Islamabad: Moody’s downgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1. The decision was driven by Moody’s assessment that Pakistan’s increasingly fragile liquidity and external position significantly rose default risks to a level consistent with a Caa3 rating, said a statement. Moody’s added that it has also downgraded the rating for the senior unsecured MTN program to (P)Caa3 from (P)Caa1.
