Moody's rates Pakistan notes B3

Moody's Investors Service said it assigned a rating of B3 to the government of Pakistan's dollar-denominated notes.

The senior unsecured notes rank pari passu with all of the Pakistan's current and future senior unsecured external debt, Moody's said.

The proceeds will be used general budgetary purposes, the agency said.

The rating on the notes reflect a credit profile that balances robust growth potential and a relatively large economy against low income levels, infrastructure constraints and very low global competitiveness, Moody's said.

Pakistan's economy demonstrates relatively robust GDP growth and limited by supply-side constraints on the economy, the agency added.

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