| 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. |
A+ |
Positive |
A-1+ |
| Al-Zamin
Leasing Modaraba |
A- |
Stable |
A-2 |
| Asian
Housing Finance Ltd. |
BBB- |
Stable |
A-3 |
| Associated
Constructors Ltd. |
BBB- |
Stable |
A-3 |
| B.R.R.
International Modaraba |
A- |
Rating
Watch |
A-2 |
| Coronet
Foods (Pvt.) Ltd. |
A+ |
Stable |
A-1 |
| Crescent
Commercial Bank Ltd. |
BBB |
Rating
Watch |
A-2 |
| Crescent
Standard Investment Bank Ltd. |
-- |
Suspended |
-- |
| Crescent
Steel & Allied Products Ltd. |
A+ |
Stable |
A-1 |
| Crescent
Leasing Corporation Ltd. |
A- |
Rating
Watch |
A-1 |
| English
Biscuit Manufacturers Ltd. |
A+ |
Stable |
A-1 |
| 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. (formerly FCDC) |
BBB+ |
Stable |
A-2 |
| First
Habib Bank Modaraba |
AA- |
Stable |
A-1+ |
| First
National Bank Modaraba |
A- |
Positive |
A-2 |
| 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+ |
Stable |
A-2 |
| Guardiam
Modaraba |
BBB- |
Rating
Watch |
A-2 |
| Habib
Bank AG Zurich
- Pakistan Branches. |
AA+ |
Rating
Watch |
A-1+ |
| Habib
Bank Ltd. |
AA |
Stable |
A-1+ |
| Hira
Textile Mills Ltd. |
BBB+ |
Stable |
A-3 |
| Indus
Dyeing and Manufacturing Co Ltd. |
A |
Stable |
A-2 |
| International
Housing Finance Ltd. |
BBB+ |
Positive |
A-3 |
| Ittehad
Chemicals Ltd. |
A- |
Negative |
A-2 |
| Jamshoro
Joint Venture Ltd. |
A |
Stable |
A-2 |
| Javed
Omer Vohra & Company Ltd. |
BBB |
Rating Watch |
A-3 |
| Kashf
Foundation |
BBB |
Stable |
A-3 |
| Khushhali
Bank |
A- |
Positive |
A-1 |
| Kunjah
Textile Mills Ltd. |
BBB- |
Stable |
A-3 |
| Meezan
Bank Ltd. |
A+ |
Stable |
A-1 |
| MIMA
Leather (Pvt) Ltd. |
BBB- |
Stable |
A-3 |
| Mybank
Bank Ltd. |
BBB |
Stable |
A-2 |
| National
Bank of Pakistan. |
AAA/(AA+)* |
Stable |
A-1+/(A-1+)* |
| National
Foods Ltd |
A+ |
Negative |
A-2 |
| Natover
Lease & Refinance Ltd. |
BBB |
Stable |
A-3 |
| NBP
Capital Ltd. |
A |
Stable |
A-1 |
| Oman
Intl Bank SAOG - Pakistan Branches |
BBB |
Rating Watch |
A-2 |
| Orient
Petroleum Intl. Inc. - Pakistan Branch |
A |
Stable |
A-1 |
| ORIX
Leasing Pakistan Ltd. |
(Public Inf
Rating) |
AA(p) |
-- |
-- |
| Pak
Gulf Leasing Company Ltd. |
BBB+ |
Stable |
A-2 |
| Pakistan
Hotels Developers 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 |
A-1 |
| Reliance
Weaving Mills Ltd. |
BBB+ |
Stable |
A-3 |
| Saif
Textile Mills Ltd. |
A- |
Rating Watch |
A-2 |
| Sapphire
Textile Mills Ltd. |
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd. |
A |
Negative |
A-2 |
| Saudi
Pak Ind & Agricultural Inv Co (Pvt.) Ltd |
AA+ |
Stable |
A-1+ |
| Saudi
Pak Insurance Company Ltd. |
BBB+ |
Stable |
-- |
| Saudi
Pak Leasing Company Ltd. |
A- |
Stable |
A-2 |
| Searle
Pakistan Ltd. |
BBB |
Stable |
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+ |
| Shakarganj
Mills Ltd. |
A- |
Rating Watch |
A-2 |
| Sigma
Leasing Corporation Ltd. |
BBB+ |
Positive |
A-2 |
| SME
Bank Ltd. |
BBB |
Stable |
A-2 |
| SME
Leasing Ltd. |
BBB+ |
Stable |
A-2 |
| Suraj
Cotton Mills Ltd. |
A |
Stable |
A-2 |
| Tauras
Securities Ltd. |
A- |
Stable |
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 |
B |
| Union
Leasing Ltd. |
(Public Inf
Rating) |
A(p) |
-- |
-- |
| United
Bank Ltd. |
AA |
Stable |
A-1+ |
| Zarai
Taraqiati Bank Ltd. |
AAA/(BB+)* |
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 |
| Adamjee
Insurance Company Ltd. |
AA |
Stable |
-- |
| Alpha
Insurance Co. Ltd. |
BBB+ |
Stable |
-- |
| Capital
Insurance Company Ltd. |
BB+ |
Stable |
-- |
| Central
Insurance Company Ltd. |
A |
Stable |
-- |
| Century
Insurance Company Ltd. |
A |
Stable |
-- |
| East
West Insurance Co. Ltd. |
BBB+ |
Stable |
-- |
| EFU
General Insurance Ltd. |
AA |
Stable |
-- |
| Excel
Insurance Company Ltd. |
BBB- |
Positive |
-- |
| National
Insurance Company Ltd. |
AA+ |
Stable |
-- |
| New
Jubilee Insurance Company Ltd. |
AA |
Stable |
-- |
| PICIC
Insurance Ltd. |
A- |
Stable |
-- |
| Premier
Insurance Company of Pakistan Ltd. |
A |
Stable |
|
| Reliance
Insurance Company Ltd. |
A- |
Stable |
-- |
| 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 |
Stable |
-- |
| The
Pakistan General Insurance Co. Ltd |
B+ |
Stable |
-- |
| The
Universal Insurance Company Ltd. |
A- |
Stable |
-- |
| Union
Insurance Company of Pakistan Ltd. |
B |
Stable |
-- |
| |
| TFC
Ratings |
Maturity |
|
|
|
| Al-Noor
Sugar Mills Ltd. |
Aug-07 |
A- |
Stable |
-- |
| Al-Noor
Sugar Mills Ltd. |
(**) |
A- |
Stable |
-- |
| Allied
Bank Ltd. |
(**) |
A |
Positive |
-- |
| Al-Zamin
Leasing Modaraba |
Dec-08 |
A |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Nov-10 |
A |
Stable |
-- |
| Azqard
Nine Ltd. |
Sep-12 |
A+ |
Stable |
-- |
| Crescent
Standard Investment Bank Ltd. |
Jul-07 |
-- |
Suspended |
-- |
| Crescent
Steel & Allied Products Ltd. |
Jan-09 |
AA- |
Stable |
-- |
| Crescent
Leasing Corporation Ltd. |
Perpetual |
A |
Rating
Watch |
-- |
| Crescent
Leasing Corporation Ltd. |
Jul-08 |
A |
Rating
Watch |
-- |
| Escorts
Investment Bank Ltd. |
(**) |
A+ |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| First
National Equities Ltd. |
(**) |
A- |
Stable |
-- |
| Gharbwal
Cement Ltd. |
(**) |
A- |
Stable |
-- |
| Grays
Leasing Ltd. |
(**) |
A- |
Stable |
-- |
| Habib
Bank AG Zurich
- Pakistan Branches. |
(**) |
AA+ |
Rating
Watch |
-- |
| Hira
Textile Mills Ltd. |
Mar-10 |
A |
Stable |
-- |
| Ittehad
Chemicals Ltd. |
Jun-08 |
A |
Negative |
-- |
| Pakistan
Services Ltd. |
Nov-08 |
A- |
Stable |
-- |
| Pharmagen
Ltd. |
Oct-08 |
A- |
Stable |
-- |
| Reliance
Weaving Mills Ltd. |
Feb-07 |
A- |
Stable |
-- |
| Saudi
Pak Commercial Bank Ltd. |
(**) |
A- |
Negative |
-- |
| Searle
Pakistan Ltd |
Mar-10 |
A- |
Stable |
-- |
| Shakarganj
Mills Ltd. |
Sep-06 |
A |
Rating Watch |
-- |
| Sitara
Chemical Industries Ltd. |
Jun-07 |
AA- |
Stable |
-- |
| Telecard
Ltd |
Mar-11 |
BBB |
Rating Watch |
-- |
| Union
Bank Ltd. |
Dec-12 |
A |
Rating Watch |
-- |
| Union
Bank Ltd. |
Feb-13 |
A |
Rating Watch |
-- |
| United
Bank Ltd. |
Aug-12 |
AA- |
Stable |
-- |
| United
Bank Ltd. |
Mar-13 |
AA- |
Stable |
-- |
| United
Bank Ltd. |
Sep-14 |
AA- |
Stable |
-- |
| **
These are preliminary/final ratings.
The TFCs have not yet been issued. |
|
| Securitization
Ratings |
Maturity |
|
|
|
| Development
Securitization Trust |
Feb-07 |
BBB- |
Stable |
-- |
| First
Oil & Gas Securitisation Company Ltd. |
Dec-06 |
A |
Stable |
-- |
| Jamshoro
Joint Venture Ltd. |
Mar-10 |
A+ |
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 |
-- |
-- |
| First
Capital Investment Ltd. |
(Mgmt Quality) |
AM4 |
-- |
-- |
| Faysal
Asset Management Ltd. |
(Mgmt Quality) |
AM3 |
-- |
-- |
| National
Investment Trust Ltd. |
(Mgmt Quality) |
AM2 |
Rating Watch |
-- |
| PICIC
Asset Management Co. Ltd. |
(Mgmt Quality) |
AM2 |
-- |
-- |
| UBL
Fund Managers Ltd |
(Mgmt Quality) |
AM3 |
-- |
-- |
| AMZ
Plus Income Fund |
(Fund Stability) |
A(f) |
-- |
-- |
| Faysal
Income & Growth Fund |
(Fund Stability) |
A+(f) |
-- |
-- |
| United
Money Market Fund |
(Fund Stability) |
A+(f) |
-- |
-- |
|
| Mutual
Fund Performance Rankings |
| Asian
Stocks Fund Ltd. |
MFR-1(s) |
-- |
-- |
| First
Capital Mutual Fund Ltd. |
MFR-4(s) |
-- |
-- |
| Golden
Arrow Selected Stocks Fund Ltd. |
MFR-5(s) |
-- |
-- |
| Meezan
Islamic Fund |
MFR-4(s) |
-- |
-- |
| National
Investment Unit Trust |
MFR-4(s) |
-- |
-- |
| PICIC
Growth Fund |
MFR-3(s) |
-- |
-- |
| PICIC
Investment Fund |
MFR-3(s) |
-- |
-- |
| Safeway
Mutual Fund Ltd. |
MFR-2(s) |
-- |
-- |
|
| Corportate
Governance Ratings |
| 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 |
-- |
-- |
|
| Note:
All ratings are as of September 30, 2006, 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 |
