Pakistan’s credit rating was raised from Caa2 to Caa1 with a stable outlook by Moody’s Ratings on Wednesday, citing the country’s improved financial situation bolstered by an International Monetary Fund (IMF) loan.
According to a statement, the upgrade was obtained after comparable actions by S&P Global Ratings and Fitch Ratings over the previous four months, which followed repeated promises by Prime Minister Shehbaz Sharif’s administration to stick to its course on budget consolidation and several reforms.
In a statement, Moody’s Ratings said it had raised Pakistan’s senior unsecured debt and local and foreign currency issuer ratings from Caa2 to Caa1.
Additionally, we raised the senior unsecured MTN program’s rating from (P)Caa2 to (P)Caa1.
