Moody's upgrades Pakistan rating

ISLAMABAD:

Moody's on Monday upgraded Pakistan to B3 rating but said that international surveys continue to point to weak rule of law and control of corruption and limited government effectiveness.

The agency has given a highly speculative rating of B3, which is seven notches below the investment grade. Moody's upgraded Pakistan from Caa1, which is a substantial risk rating. In its rating upgrade, it said that the nation's debt profit remains weak due to "fragile" external position and constraints on growth and investment.

PM Shehbaz Sharif congratulated the nation for the rating upgrade, although the one-notch elevation would not materially change Pakistan's credit risk.

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