S&P upgrades Pakistan to B

S&P said it raised its long-term sovereign credit ratings on the Islamic Republic of Pakistan to B from B-.

At the same time, S&P affirmed the B short-term rating.

The outlook on the long-term rating is stable.

S&P said Pakistan's improved policymaking, in S&P’s view, has improved the performance of the economy and the prospects for the country's fiscal and external positions. That said, many of Pakistan's structural weaknesses remain: a narrow tax base, as well as domestic and external security risks, that weaken the government's effectiveness and weigh on the business climate.

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