| 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. |
|
AA- |
Stable |
A-1+ |
| Al-Zamin
Leasing Modaraba |
|
A- |
Stable |
A-2 |
| Arif
Habib Rupali Bank Ltd. |
|
A |
Rating
Watch |
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+ |
Stable |
A-1 |
| Crescent
Leasing Corporation Ltd. |
|
BBB+ |
Rating
Watch - Developing |
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- |
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 |
|
A- |
Rating
Watch - Positive |
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
& Finance Securities (Pvt) Ltd. |
|
BBB |
Stable |
A-3 |
| Invest
Capital & Securities (Pvt) Ltd. |
|
A- |
Stable |
A-2 |
| Ittehad
Chemicals Ltd. |
|
A- |
Negative |
A-2 |
| Jamshoro
Joint Venture Ltd. |
|
A+ |
Stable |
A-1 |
| 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-2 |
| 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 |
Stable |
A-1+ |
| National
Foods Ltd |
|
A+ |
Stable |
A-2 |
| Natover
Lease & Refinance Ltd. |
|
BBB |
Positive |
A-3 |
| 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 |
Positive |
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+ |
Negative |
A-2 |
| 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 - Positive |
A-1 |
| Reliance
Weaving Mills Ltd. |
|
BBB+ |
Stable |
A-3 |
| Rozgar
Microfinance Bank Ltd. |
|
BB+ |
Stable |
A-3 |
| Saif
Textile Mills Ltd. |
|
A- |
Negative |
A-2 |
| Sapphire
Textile Mills Ltd. |
|
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd. |
|
BBB+ |
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 |
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+ |
| 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
Construction Co (Pvt) Ltd. |
|
A- |
Stable |
A-2 |
| Suraj
Cotton Mills Ltd. |
|
A |
Stable |
A-2 |
| Tameer
Micro Finance Bank Ltd. |
|
A- |
Negative |
A-1 |
| 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 - Developing |
B |
| Union
Leasing Ltd. |
(Public
Inf Rating) |
A(p) |
-- |
-- |
| 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+ |
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 |
-- |
| EFU
Life Assurance Ltd. |
|
A+ |
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 |
-- |
| Saudi
Pak Insurance
Company Ltd. |
|
BBB+ |
Positive |
-- |
| 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 |
Positive |
-- |
| The
Pakistan General Insurance Co. Ltd |
|
BB+ |
Positive |
-- |
| The
Universal Insurance Company Ltd. |
|
A- |
Stable |
-- |
| Union
Insurance Company of Pakistan Ltd. |
|
B |
Stable |
-- |
| |
| TFC
Ratings |
Maturity |
|
|
|
| Al-Noor
Sugar Mills Ltd. |
Aug
2007 |
A- |
Stable |
-- |
| Al-Noor
Sugar Mills Ltd. |
(**) |
A- |
Stable |
-- |
| Allied
Bank Ltd. |
Dec
2014 |
A+ |
Stable |
-- |
| Allied
Bank Ltd. |
(**) |
A+ |
Stable |
|
| Al-Zamin
Leasing Modaraba |
Dec
2008 |
A |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Nov
2010 |
A |
Stable |
-- |
| Amtex
(Pvt) Ltd. |
(**) |
A+ |
Stable |
-- |
| Avari
Hotel Ltd. |
(**) |
A- |
Stable |
-- |
| Azqard
Nine Ltd. |
Sep
2012 |
A+ |
Rating
Watch - Developing |
-- |
| B.
R. R. Guardian Modaraba |
(**) |
A+ |
Stable |
|
| Century
Paper & Board Mills Ltd. |
(**) |
AA- |
Stable |
|
| Crescent
Steel & Allied Products Ltd. |
Jan
2009 |
AA- |
Stable |
-- |
| Crescent
Leasing Corporation Ltd. |
Perpetual |
A- |
Rating
Watch - Developing |
-- |
| Crescent
Leasing Corporation Ltd. |
Jul
2008 |
A- |
Rating
Watch - Developing |
-- |
| Dubai
Islamic Bank Pakistan Ltd. |
(**) |
A |
Stable |
|
| Escorts
Investment Bank Ltd. |
(**) |
A+ |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| Faysal
Bank Ltd. |
(**) |
AA- |
Stable |
-- |
| First
National Equities Ltd. |
(**) |
A- |
Stable |
-- |
| Gharibwal
Cement Ltd. |
(**) |
A- |
Stable |
-- |
| Grays
Leasing Ltd. |
(**) |
A- |
Stable |
-- |
| Ittehad
Chemicals Ltd. |
Jun
2008 |
A |
Negative |
-- |
| Kashf
Foundation |
(**) |
A |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
(**) |
A- |
Stable |
-- |
| Pakarab
Fertilizers Ltd |
(**) |
AA |
Stable |
-- |
| Pakistan
Services Ltd. |
Nov
2008 |
A |
Stable |
-- |
| Saudi
Pak Leasing Company Ltd. |
(**) |
A |
Stable |
-- |
| Searle
Pakistan Ltd |
Mar
2010 |
A- |
Stable |
-- |
| Shahmurad
Sugar Mills Ltd |
(**) |
A- |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Dec
2012 |
AA |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Feb
2013 |
AA |
Stable |
-- |
| Telecard
Ltd |
Mar
2011 |
BBB |
Rating
Watch |
-- |
| United
Bank Ltd. |
Aug
2012 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Mar
2013 |
AA |
Stable |
-- |
| United
Bank Ltd. |
Sep
2014 |
AA |
Stable |
-- |
| **
These are preliminary/final ratings.
The TFCs have not yet been issued. |
| |
| Secured
Debt |
Maturity |
|
|
|
| Standard
Construction Co (Pvt) Ltd. |
(***) |
A- |
Stable |
-- |
| ***
This is a preliminary rating.
The debt has not yet been issued. |
| |
| Securitization
Ratings |
Maturity |
|
|
|
| First
Oil & Gas Securitisation Company Ltd. |
Dec
2006 |
A |
Stable |
-- |
| Jamshoro
Joint Venture Ltd. |
Mar
2010 |
AA- |
Stable |
-- |
| Naimat
Basal Oil & Gas Securitisation Co Ltd |
Apr
2010 |
A+ |
Stable |
-- |
| |
| Mutual
Fund Ratings |
| AKD
Investment Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| AMZ
Asset Management Ltd. |
(Mgmt
Quality) |
AM3+ |
-- |
-- |
| Askari
Asset Management Ltd. |
(Mgmt
Quality) |
AM3 |
-- |
-- |
| Al-Meezan
Investment Management Ltd. |
(Mgmt
Quality) |
AM2 |
-- |
-- |
| BMA
Asset Management Co. Ltd. |
(Mgmt
Quality) |
AM3- |
-- |
-- |
| Crosby
Asset Management (Pakistan) Ltd. |
(Mgmt
Quality) |
AM4- |
-- |
-- |
| First
Capital Investment Ltd. |
(Mgmt
Quality) |
AM4 |
-- |
-- |
| Faysal
Asset Management Ltd. |
(Mgmt
Quality) |
AM3 |
-- |
-- |
| National
Asset Management Company Ltd. |
(Mgmt
Quality) |
AM3- |
-- |
-- |
| National
Fullerton Asset Management Ltd. |
(Mgmt
Quality) |
AM2 |
-- |
-- |
| PICIC
Asset Management Co. Ltd. |
(Mgmt
Quality) |
AM2 |
Rating
Watch - Developing |
-- |
| UBL
Fund Managers Ltd |
(Mgmt
Quality) |
AM2- |
-- |
-- |
| AMZ
Plus Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| Askari
Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| Faysal
Income & Growth Fund |
(Fund
Stability) |
A+(f) |
-- |
-- |
| NAFA
Cash und |
(Fund
Stability) |
A(f) |
-- |
-- |
| Pak
Oman Advantage Fund |
(Fund
Stability) |
AA-(f) |
-- |
-- |
| United
Growth & Income Fund |
(Fund
Stability) |
A(f) |
-- |
-- |
| United
Money Market Fund |
(Fund
Stability) |
A+(f) |
-- |
-- |
| |
| Mutual
Fund Performance Rankings |
| Asian
Stocks Fund Ltd. |
|
MFR-1(s) |
-- |
-- |
| Crosby
Dragon Fund |
|
MFR-3(s) |
-- |
-- |
| Faysal
Balanced Growth Fund |
|
MFR-3(s) |
-- |
-- |
| First
Capital Mutual Fund Ltd. |
|
MFR-3(s) |
-- |
-- |
| Golden
Arrow Selected Stocks Fund Ltd. |
|
MFR-5(s) |
-- |
-- |
| Meezan
Islamic Fund |
|
