PACRA was established in 1994 as a joint venture among IBCA Limited (the international credit rating agency), International Finance Corporation (IFC) and the Lahore Stock Exchange. The first credit rating agency in Pakistan, PACRA is widely acknowledged for its professionalism and integrity. To date, PACRA has completed well over a hundred ratings, including major industrial corporates, financial institutions and debt instruments. In addition to local ratings, PACRA has also successfully completed two international rating assignments in collaboration with Fitch. PACRA is geared to provide a full range of credit rating services. This includes the rating of corporate entities and fixed income instruments. The ownership and management structure of PACRA ensures complete independence from any direct or indirect control of the Government, any private sector business group or financial institution. A rating assigned by the rating committee, which includes senior management of PACRA, reflects PACRA's objectively formed opinion of credit risk. Other rating reviews carried out by PACRA include Financial Strength ratings of modarabas, Mutual Fund ratings and Insurer Financial Strength (IFS) ratings for insurance companies.
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