Moody's ups Pakistan to B1

Moody's Investors Service said it upgraded Pakistan's foreign- and local-currency government bond ratings to B1 from B2, concluding the review for possible upgrade begun on Nov. 7.

The outlook is stable.

The upgrade primarily reflects the ongoing decline in the country's public and external debt ratios, largely the result of a significant structural increase in GDP growth in recent years coupled with a restrained, albeit currently loosening, fiscal policy, Moody's said.

The agency added, however, that it maintains some reservations concerning the deteriorating current account balance, persistent inflationary pressures and a relaxation of fiscal policy.

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