S&P Global upgrades Pakistan’s credit rating to ‘B-’, assigns stable outlook

ISLAMABAD: S&P Global raised Pakistan’s sovereign credit rating to ‘B-’ from ‘CCC+’ and placed the country on a ‘stable’ outlook on Thursday. The rating agency attributed the upgrade to Pakistan’s improved fiscal situation and reserves, supported by International Monetary Fund (IMF) assistance.

In its statement, S&P noted that the stable outlook reflected expectations that economic recovery and government efforts to boost revenue would stabilize the country’s fiscal and debt metrics. The agency also emphasized that official financing would help Pakistan meet its external obligations and maintain commercial credit lines for the next year.