Moody’s improves Pakistan’s sovereign credit rating

Moody’s Ratings on Monday upgraded Pakistan’s sovereign credit rating to B3 from Caa1, citing the country’s stronger external position, better fiscal metrics and lower domestic financing costs. The global ratings agency maintained Pakistan’s outlook at “stable”, Bloomberg reported. Pakistan’s external vulnerabilities have eased as foreign-exchange reserves steadily increased, supported by sustained macroeconomic stabilisation, said Moody’s.