| 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 |
| Al
Meezan Investment Management Ltd. |
|
A |
Stable |
A-2 |
| Al
Noor Sugar Mills Ltd |
|
BBB+ |
Stable |
A-2 |
| Al-Zamin
Leasing Corporation Ltd. |
|
BBB+ |
Stable |
A-2 |
| Al-Zamin
Leasing Modaraba |
|
A- |
Stable |
A-2 |
| Amtex
Ltd. |
|
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+ |
Rating
Watch - Developing |
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
Steel & Allied Products Ltd. |
|
A+ |
Stable |
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. |
|
A- |
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-3 |
| 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. |
|
BB+ |
Negative |
B |
| 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 |
| Meezan
Bank Ltd. |
|
A+ |
Stable |
A-1 |
| National
Bank of Pakistan. |
|
AAA |
Stable |
A-1+ |
| National
Foods Ltd |
|
A+ |
Stable |
A-2 |
| NBP
Leasing 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 |
| 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- |
Positive |
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+ |
Rating
Watch - Developing |
A-3 |
| Sadaqat
Textile Mills (Pvt) Ltd. |
|
BBB+ |
Stable |
A-3 |
| Saif
Textile Mills Ltd. |
|
BBB+ |
Stable |
A-3 |
| SAMBA
Bank Ltd. |
|
A |
Stable |
A-1 |
| Sapphire
Textile Mills Ltd. |
|
A |
Stable |
A-2 |
| Saudi
Pak Commercial Bank Ltd. |
|
A- |
Stable |
A-3 |
| Saudi
Pak Ind & Agricultural Inv Co (Pvt.) Ltd |
|
AA+ |
Stable |
A-1+ |
| Saudi
Pak Leasing Company Ltd. |
|
BBB+ |
Negative |
A-3 |
| Searle
Pakistan Ltd. |
|
BBB |
Stable |
A-3 |
| Security
Investment Bank Ltd. |
|
A |
Stable |
A-2 |
| Security
Leasing Corporation Ltd. |
|
BBB+ |
Negative |
A-3 |
| 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) |
-- |
-- |
| 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 Ltd |
|
A+ |
Stable |
A-1 |
| The
Punjab Provincial Co-operative Bank Ltd. |
|
CCC |
Rating
Watch - Developing |
C |
| United
Bank Ltd. |
|
AA+ |
Stable |
A-1+ |
| Wateen
Telecom (Pvt) Ltd. |
|
A |
Positive |
A-1 |
| Zarai
Taraqiati Bank Ltd. |
|
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. |
|
BBB+ |
Stable |
-- |
| 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
2014 |
AA- |
Stable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
Perpetual |
A- |
Stable |
-- |
| Al-Zamin
Leasing Corporation Ltd. |
(**) |
A- |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Dec
2008 |
A |
Stable |
-- |
| Al-Zamin
Leasing Modaraba |
Nov
2010 |
A |
Stable |
-- |
| Amtex
Ltd. |
Oct
2012 |
A |
Stable |
-- |
| Avari
Hotel Ltd. |
Nov
2014 |
A- |
Stable |
-- |
| B.
R. R. Guardian Modaraba |
Jul
2014 |
A+ |
Stable |
-- |
| Century
Paper & Board Mills Ltd. |
Sep
2014 |
AA- |
Stable |
-- |
| Crescent
Steel & Allied Products Ltd. |
Jan
2009 |
AA- |
Stable |
-- |
| Eden
Housing Limited |
Dec
2012 |
A |
Stable |
-- |
| Eden
Housing Limited |
Mar
2013 |
A |
Stable |
-- |
| Eden
Housing Limited |
(**) |
A |
Stable |
-- |
| Engro
Foods Ltd. |
(**) |
A- |
Stable |
-- |
| Escorts
Investment Bank Ltd. |
Aug
2011 |
A+ |
Stable |
-- |
| Faysal
Bank Ltd. |
Nov
2014 |
AA- |
Stable |
-- |
| Gharibwal
Cement Ltd. |
Jan
2013 |
BBB |
Rating
Watch - Developing |
-- |
| JDW
Sugar Mills Ltd. |
Jul
2014 |
A |
Stable |
-- |
| KASHF
Foundation |
Jul
2010 |
A |
Stable |
-- |
| KASHF
Foundation |
(**) |
A- |
Stable |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
May
2011 |
D |
-- |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Jul
2012 |
D |
-- |
-- |
| New
Allied Electronics Industries (Pvt) Ltd. |
Nov
2012 |
D |
-- |
-- |
| Pakarab
Fertilizers Ltd |
Feb
2013 |
AA |
Stable |
-- |
| Quetta
Textile Mills Ltd. |
(**) |
A- |
Stable |
-- |
| Sadaqat
Textile Mills (Pvt) Ltd. |
(**) |
A- |
Stable |
-- |
| Saudi
Pak Leasing Company Ltd. |
Mar
2013 |
A- |
Negative |
-- |
| Searle
Pakistan Ltd |
Mar
2011 |
A- |
Stable |
-- |
| Shahmurad
Sugar Mills Ltd |
Sep
2012 |
A- |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Dec
2012 |
AA |
Stable |
-- |
| Standard
Chartered Bank (Pakistan) Ltd |
Feb
2013 |
AA |
Stable |
-- |
| Telecard
Ltd |
May
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 |
-- |
| United
Bank Ltd. |
Dec
2016 |
AA |
Stable |
-- |
| **
These are preliminary/final ratings.
The TFCs/Sukooks have not yet been issued. |
|
| Securitization
Ratings |
Maturity |
|
|
|
| Jamshoro
Joint Venture Ltd. |
Mar
2010 |
AA- |
Stable |
-- |
|
| Mutual
Fund Ratings |
| ABL
Asset Management Ltd. |
Mgmt
Quality |
AM3 |
-- |
-- |
| AKD
Investment Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| Al-Meezan
Investment Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| AMZ
Asset Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| BMA
Asset Management Co. Ltd. |
Mgmt
Quality |
AM2- |
-- |
-- |
| Crosby
Asset Management (Pakistan) Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| Faysal
Asset Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| HBL
Asset Management Ltd. |
Mgmt
Quality |
AM3 |
-- |
-- |
| KASB
Funds Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| National
Asset Management Company Ltd. |
Mgmt
Quality |
AM3- |
-- |
-- |
| National
Fullerton Asset Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| National
Investment Trust Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| Noman
Abid Investment Management |
Mgmt
Quality |
AM3- |
-- |
-- |
| Pak
Oman Asset Management Ltd. |
Mgmt
Quality |
AM-DS |
-- |
-- |
| PICIC
Asset Management Co. Ltd. |
Mgmt
Quality |
AM3- |
Rating
Watch - Developing |
-- |
| UBL
Fund Managers Ltd |
Mgmt
Quality |
AM-DS |
-- |
-- |
| ABL
Income Fund |
Fund
Stability |
A(f) |
-- |
|
| AKD
Income Fund |
Fund
Stability |
A-(f) |
Rating
Watch - Developing |
-- |
| AMZ
Plus Income Fund |
Fund
Stability |
BBB+(f) |
Rating
Watch - Developing |
-- |
| BMA
Chundrigar Road Saving Fund |
Fund
Stability |
A(f) |
Rating
Watch - Developing |
-- |
| Faysal
Income & Growth Fund |
Fund
Stability |
A+(f) |
-- |
-- |
| Faysal
Savings Growth Fund |
Fund
Stability |
A(f) |
-- |
-- |
| Meezan
Islamic Income Fund |
Fund
Stability |
A(f) |
Rating
Watch - Developing |
-- |
| NAFA
Cash fund |
Fund
Stability |
A(f) |
Rating
Watch - Developing |
-- |
| Pak
Oman Advantage Fund |
Fund
Stability |
AA-(f) |
-- |
-- |
| Pak
Oman BOP Advantage Plus Fund |
Fund
Stability |
A(f) |
Rating
Watch - Developing |
-- |
| United
Growth & Income Fund |
Fund
Stability |
A(f) |
Rating
Watch - Developing |
-- |
| United
Money Market Fund |
Fund
Stability |
A+(f) |
Rating
Watch - Developing |
-- |
|
| 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 |
-- |
-- |
| Atlas
Bank Ltd. |
|
CGR-7 |
|
|
| Pak
Oman Investment Co. Ltd. |
|
CGR-9 |
-- |
-- |
| Pakistan
Kuwait Investment Co (Pvt.) Ltd. |
|
CGR-8 |
-- |
-- |
| Security
Papers Ltd. |
|
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 January 1, 2009, 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 |
