Moody’s changes Pakistan view

Moody's Investors Service said it affirmed Pakistan's local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable from negative.

The change in outlook to stable is driven by Moody's expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility, the agency said.

Such developments reduce external vulnerability risks, although foreign exchange reserve buffers remain low and will take time to rebuild, Moody’s said.

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