Moody’s revises Pakistan view to stable

Moody's Investors Service said it revised the outlook on Pakistan's foreign currency government bond rating to stable from negative and affirmed it at Caa1.

Concurrently, the agency affirmed the government's issuer rating and senior unsecured rating at Caa1.

Pakistan's country ceilings remain unchanged. The long-term, local-currency bond and deposit country ceiling was affirmed at B1, while the long-term foreign currency bond and deposit ceilings were affirmed at B3 and Caa2, respectively. All short-term ceilings are also affirmed at Not Prime.

Moody's said is decision to revise the outlook on Pakistan's foreign currency rating is primarily based on a stabilization in the country's external liquidity position. This is supported by the government's strong commitment to reforms under an ongoing program with the International Monetary Fund.

The continued implementation of structural reforms under the program would ensure additional tranche disbursements, further buffering Pakistan's foreign reserves, the agency said.

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