S&P Global Upgrades Pakistan’s Credit Rating

S&P Global announced on Thursday that it has upgraded Pakistan’s sovereign credit rating to ‘B-‘ from ‘CCC+’. The agency has also assigned a ‘stable’ outlook, citing the stabilization of the nation’s financial situation and reserves due to backing from the International Monetary Fund.

“The stable outlook indicates our anticipation that ongoing economic recovery, along with the government’s initiatives to bolster revenue, will bring stability to fiscal and debt indicators,” S&P stated regarding the decision.

“Our expectations also include sustained official financial support enabling Pakistan to fulfill its external financial responsibilities and the continuation of rolling over its commercial credit arrangements over the upcoming year.”