Government of pakistan securities and exchange commission of pakistan notification

participation by the entity/issuer, its management, its creditors and its 
auditors in the credit rating process;
37
[(vi) assumptions and rationale for the rating assigned, the risk factors considered 
in the assessment and critical financial information of the entity 
38
[
except 
for a public unlisted company or a private company which is not otherwise 
required to make such public disclosure under any other regulatory framework
] 
covering at least paid-up capital, equity, revenue, profit/(loss) before tax, 
profit/(loss) after tax, cash flow position, debt to equity ratio and current 
ratio;]
(vii) 
the probability of default in case of unforeseen event or any inherent risk;
(viii) where relevant, the benchmarks used, any sensitivity analyses performed 
and its results, comparative analyses made with other industries or 
companies and credit enhancements;
37
Substituted for the text “(vi) assumptions and rationale for the rating assigned and the risk factors considered in the assessment” 
vide S.R.O. 1223(I)/2019 dated October 10, 2019. 
38
Inserted vide S.R.O. 582(I)/2020 dated June 29, 2020 

---

Page 25 of 54 
(ix) 
history of the rating for at least five years in case of entity rating and for the 
full tenure in case of instrument rating; and
(x) 
a statement by the analysts that rating is just an opinion about the 
creditworthiness of the entity and does not constitute recommendation to 
buy, hold or sell any security of the entity rated or to buy, hold or sell the 
security rated, as the case may be.
(g) 
all criteria, methodologies, policies and disclosures as prescribed at Annexure G 
and Annexure H; and
(h) 
all rating review reports of the outstanding issues within five days of the notification 
of the review.