Government of pakistan securities and exchange commission of pakistan notification

19. 
Transparency and Timeliness.- (1), A credit rating company shall, where feasible 
and appropriate, prior to issuing or revising a rating inform the issuer of the critical information
41 Substituted for the text “review all the outstanding ratings on semiannual basis or upon occurrence of such an event which 
requires to do so” vide S.R.O. 1755(I)/2022 dated September 19, 2022
42
Substituted for the text “Provided that public dissemination of semi-annual review will be required only in case of any change in 
the underlying rating” vide S.R.O. 1755(I)/2022 dated September 19, 2022

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and principal considerations upon which a rating will be based and provide the issuer an 
opportunity to clarify any likely factual misperception or other matter that the credit rating 
company must know in order to produce a fair rating;
  
(2) 
The credit rating company shall indicate with each of its ratings when the rating 
was last updated and each rating announcement should also indicate the principal methodology 
that was used in determining the rating and where a description of that methodology can be found:
Provided that where the rating is based on more than one methodology, or where a review 
of only the principal methodology might cause investors to overlook other important aspects of the 
rating, the credit rating company shall explain this in the rating announcement and explain how the 
different methodologies and other important aspects factored into the rating decision can be found; 
and
(3) 
A credit rating company shall conduct industry specific studies, at least on annual 
basis, and disseminate findings of such studies on its website 
43
[ ] within five working days. The 
report should contain macro-economic view followed by the specific industry and then any specific 
event related to that industry;