“Accordingly, Pakistan’s default risk has reduced to a level consistent with a Caa2 rating,” it said
– Global credit rating agency Moody’s on Wednesday upgraded Pakistan ’s local and foreign currency issuer and senior unsecured ratings to Caa2 from Caa3.
. The agency said Pakistan’s Caa2 rating continues to reflect the country’s “very weak debt affordability, which drives high debt sustainability risk”. On the other hand, the positive outlook reflects a balance of risks skewed to the upside. It captures the possibility that the government is able to further lower its government liquidity and external vulnerability risks, and achieve a better fiscal position than we currently expect, supported by the IMF programme, said the credit rating agency.
This includes rollovers or disbursements on loans from Pakistan’s long-time allies Saudi Arabia, the United Arab Emirates, and China.
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