Regulatory Alerts2026-01-30
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PACRA Transition and Default Study CY16-CY25
Issued by the Pakistan Credit Rating Agency Limited, this study evaluates rating stability and default performance across calendar years 2016 to 2025, fulfilling SECP regulatory mandates. The analysis reveals a persistent zero percent entity default rate since 2016 and a mean rating migration from “AA” to “A” as the portfolio expanded, with targeted upgrades concentrated in Energy, Banking, and Infrastructure sectors. By delivering withdrawal-adjusted static pools alongside one-, three-, five-, and ten-year transition matrices, the report quantifies rating migration patterns, upgrade-downgrade frequencies, and time-to-default for both corporate and financial institution issuers.
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