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Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
Adamjee Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating AA-
ON RATING WATCH
Bhanero Textile Mills Ltd.
Entity (medium to long term) A
Entity (short term) A-1
Outlook Stable
Meezan Bank Ltd.
Entity (medium to long term) A+
Entity (short term) A-1+
Outlook Stable
Altowfeek Investment Bank Ltd.
Entity (medium to long term) B
Entity (short term) B
DOWNGRADE ON RATING WATCH
Al-Zamin Leasing Modaraba
Entity (medium to long term) BBB
Entity (short term) A-3
Outlook Stable
B.R.R. International Modaraba
Entity (medium to long term) A-
Entity (short term) A-2
Outlook Stable
Bank of Ceylon Ltd. ñ Karachi Branch
Entity (medium to long term) BBB-
Entity (short term) A-3
ON RATING WATCH
The Bank of Khyber Ltd.
Entity (medium to long term) BBB
Entity (short term) A-2
Outlook Stable
Bolan Bank Ltd.
Entity (medium to long term) BB+
Entity (short term) A-3
Outlook Positive
Capital Assets Leasing Corporation Ltd.
Entity (medium to long term) BB+
Entity (short term) B
ON RATING WATCH
Century Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating A
Outlook Stable
Crescent Leasing Corp. Ltd.
Entity (medium to long term) A+
Entity (short term) A-1
Outlook Stable
TFC-2 (Rs. 250m) ñ Final Rating AA-
Outlook Stable
Crescent Steel & Allied Products Ltd.
Entity (medium to long term) A
Entity (short term) A-1
Outlook Stable
Delta Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating Suspended
Dewan Salman Fibre Ltd.
Entity (medium to long term) A
Entity (short term) A-2
Outlook Stable
TFC-1 (Rs. 700m, 5 years) A+
Outlook Stable
TFC-2 (Rs. 1.6bn, 4 years) A+
Outlook Stable
EFU General Insurance Ltd.
Insurer Financial Strength (IFS) Rating AA-
Outlook Stable
Engro Asahi Polymer & Chemicals Ltd.
TFC-1 (Rs. 500m, 5 years) A
Outlook Stable
Escorts Investment Bank Ltd.
Entity (medium to long term) BBB+
Entity (short term) A-2
Outlook Stable
Excel Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating BB-
Outlook Positive
Faysal Bank Ltd.
Entity (medium to long term) AA-
Entity (short term) A-1
Outlook Stable
First Paramount Modaraba
Entity (medium to long term) BBB-
Entity (short term) A-3
Outlook Stable
Grays Leasing Ltd.
Entity (medium to long term) BBB+
Entity (short term) A-2
Outlook Stable
Equity PE-3+
Outlook Stable
Gulshan Spinning Mills Limited
TFC-1 A
Outlook Stable
Gulistan Spinning Mills Limited
TFC-1 A
Outlook Stable
Habib Bank AG Zurich ñ Pakistan Branches
Entity (medium to long term) AA+
Entity (short term) A-1+
Outlook Stable
Habib Bank Limited
Entity (medium to long term) AAA
Entity (short term) A-1+
Standalone Entity (medium to long term) A
Standalone Entity (short term) A-1
ON RATING WATCH
International Housing Finance Company Ltd.
Entity (medium to long term) BBB
Entity (short term) A-3
Bank Finance Rating A
ON RATING WATCH
Ittehad Chemicals Ltd.
Entity (medium to long term) A-
Entity (short term) A-1
TFC-1 ñ Preliminary Rating A
Outlook Stable
Jupiter Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating BB-
Outlook Stable
Mashreq Bank psc. ñ Pakistan Branches
Entity (medium to long term) A
Entity (short term) A-1
ON RATING WATCH
Muslim Commercial Bank Limited
TFC-1 (Rs. 2.5bn, 5 years) A+
Outlook Stable
National Bank of Pakistan
Entity (medium to long term) AAA
Entity (short term) A-1+
Outlook Stable
Standalone Entity (medium to long term) AA-
Standalone Entity (short term) A-1+
Outlook Positive
Oman International Bank S.A.O.G. ñ Pakistan Branches
Entity (medium to long term) BBB
Entity (short term) A-2
Outlook Stable
Pak-Gulf Leasing Company Ltd.
Entity (medium to long term) BBB
Entity (short term) A-3
Outlook Stable
Pak Libya Holding Company (Pvt.) Ltd.
Entity (medium to long term) AA
Entity (short term) A-1+
Outlook Stable
Pakistan Kuwait Investment Company (Pvt.) Ltd.
Entity (medium to long term) AAA
Entity (short term) A-1+
Outlook Stable
Corporate Governance Rating CGR-8
Paramount Leasing Ltd.
Entity (medium to long term) A-
Entity (short term) A-1
TFC-1 (Rs. 250m, 4 years) A+
TFC-2 (Rs. 300m, 3 years) A
COIs (Rs. 100m, 3 years) ñ Preliminary Rating A
Outlook Stable
Paramount Spinning Mills Limited
TFC-1 A+
Outlook Stable
Platinum Commercial Bank Limited
Entity (medium to long term) BB+
Entity (short term) B
ON RATING WATCH
PICIC Commercial Bank Ltd.
Entity (medium to long term) A
Entity (short term) A-1
Outlook Stable
The Punjab Provincial Co-operative Bank Ltd.
Entity (medium to long term) BBB-
Entity (short term) A-3
Outlook Stable
Quetta Textile Mills Limited
TFC-1 (Rs. 750m, 5 years) A-
Outlook Stable
Raja Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating Suspended
Reliance Weaving Mills Limited
Entity (medium to long term) BBB+
Entity (short term) A-3
TFC-1 (Rs. 150m, 5 years) A-
Outlook Stable
Saudi Pak Ind. and Agricultural Investment Company (Pvt.) Ltd.
Entity (medium to long term) AA+
Entity (short term) A-1+
Outlook Negative
Saudi Pak Leasing Co. Ltd.
Entity (medium to long term) A
Entity (short term) A-1
TFC-1 (matured) A+
Proposed TFC-2 (Rs. 400m, 5 years) ñ Preliminary A+
Outlook Negative
Security Investment Bank Limited
Entity (medium to long term) A
Entity (short term) A-1
Outlook Stable
Security Leasing Corporation Ltd.
Entity (medium to long term) BBB+
Entity (short term) A-2
TFC-1 A
TFC-2 A
Outlook Positive
Shakarganj Mills Ltd.
Entity (medium to long term) A-
Entity (short term) A-2
TFC-1 (Rs. 250m, 4 years) A+
TFC-2 (Rs. 200m, 4 years) A
Outlook Stable
Sigma Leasing Corporation Ltd.
Entity (medium to long term) BBB+
Entity (short term) A-2
Outlook Stable
Sitara Chemical Industries Ltd.
TFC-1 (Rs. 360m, 5 years) AA-
Outlook Stable
United Bank Limited
Entity (medium to long term) A
Entity (short term) A-1
Outlook Positive
For more details: www.jcrvis.com.pk