2026-07-29

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Holding Company Rating Criteria and Methodology

The document establishes the credit rating scale and definitions for Holding Company Rating, alongside Broker Entity, Corporate, Debt Instrument, Financial Institution, Independent Power Producer, Microfinance Institution, and Non-Banking Finance Company ratings. It defines long-term ratings from AAA to D and short-term ratings from A1+ to A4, specifying the credit quality and default likelihood associated with each grade. The text outlines rating modifiers including Stable, Positive, Negative, and Developing outlooks, as well as Rating Watch, Suspension, and Withdrawal procedures, noting that a suspended rating is considered withdrawn if not resumed within six months. PACRA conducts ongoing surveillance with comprehensive reviews at least every six months, and the scale is applicable to the listed entity types under the specified methodologies.

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The Pakistan Credit Rating Agency

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