The Pakistan Credit Rating Agency Limited

Utilizing decades of industry experience and functional expertise, PACRA seeks to be an agent of change, developing insightful risk solutions, transforming both the rating business and the industry in line with the best practices. Being the first rating agency in Pakistan, PACRA carries the onus of leadership. Hence, innovation and evolution in process and practices are defining attributes. PACRA is in the business to evaluate the capacity and willingness of an obligor to honor its financial obligations. Its credit rating opinion reflects an independent, professional and impartial assessment of the credit risk associated with a particular debt instrument or an entity. By providing a measurement of risk, this facilitates investors in making prudent investment decisions.



June 15, 1994 - a joint venture agreement is signed between International Finance Corporation (IFC) , Fitch Ratings , and Lahore Stock Exchange. This agreement heralded the creation of Pakistan’s first credit rating agency, the Pakistan Credit Rating Agency Limited (PACRA) on August 18, 1994. Introducing credit ratings at a time when even the concept of free capital market was not well-rooted in the country was no easy feat; however, PACRA accomplished just that. PACRA announced its first opinion in less than three months. PACRA fast gained a recognition on the perceived value and integrity of its opinion. During the initial years, PACRA relied heavily upon its technical partner, Fitch Ratings. The technical collaboration with a global rating agency ensured that PACRA developed a high quality rating process. This remained intact even after the mutually agreed decision in 2002 to terminate the said arrangement. Today, PACRA is recognized as a national rating agency by apex regulators of the country, the Securities and Exchange Commission of Pakistan and an external credit assessment institution (ECAI) by the State Bank of Pakistan. It has a vibrant presence in the region. In 2010, PACRA moved across borders and started providing technical collaboration to National Credit Ratings in Bangladesh. PACRA is one of founding members of Association of Credit Rating Agencies in Asia (ACRAA).

PACRA is Pakistan's leading credit rating agency. We distinct ourselves through timeliness and independence of our opinions.