Moody’s Investors Services upgraded Pakistan’s outlook from ‘negative’ to ‘stable’, reaffirming the country’s rating of B3. Moody’s had downgraded Pakistan’s ratings outlook to negative last year in June, citing heightened external vulnerability risk due to depleting foreign exchange reserves. The upgrade was welcomed by Pakistan, attributing the development to an “improvement in balance of payments position, supported by policy adjustments and currency flexibility”.
The New York-based agency reaffirmed Pakistan’s B3 rating, which, according to finance ministry’s press statement “reflects Pakistan’s relatively large economy and robust long-term growth potential, coupled with ongoing institutional enhancements that raise policy credibility and effectiveness”.
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