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Global ratings agency Moody’s lifted Pakistan’s sovereign rating to ‘B3’ from ‘Caa1’ on Monday, citing improvements in governance and easing external vulnerability risks.
The agency maintained the country’s outlook at ‘stable’.
“We expect the recent improvement in Pakistan’s debt affordability to be durable, underpinned by sustained macroeconomic stability,” the agency said in a statement.
The development comes only a month after S&P Global Ratings upgraded Pakistan’s long-term sovereign credit rating to ‘B’ from ‘B-’, citing an improving external position and gradual macroeconomic stabilisation, while also assigning a stable outlook.
