| 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 |
| Al
Meezan Investment Management Ltd. |
A |
Stable |
A-2 |
| Al
Noor Sugar Mills Ltd |
BBB+ |
Stable |
A-2 |
| Al-Zamin’
Leasing Corporation Ltd. |
BBB+ |
’Stable |
A-2 |
| Al-Zamin
Leasing Modaraba |
A- |
Stable |
A-2 |
| Arif
Habib Bank Ltd. |
A |
Stable |
A-2 |
| Arif
Habib Securities Ltd. |
AA |
Stable |
A-1 |
| Asian
Housing Finance Ltd. |
BB+ |
Negative |
B |
| Atlas
Bank Ltd. |
A- |
Stable |
A-2 |
| B.R.R.
Guardian Modaraba |
A |
Stable |
A-2 |
| Century
Paper & Board Mills Ltd. |
A- |
Stable |
A-2 |
| Crescent
Commercial Bank Ltd. |
A |
Stable |
A-1 |
| Crescent
Steel & Allied Products Ltd. |
A+ |
’Stable |
A-1 |
| Dawood
Islamic Bank Ltd. |
A- |
Stable |
A-2 |
| Dubai
Islamic Bank Pakistan Ltd. |
A |
Stable |
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
Habib Bank Modaraba |
AA- |
Stable |
A-1+ |
| First
National Bank Modaraba |
A+ |
Stable |
A-1 |
| First
Paramount Modaraba |
BBB- |
Stable |
A-3 |
| Gharibwal
Cement Ltd. |
BB+ |
Rating Watch -
Developing |
A-3 |
| Grays
Leasing Ltd. |
BBB+ |
Negative |
A-2 |
| Habib
Bank Ltd. |
AA+ |
Stable |
A-1+ |
| Indus
Dyeing and Manufacturing Co Ltd. |
A |
Stable |
A-2 |
| Invest
Capital Investment Bank Ltd. |
A- |
Positive |
A-2 |
| Ittehad
Chemicals Ltd. |
A- |
Stable |
A-2 |
| Jamshoro
Joint Venture Ltd. |
A+ |
Stable |
A-1 |
| Javed
Omer Vohra & Company Ltd. |
BBB- |
Stable |
A-3 |
| JDW
Sugar Mills Limited |
A- |
Stable |
A-2 |
| KASB
Modarba |
BBB |
Stable |
A-3 |
| KASHF
Foundation |
BBB+ |
Stable |
A-3 |
| Khushhali
Bank Ltd. |
A- |
Stable |
A-1 |
| Kunjah
Textile Mills Ltd. |
BBB |
Stable |
A-3 |
| Meezan
Bank Ltd. |
A+ |
Stable |
A-1 |
| National
Bank of Pakistan.’ |
AAA |
Stable |
A-1+ |
| National
Foods Ltd |
A+ |
Stable |
A-2 |
| NBP
Capital Ltd. |
A |
Stable |
A-2 |
| Oil
and Gas Development Company Ltd. |
AAA |
Stable |
A-1+ |
| Oman
Intl Bank SAOG - Pakistan Branches |
BBB |
Stable |
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+ |
| Pak
Oman Microfinance Bank Ltd. |
BBB+ |
Negative |
A-3 |
| 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+ |
| Reliance
Weaving Mills Ltd.’’’’’’’’’ |
BBB+ |
Stable |
A-3 |
| Rozgar
Microfinance Bank Ltd. |
BB+ |
Negative |
A-3 |
| Sadaqat
Textile Mills (Pvt) Ltd. |
BBB+ |
Stable |
A-3 |
| Saif
Textile Mills Ltd.’’’’’’’’’ |
BBB+ |
Stable |
A-3 |
| Sapphire
Textile Mills Ltd. |
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd.’ |
A- |
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 |
Rating Watch -
Developing |
A-3 |
| SME
Leasing Ltd. |
A- |
Stable |
A-2 |
| Standard
Chartered Bank (Pakistan) Ltd. |
AA+ |
Stable |
A-1+ |
| Standard
Chartered Leasing Ltd. |
Public Inf Rating |
A(p) |
-- |
-- |
| Standard
Construction Co (Pvt) Ltd. |
A- |
Rating Watch -
Developing |
A-2 |
| Tameer
Micro Finance Bank Ltd. |
A- |
Negative |
A-3 |
| Tauras
Securities Ltd. |
A- |
Negative |
A-2 |
| The
Bank of Khyber. |
BBB+ |
Stable |
A-2 |
| The
First Micro FinanceBank Ltd’ |
A+ |
Stable |
A-1 |
| The
Punjab Provincial Co-operative Bank Ltd. |
CCC |
Rating Watch -
Developing |
C |
| United
Bank Ltd.’’’’’’’’ |
AA+ |
Stable |
A-1+ |
| Wateen
Telecom (Pvt) Ltd. |
A |
Positive |
A-1 |
| Zarai
Taraqiati Bank Ltd.’ |
AAA/(B+)* |
Stable/(Stable)* |
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 |
-- |
| Security
General Insurance Company Ltd. |
A |
Stable |
-- |
| Silver
Star Insurance Company Ltd. |
BBB+ |
Stable |
-- |
| Takaful
Pakistan 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 |
-- |
| UBL
Insurers Ltd. |
A- |
Stable |
-- |
|
| TFC/Sukook
Ratings |
Maturity |
|
|
|
| Allied
Bank Ltd. |
Dec-14 |
AA- |
Stable |
-- |
| Al-Noor
Sugar Mills Ltd. |
(**) |
A- |
’Stable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
Perpetual |
A- |
’Stable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
(**) |
A- |
’Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Dec-08 |
A |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Nov-10 |
A |
Stable |
-- |
| Amtex
Ltd. |
Oct-12 |
A |
Stable |
-- |
| Avari
Hotel Ltd. |
Nov-14 |
A- |
Stable |
-- |
| B.
R. R. Guardian Modaraba |
Jul-14 |
A+ |
Stable |
-- |
| Century
Paper & Board Mills Ltd. |
Sep-14 |
AA- |
Stable |
-- |
| Crescent
Steel & Allied Products Ltd. |
Jan-09 |
AA- |
’Stable |
-- |
| Eden
Housing Limited |
Dec-12 |
A |
Stable |
-- |
| Eden
Housing Limited |
Mar-13 |
A |
Stable |
-- |
| Escorts
Investment Bank Ltd. |
Aug-11 |
A+ |
Stable |
-- |
| Faysal
Bank Ltd. |
Nov-14 |
AA- |
Stable |
-- |
| Gharibwal
Cement Ltd. |
Jan-13 |
BBB |
Rating Watch -
Developing |
-- |
| JDW
Sugar Mills Ltd. |
Jul-14 |
A |
Stable |
-- |
| KASHF
Foundation |
Jul-10 |
A |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
May-11 |
A- |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Jul-12 |
A- |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Nov-12 |
A |
Stable |
-- |
| Pakarab
Fertilizers Ltd |
Feb-13 |
AA |
Stable |
-- |
| Pakistan
Services Ltd. |
Nov-08 |
A |
Stable |
-- |
| Quetta
Textile Mills Ltd. |
(**) |
A- |
Stable |
-- |
| Sadaqat
Textile Mills (Pvt) Ltd. |
(**) |
A- |
Stable |
-- |
| Saudi
Pak Leasing Company Ltd. |
(**) |
A |
Stable |
-- |
| Searle
Pakistan Ltd |
Mar-11 |
A- |
Rating Watch -
Developing |
-- |
| Shahmurad
Sugar Mills Ltd |
Sep-12 |
A- |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Dec-12 |
AA |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Feb-13 |
AA |
Stable |
-- |
| Telecard
Ltd |
May-11 |
BBB |
Rating Watch |
-- |
| United
Bank Ltd. |
Aug-12 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Mar-13 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Sep-14 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Dec-16 |
AA |
Stable |
-- |
| **
These are preliminary/final ratings.
The TFCs/Sukooks 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 |
|
|
|
| Jamshoro
Joint Venture Ltd. |
Mar-10 |
AA- |
Stable |
-- |
| Naimat
Basal Oil & Gas Securitisation Co Ltd |
Apr-10 |
A+ |
Stable |
-- |
|
| Mutual
Fund Ratings |
| AKD
Investment Management Ltd. |
Mgmt Quality |
AM3+ |
-- |
-- |
| Al-Meezan
Investment Management Ltd. |
Mgmt Quality |
AM2 |
-- |
-- |
| AMZ
Asset Management Ltd. |
Mgmt Quality |
AM3+ |
-- |
-- |
| BMA
Asset Management Co. Ltd. |
Mgmt Quality |
AM2- |
-- |
-- |
| Crosby
Asset Management (Pakistan) Ltd. |
Mgmt Quality |
AM4- |
-- |
-- |
| Faysal
Asset Management Ltd. |
Mgmt Quality |
AM3+ |
-- |
-- |
| HBL
Asset Management Ltd. |
Mgmt Quality |
AM3 |
-- |
-- |
| KASB
Funds Ltd. |
Mgmt Quality |
AM2- |
-- |
-- |
| National
Asset Management Company Ltd. |
Mgmt Quality |
AM3- |
-- |
-- |
| National
Fullerton Asset Management Ltd. |
Mgmt Quality |
AM2 |
-- |
-- |
| National
Investment Trust 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+ |
-- |
-- |
| AKD
Income Fund |
Fund Stability |
A-(f) |
-- |
-- |
| AMZ
Plus Income Fund |
Fund Stability |
A(f) |
-- |
-- |
| Faysal
Income & Growth Fund |
Fund Stability |
A+(f) |
-- |
-- |
| Faysal
Savings Growth Fund |
Fund Stability |
A(f) |
-- |
-- |
| Meezan
Islamic Income Fund |
Fund Stability |
A(f) |
-- |
-- |
| NAFA
Cash fund |
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 |
One
Year Ranking |
Two
Year Ranking |
| AKD
Opportunity Fund |
MFR-3(s) |
-- |
-- |
| Asian
Stocks Fund Ltd. |
MFR-4(s) |
MFR-2(s) |
-- |
| Crosby
Dragon Fund |
MFR-5(s) |
MFR-5(s) |
-- |
| Faysal
Balanced Growth Fund |
MFR-4(s) |
-- |
-- |
| Golden
Arrow Selected Stocks Fund Ltd. |
MFR-4(s) |
MFR-5(s) |
-- |
| Meezan
Islamic Fund |
MFR-5(s) |
-- |
-- |
| NAFA
Cash Fund |
-- |
MFR-5(s) |
-- |
| NAFA
Multi Asset Fund |
MFR-5(s) |
-- |
-- |
| NAFA
Stock Fund |
MFR-5(s) |
-- |
-- |
| National
Investment Unit Trust |
MFR-5(s) |
MFR-5(s) |
-- |
| PICIC
Growth Fund |
MFR-2(s) |
MFR-1(s) |
-- |
| PICIC
Investment Fund |
MFR-2(s) |
MFR-3(s) |
-- |
| Safeway
Mutual Fund Ltd. |
MFR-5(s) |
MFR-2(s) |
-- |
| United
Stock Advantage Fund |
MFR-4(s) |
-- |
-- |
|
| Corportate
Governance Ratings |
| Allied
Bank Ltd. |
CGR-8 |
-- |
-- |
| Pak
Oman Investment Co. Ltd. |
CGR-9 |
-- |
-- |
| Pakistan
Kuwait Investment Co (Pvt.) Ltd. |
|
CGR-8 |
-- |
-- |
| 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 July 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 |
