (Pvt.) Ltd |
|
AA+ |
Stable |
A-1+ |
| Saudi
Pak Leasing Company Ltd. |
|
A- |
Stable |
A-2 |
| Searle
Pakistan Ltd. |
|
BBB |
Rating
Watch - Developing |
A-3 |
| Security
Investment Bank Ltd. |
|
A |
Stable |
A-1 |
| Security
Leasing Corporation Ltd. |
|
A- |
Stable |
A-2 |
| Security
Papers Ltd. |
|
AAA |
Stable |
A-1+ |
| Shahmurad
Sugar Mills Ltd. |
|
BBB |
Stable |
A-2 |
| Sigma
Leasing Corporation Ltd. |
|
A- |
Stable |
A-2 |
| SME
Bank Ltd. |
|
BBB |
Stable |
A-2 |
| SME
Leasing Ltd. |
|
A- |
Stable |
A-2 |
| Standard
Chartered Bank (Pakistan) Ltd. |
|
AA+ |
Stable |
A-1+ |
| Standard
Construction Co (Pvt) Ltd. |
|
A- |
Rating
Watch - Developing |
A-2 |
| Tameer
Micro Finance Bank Ltd. |
|
A- |
Negative |
A-1 |
| Tauras
Securities Ltd. |
|
A- |
Negative |
A-2 |
| The
Bank of Khyber. |
|
BBB+ |
Stable |
A-2 |
| The
Bank of Punjab |
|
AA- |
Stable |
A-1 |
| The
First MicroFinanceBank Ltd |
|
A+ |
Stable |
A-1+ |
| The
Punjab Provincial Co-operative Bank Ltd. |
|
BB+ |
Rating
Watch - Developing |
B |
| Union
Leasing Ltd. |
(Public
Inf Rating) |
A(p) |
-- |
-- |
| United
Bank Ltd. |
|
AA+ |
Stable |
A-1+ |
| Wateen
Telecom (Pvt) Ltd. |
|
A |
Positive |
A-1 |
| Zarai
Taraqiati Bank Ltd. |
|
AAA/(B)* |
Stable/(Negative)* |
A-1+/(B)* |
| |
|
|
|
|
| *
The ratings in parantheses show the standalone
ratings assigned by JCR-VIS, without incorporating
the effect of the sovereign guarantee, as laid out
in the Banks Nationalization Act of 1974. |
| |
|
|
|
|
| Insurer
Financial Strength Ratings |
| ACE
Insurance Ltd. |
|
A+ |
Stable |
-- |
| Alpha
Insurance Co. Ltd. |
|
A- |
Stable |
-- |
| Capital
Insurance Company Ltd. |
|
BB+ |
Negative |
-- |
| Central
Insurance Company Ltd. |
|
A |
Stable |
-- |
| Century
Insurance Company Ltd. |
|
A |
Stable |
-- |
| East
West Insurance Co. Ltd. |
|
A- |
Stable |
-- |
| EFU
General Insurance Ltd. |
|
AA |
Stable |
-- |
| EFU
Life Assurance Ltd. |
|
AA- |
Stable |
-- |
| Excel
Insurance Company Ltd. |
|
BBB- |
Stable |
-- |
| National
Insurance Company Ltd. |
|
AA+ |
Stable |
-- |
| New
Jubilee Insurance Company Ltd. |
|
AA |
Stable |
-- |
| PICIC
Insurance Ltd. |
|
A- |
Negative |
-- |
| Premier
Insurance Company of Pakistan Ltd. |
|
A |
Stable |
|
| Reliance
Insurance Company Ltd. |
|
A- |
Positive |
-- |
| Saudi
Pak Insurance
Company Ltd. |
|
BBB+ |
Positive |
-- |
| Silver
Star Insurance Company Ltd. |
|
BBB+ |
Stable |
-- |
| Security
General Insurance Company Ltd. |
|
A |
Stable |
-- |
| The
Cooperative Insurance Soc of Pak Ltd |
|
C |
Stable |
-- |
| The
Crescent Star Insurance Co. Ltd. |
|
BBB |
Positive |
-- |
| The
Pakistan General Insurance Co. Ltd |
|
BB+ |
Positive |
-- |
| The
Universal Insurance Company Ltd. |
|
A- |
Stable |
-- |
| |
|
|
|
|
| TFC
Ratings |
Maturity |
|
|
|
| Allied
Bank Ltd. |
Dec
2014 |
A+ |
Stable |
-- |
| Allied
Bank Ltd. |
(**) |
A+ |
Stable |
|
| Al-Zamin
Leasing Modaraba |
Dec
2008 |
A- |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Nov
2010 |
A- |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
(**) |
A- |
Stable |
-- |
| Amtex
(Pvt) Ltd. |
(**) |
A+ |
Stable |
-- |
| Avari
Hotel Ltd. |
(**) |
A- |
Stable |
-- |
| B.
R. R. Guardian Modaraba |
(**) |
A+ |
Stable |
|
| Century
Paper & Board Mills Ltd. |
Sep
2014 |
AA- |
Stable |
|
| Crescent
Steel & Allied Products Ltd. |
Jan
2009 |
AA- |
Stable |
-- |
| Crescent
Leasing Corporation Ltd. |
Perpetual |
A- |
Rating
Watch - Developing |
-- |
| Crescent
Leasing Corporation Ltd. |
Jul
2008 |
A- |
Rating
Watch - Developing |
-- |
| Dubai
Islamic Bank Pakistan Ltd. |
(**) |
A |
Stable |
|
| Eden
Housing Limited |
(**) |
A |
Stable |
|
| Escorts
Investment Bank Ltd. |
(**) |
A+ |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| First
National Equities Ltd. |
(**) |
A- |
Stable |
-- |
| Gharibwal
Cement Ltd. |
Jan
2013 |
A- |
Stable |
-- |
| Grays
Leasing Ltd. |
(**) |
A- |
Negative |
-- |
| Ittehad
Chemicals Ltd. |
Jun
2008 |
A |
Negative |
-- |
| Kashf
Foundation |
(**) |
A |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
May
2011 |
A- |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Jul
2012 |
A- |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Dec
2012 |
A |
Stable |
-- |
| Pakarab
Fertilizers Ltd |
(**) |
AA |
Stable |
-- |
| Pakistan
Services Ltd. |
Nov
2008 |
A |
Stable |
-- |
| Quetta
Textile Mills Ltd. |
(**) |
A- |
Stable |
-- |
| Saudi
Pak Leasing Company Ltd. |
(**) |
A |
Stable |
-- |
| Searle
Pakistan Ltd |
Mar
2011 |
A- |
Rating
Watch - Developing |
-- |
| Shahmurad
Sugar Mills Ltd |
Sep
2012 |
A- |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Dec
2012 |
AA |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Feb
2013 |
AA |
Stable |
-- |
| Telecard
Ltd |
Mar
2011 |
BBB |
Rating
Watch |
-- |
| United
Bank Ltd. |
Aug
2012 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Mar
2013 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Sep
2014 |
AA |
Stable |
-- |
| United
Bank Ltd. |
(**) |
AA |
Stable |
-- |
| **
These are preliminary/final ratings.
The TFCs have not yet been issued. |
| |
|
|
|
|
| Secured
Debt |
Maturity |
|
|
|
| Standard
Construction Co (Pvt) Ltd. |
(***) |
A- |
Rating
Watch - Developing |
-- |
| ***
This is a preliminary rating.
The debt has not yet been issued. |
| |
|
|
|
|
| Securitization
Ratings |
Maturity |
|
|
|
| First
Oil & Gas Securitisation Company Ltd. |
Dec
2006 |
A |
Stable |
-- |
| Jamshoro
Joint Venture Ltd. |
Mar
2010 |
AA- |
Stable |
-- |
| Naimat
Basal Oil & Gas Securitisation Co Ltd |
Apr
2010 |
A+ |
Stable |
-- |
| |
|
|
|
|
| Mutual
Fund Ratings |
| AKD
Investment Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| AMZ
Asset Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| Askari
Asset Management Ltd. |
(Mgmt
Quality) |
AM3 |
-- |
-- |
| Al-Meezan
Investment Management Ltd. |
(Mgmt
Quality) |
AM2 |
-- |
-- |
| BMA
Asset Management Co. Ltd. |
(Mgmt
Quality) |
AM2- |
-- |
-- |
| Crosby
Asset Management (Pakistan) Ltd. |
(Mgmt
Quality) |
AM4- |
-- |
-- |
| First
Capital Investment Ltd. |
(Mgmt
Quality) |
AM4 |
-- |
-- |
| Faysal
Asset Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| HBL
Asset Management Ltd. |
(Mgmt
Quality) |
AM3 |
-- |
-- |
| National
Asset Management Company Ltd. |
(Mgmt
Quality) |
AM3- |
-- |
-- |
| National
Fullerton Asset Management Ltd. |
(Mgmt
Quality) |
AM2 |
-- |
-- |
| Pak
Oman Asset Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| PICIC
Asset Management Co. Ltd. |
(Mgmt
Quality) |
AM2 |
Rating
Watch - Developing |
-- |
| UBL
Fund Managers Ltd |
(Mgmt
Quality) |
AM2- |
-- |
-- |
| WE
Investment Management Ltd. |
(Mgmt
Quality) |
AM4+ |
-- |
-- |
| AMZ
Plus Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| Askari
Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| Faysal
Income & Growth Fund |
(Fund
Stability) |
A+(f) |
-- |
-- |
| Faysal
Savings Growth Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| NAFA
Cash und |
(Fund
Stability) |
A(f) |
-- |
-- |
| Pak
Oman Advantage Fund |
(Fund
Stability) |
AA-(f) |
-- |
-- |
| Pak
Oman BOP Advantage Plus Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| United
Growth & Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| United
Money Market Fund |
(Fund
Stability) |
A+(f) |
-- |
-- |
| |
|
|
|
|
| Mutual
Fund Performance Rankings |
| Asian
Stocks Fund Ltd. |
|
MFR-1(s) |
-- |
-- |
| Crosby
Dragon Fund |
|
MFR-3(s) |
-- |
-- |
| Faysal
Balanced Growth Fund |
|
MFR-3(s) |
-- |
-- |
| First
Capital Mutual Fund Ltd. |
|
MFR-3(s) |
-- |
-- |
| Golden
Arrow Selected Stocks Fund Ltd. |
|
MFR-5(s) |
-- |
-- |
| Meezan
Islamic Fund |
|
MFR-5(s) |
-- |
-- |
| NAFA
Cash Fund |
|
MFR-5(s) |
|
|
| PICIC
Growth Fund |
|
MFR-2(s) |
-- |
-- |
| PICIC
Investment Fund |
|
MFR-3(s) |
-- |
-- |
| Safeway
Mutual Fund Ltd. |
|
MFR-2(s) |
-- |
-- |
| |
|
|
|
|
| Corportate
Governance Ratings |
| Allied
Bank Ltd. |
|
CGR-8 |
-- |
-- |
| Pak
Oman Investment Co. Ltd. |
|
CGR-9 |
-- |
-- |
| Pakistan
Kuwait Investment Co (Pvt.) Ltd. |
|
CGR-9 |
-- |
-- |
| Security
Papers Ltd. |
|
CGR-8 |
-- |
-- |
| The
Citizens Foundation |
(NPO
Gov Rating) |
GR-8 |
-- |
-- |
| |
|
|
|
|
| Real
Estate Developer Grading |
| Eden
Housing Ltd. |
|
PE 1- |
-- |
-- |
| |
|
|
|
|
| |
|
|
|
|
| Note:
All ratings are as of March 31, 2008, the ratings
of JCR-VIS are subject to change because of
possible time lapse between the given date and
your uses of this publication.
For the latest ratings and other details
visit the web site of JCR-VIS: www.jcrvis.com.pk |
