Fitch assigns B IDRs to Pakistan

Fitch Ratings said it published Pakistan's long-term foreign- and local-currency issuer default ratings at B with stable outlooks.

The agency also assigned a short-term foreign-currency issuer default rating of B and a country ceiling of B.

Fitch said the B ratings balance Pakistan's underdevelopment, political instability, weak public finances and history of macroeconomic volatility against the stabilization and progress on reforms achieved under the country's latest International Monetary Fund (IMF) program.

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