A. ENTIY RATINGS Minimun Rating Fee
i. COMMERCIAL BANKS
Small Banks (Having total assets < 2% of overall banking assets) PKR 600,000
Medium Banks (Having total assets < 5% ≥ 2% of overall banking assets) PKR 800,000
Large Banks (Having total assets ≥ 5% of overall banking assets) PKR 1,000,000
ii. MICROFINANCE FINANCE BANKS
Small Banks PKR 350,000
Large Banks (Usually the banks having nation-wide license) PKR 500,000
iii. NON BANKING FINANCIAL INSTITUTIONS /DFI
(Leasing Company / Investment Bank / Brokerage / House Finance Company/Modaraba)
Small Entity (Having equity of upto PKR 1.0bln) PKR 350,000
Large Entity (Having equity of > PKR 1.0bln) PKR 500,000
iv. MODARABA
Small Modaraba PKR 350,000
Large Modaraba PKR 500,000
v. INSURER FINANCIAL STRENGTH (IFS) RATING OF INSURANCE COMPANY
Small (Having GPW of < PKR 1.0 bln) PKR 350,000
Large (Having GPW of ≥ PKR 1.0 bln) PKR 500,000
vi. CORPORATE
Small Company PKR 350,000
Medium Company PKR 500,000
Large Company PKR 600,000-750,000
B. REAL ESTATE PROJECT GRADING
Small (Project upto PKR 1.0 bln) PKR 350,000
Medium (Project ≥ PKR 1.0 bln < PKR 5.0 bln ) PKR 500,000
Large (Project ≥ PKR 5.0 bln) PKR 750,000
C. INSTRUMENT RATING
i.Long-Term Debt Instrument (TFCs, Sukuks, Structured Finance, Sub-ordinate Debt, etc.)
ii. Short Term Debt Instrument (Short-Term TFCs / Sukuks, Commercial Paper etc.)
The rating fee depends upon the issue size subject to a minimum fee of PKR 300,000
Instrument amount up to PKR 1.0 bln 10 bps of the issue amount, subject to a minimum of PKR 300,000
Over PKR 1.0 bln and up to PKR 3.0 bln PKR 1,000,000 plus 5.0 bps of the amount exceeding PKR 1.0 bln
Over PKR 3.0 bln and up to PKR 7.0 bln PKR 2,000,000 plus 2.0 bps of the amount exceeding PKR 3.0 bln
Over 7.0 bln and up to 15.0 bln PKR 2,800,000 plus 1.0 bps o f the amount exceeding 7.0 bln
Over 15.0 bln PKR 3,600,000 plus 0.75 bps of the amount exceeding 15.0 bln
D. ASSET MANAGEMENT
i. ASSET MANAGER RATING
Small AM (Having AUM of < PKR 10.0 bln) PKR 350,000
Large AM (Having AUM of ≥ PKR 10.0 bln) PKR 500,000
ii. MUTUAL FUND
1 basis point (bps) of the Net Asset Value at the end of the latest financial year, subject to following minimum and maximum;
Minimun           Maximum
Capital Protection Rating PKR 100,000     PKR 200,000
Fund Stability Rating PKR 150,000     PKR 250,000
Fund Performance Ranking PKR 100,000     PKR 200,000
E. INDICATIVE RATINGS
Indicative ratings – merely indicate the rating band or category in which the entity’s long-term rating is likely to fall, if a formal rating review were to be conducted. These are not meant for public dissemination and are for the consumption of the management of the entity. PACRA charges 50% of the formal rating fee for Indicative rating. This fee is adjustable against the formal rating fee, in case the entity so desires within 3 months of indicative rating.
F. FREQUENT ISSUER AND MULTI-YEAR FEE ARRANGEMENT
PACRA may consider alternative fee arrangements for volume issuers and other entities that want multi-year ratings services arrangements.
G. Other Data & Research Services | Subscription Policy
PACRA provides historical rating data (more than five years) and Rating reports on subscription basis. The fee for data services ranges from US$100 to US$2,500. Meanwhile, the reports can be subscribed for US$50 or PKR 5,000 per report. These should be subscribed for analytical use only. Request for rating reports can be made to our communication cell through email at: samiya@pacra.com, or directly mailed to:
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