Fitch slices Pakistan

Fitch Ratings said it downgraded Pakistan's long-term foreign-currency issuer default rating to CCC- from CCC+. There is no outlook assigned because the agency typically does not assign outlooks to ratings of CCC+ or below.

“The downgrade reflects further sharp deterioration in external liquidity and funding conditions, and the decline of foreign-exchange (FX) reserves to critically low levels. While we assume a successful conclusion of the ninth review of Pakistan's IMF program, the downgrade also reflects large risks to continued program performance and funding, including in the run-up to this year's elections. Default or debt restructuring is an increasingly real possibility, in our view,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.