| Publicly
Notified Ratings by JCR-VIS Credit Rating Company
LIMITED |
| ISSUE
/ ISSUER |
MEDIUM
TO |
OUTLOOK |
SHORT |
|
| |
LONG
TERM |
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-ZaminÊ
Leasing Corporation Ltd. |
BBB+ |
ÊStable |
A-2 |
|
| Al-Zamin
Leasing Modaraba |
A- |
Stable |
A-3 |
|
| Arif
Habib Rupali Bank Ltd. |
A |
Rating
Watch - Developing |
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+ |
ÊStable |
A-1 |
|
| 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
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 |
|
| Gharibwal
Cement Ltd. |
BBB |
Stable |
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 |
|
| International
Housing Finance Ltd. |
BBB+ |
Rating
Watch - Developing |
A-3 |
|
| Invest
Capital & Securities (Pvt) Ltd. |
A- |
Rating
Watch - Developing |
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 |
|
| 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-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+ |
|
| 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 |
|
| Saif
Textile Mills Ltd. |
A- |
Negative |
A-2 |
|
| Sapphire
Textile Mills Ltd. |
A |
Stable |
A-2 |
|
| Saudi
Pak Commercial Bank Ltd. |
BBB+ |
Rating
Watch - Developing |
A-3 |
|
| Saudi
Pak Ind & Agricultural Inv Co (Pvt.) Ltd |
AA+ |
Stable |
A-1+Ê |
|
| 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-1Ê |
|
| 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
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
Bank of Punjab |
AA- |
Stable |
A-1 |
|
| The
First Micro FinanceBank Ltd |
A+ |
Stable |
A-1 |
|
| The
Punjab Provincial Co-operative Bank Ltd. |
BB+ |
Rating
Watch - Developing |
B |
|
| 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 |
-- |
|
| 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
Ratings |
Maturity |
|
|
|
| Allied
Bank Ltd. |
Dec-14 |
A+ |
Stable |
-- |
| Allied
Bank Ltd. |
(**) |
A+ |
Stable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
Perpetual |
A- |
ÊStable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
Jul-08 |
A- |
ÊStable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
(**) |
A- |
ÊStable |
-- |
| 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 |
(**) |
A+ |
Stable |
-- |
| Century
Paper & Board Mills Ltd. |
Sep-14 |
AA- |
Stable |
-- |
| Crescent
Steel & Allied Products Ltd. |
Jan-09 |
AA- |
ÊStable |
-- |
| 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. |
(**) |
AA- |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| Gharibwal
Cement Ltd. |
Jan-13 |
A- |
Stable |
-- |
| Grays
Leasing Ltd. |
(**) |
A- |
Negative |
-- |
| Ittehad
Chemicals Ltd. |
Jun-08 |
A |
Stable |
-- |
| JDW
Sugar Mills Ltd. |
(**) |
A |
Stable |
-- |
| KASHF
Foundation |
(**) |
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 |
-- |
| 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 |
-- |
| 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. |
(**) |
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 |
|
|
|
| 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- |
-- |
-- |
| Faysal
Asset Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| First
Capital Investment Ltd. |
(Mgmt
Quality) |
AM4 |
-- |
-- |
| 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+ |
-- |
-- |
| AKD
Income Fund |
(Fund
Stability) |
A-(f) |
-- |
-- |
| 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 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 |
| AKD
Opportunity Fund |
MFR-3(s) |
|
|
| Asian
Stocks Fund Ltd. |
MFR-4(s) |
-- |
-- |
| Crosby
Dragon Fund |
MFR-5(s) |
-- |
-- |
| Faysal
Balanced Growth Fund |
MFR-4(s) |
-- |
-- |
| First
Capital Mutual Fund Ltd. |
MFR-3(s) |
-- |
-- |
| Golden
Arrow Selected Stocks Fund Ltd. |
MFR-4(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) |
-- |
-- |
| PICIC
Growth Fund |
MFR-2(s) |
-- |
-- |
| PICIC
Investment Fund |
MFR-3(s) |
-- |
-- |
| Safeway
Mutual Fund Ltd. |
MFR-5(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-9 |
-- |
-- |
| Security
Papers Ltd. |
CGR-8 |
-- |
-- |
| The
Citizens Foundation |
(NPO
Gov Rating) |
GR-8 |
-- |
-- |
| Real
Estate Developer Grading |
| Eden
Housing Ltd. |
PE 1- |
-- |
-- |
