Fitch downgrades Pakistan

Fitch Ratings said it downgraded Pakistan's long-term foreign-currency issuer default rating to B- from B.

The outlook is stable.

“The downgrade reflects heightened external financing risk from low reserves and elevated external debt repayments, as well as a continued deterioration in the fiscal position, with a rising debt/GDP ratio,” the agency said in a news release.

“A successful conclusion of ongoing negotiations on IMF support could help stabilise external finances, but the programme would then face significant implementation risk.”

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