| RATING
ROUNDUP |
| 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-Zaminˇ
Leasing Corporation Ltd. |
BBB+ |
ˇStable |
A-2 |
| Al-Zamin
Leasing Modaraba |
A- |
Stable |
A-2 |
| Arif
Habib Bank Ltd. |
A |
Rating
Watch - Developing |
A-2 |
| Arif
Habib Securities Ltd. |
AA |
Stable |
A-1 |
| Asian
Housing Finance Ltd. |
BB+ |
Negative |
B |
| Atlas
Bank Ltd. |
A- |
Rating
Watch - Developing |
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+ |
ˇStable |
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
Capital Ltd. |
A+ |
Rating
Watch - Positive |
A-1 |
| 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.ˇ |
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+ |
|
| Rozgar
Microfinance Bank Ltd. |
BB+ |
Negative |
A-3 |
| Sadaqat
Textile Mills (Pvt) Ltd. |
BBB+ |
Stable |
A-3 |
| Saif
Textile Mills
Ltd.ˇˇˇˇˇˇˇˇˇ |
BBB+ |
Stable |
A-3 |
| Sapphire
Textile Mills Ltd. |
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd.ˇ |
A- |
Stable |
A-3 |
| Saudi
Pak Ind & Agricultural Inv Co (Pvt.) Ltdˇ |
AA+ |
Stable |
A-1+ˇ |
|
| Saudi
Pak Leasing Company Ltd. |
A- |
Negative |
A-2 |
| Searle
Pakistan Ltd. |
BBB |
Stable |
A-3 |
| Security
Investment Bank
Ltd.ˇˇˇˇˇˇˇˇ |
A |
Stable |
A-2ˇ |
| Security
Leasing Corporation Ltd. |
A- |
Negative |
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 Ltdˇ |
A+ |
Stable |
A-1 |
| The
Punjab Provincial Co-operative Bank Ltd. |
CCC |
Rating
Watch - Developing |
C |
|
| United
Bank
Ltd.ˇˇˇˇˇˇˇˇ |
AA+ |
Stable |
A-1+ |
| Wateen
Telecom (Pvt) Ltd. |
A |
Positive |
A-1 |
| Zarai
Taraqiati Bank Ltd.ˇ |
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. |
A- |
Stable |
-- |
| Security
General Insurance Company Ltd. |
A |
Stable |
-- |
| Silver
Star Insurance Company Ltd. |
BBB+ |
Stable |
-- |
| Takaful
Pakistan Ltd. |
A- |
Negative |
-- |
| The
Cooperative Insurance Soc of Pak Ltd |
C |
Stable |
-- |
| The
Crescent Star Insurance Co. Ltd. |
BBB |
Positive |
-- |
| The
Pakistan General Insurance Co. Ltd |
BBB |
Stable |
-- |
| The
Universal Insurance Company Ltd. |
A- |
Negative |
-- |
| UBL
Insurers Ltd. |
A- |
Stable |
-- |
|
| TFC/Sukook
Ratings |
Maturity |
| Allied
Bank Ltd. |
Dec-14 |
AA- |
Stable |
-- |
| Al-Noor
Sugar Mills Ltd. |
(**) |
A- |
ˇStable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
Perpetual |
A- |
ˇStable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
(**) |
A- |
ˇStable |
-- |
| 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- |
ˇStable |
-- |
| Eden
Housing Limited |
Dec-12 |
A |
Stable |
-- |
| Eden
Housing Limited |
Mar-13 |
A |
Stable |
-- |
| Eden
Housing Limited |
(**) |
A |
Stable |
-- |
| Engro
Foods Ltd. |
(**) |
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 |
-- |
| KASHF
Foundation |
(**) |
A- |
Preliminary |
-- |
| New
Allied Electronics (Pvt) Ltd. |
May-11 |
BBB+ |
Negative |
-- |
| New
Allied Electronics (Pvt) Ltd. |
Jul-12 |
BBB+ |
Negative |
-- |
| New
Allied Electronics (Pvt) Ltd. |
Nov-12 |
A- |
Negative |
-- |
| 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. |
Mar-13 |
A |
Negative |
-- |
| Searle
Pakistan Ltd |
Mar-11 |
A- |
Stable |
-- |
| 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. |
| Securitization
Ratings |
Maturity |
| Jamshoro
Joint Venture Ltd. |
Mar-10 |
AA- |
Stable |
-- |
|
| Mutual
Fund Ratings |
| AKD
Investment Management Ltd. |
Mgmt
Quality |
AM3+ |
-- |
-- |
| Al-Meezan
Invest 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 Co Ltd. |
Mgmt
Quality |
AM3- |
-- |
-- |
| National
Fullerton Asset Management Ltd. |
Mgmt
Quality |
AM2 |
-- |
-- |
| National
Investment Trust Ltd. |
Mgmt
Quality |
AM2 |
-- |
-- |
| Noman
Abid Invest Management |
Mgmt
Quality |
AM3- |
-- |
-- |
| 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- |
-- |
-- |
| AKD
Income Fund |
Fund
Stability |
A-(f) |
-- |
-- |
| AMZ
Plus Income Fund |
Fund
Stability |
A(f) |
-- |
-- |
| BMA
Chundrigar Road Saving 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-5(s) |
MFR-5(s) |
-- |
| Asian
Stocks Fund Ltd. |
MFR-1(s) |
MFR-4(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-3(s) |
-- |
-- |
| National
Investment Unit Trust |
MFR-3(s) |
MFR-4(s) |
-- |
| PICIC
Energy Fund |
MFR-5(s) |
MFR-2(s) |
|
| PICIC
Growth Fund |
MFR-2(s) |
MFR-1(s) |
-- |
| PICIC
Investment Fund |
MFR-3(s) |
MFR-1(s) |
-- |
| Safeway
Mutual Fund Ltd. |
MFR-1(s) |
MFR-4(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.ˇˇˇˇˇˇˇˇˇ |
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 September 30, 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 |
