ISLAMABAD: Moody’s ratings has upgraded Pakistan’s local and foreign currency credit ratings to Caa1 from Caa2, citing improving external buffers, fiscal consolidation, and progress on reforms under the IMF program.
Moody’s upgrade of Pakistan’s sovereign credit rating to Caa1 with a stable outlook reflects growing international confidence in government economic reform agenda.
This milestone, supported by stronger foreign exchange reserves, fiscal consolidation and broadened revenue base, is the result of sustained progress through the home-grown Reforms agenda under the IMF Extended Fund Facility.
While challenges remain, this recognition reaffirms that Pakistan is on a clear path toward greater macroeconomic stability and resilience.
With Moody’s upgrade, all the three top global Rating Agencies, including S&P and Fitch, have now upgraded Pakistan’s Ratings with stable outlook.
These upgrades happened within the shortest possible time, while some of the ratings are at around three years high as well.
