Moody’s Upgrades Pakistan’s Ratings to Caa1 with Stable Outlook

Moody’s Ratings announced on Wednesday that it has elevated the Government of Pakistan’s local and foreign currency issuer ratings, along with its senior unsecured debt ratings, from Caa2 to Caa1.

The international ratings agency has also revised the rating for the senior unsecured MTN program, increasing it from (P)Caa2 to (P)Caa1.

Furthermore, Moody’s has shifted the outlook for the Government of Pakistan from positive to stable.

The upgrade to Caa1 is a reflection of Pakistan’s enhanced external financial standing, which has been bolstered by the country’s advancements in implementing reforms under the Extended Fund Facility (EFF) program with the International Monetary Fund (IMF).

This is a developing story.