Pakistan News

Fitch assigns ‘B’ rating to Pakistan

Fitch assigns ‘B’ rating to Pakistan

KARACHI: Fitch Ratings has provided Pakistan a long-term foreign and local currency issuer default ratings (IDRs) of ‘B’ with a stable outlook along with a short-term foreign currency IDR and a country ceiling of ‘B’.

Analysts said that based on Fitch’s rating system, a ‘B’ rating indicates “highly speculative” debt that is two levels below investment grade.

They recalled that the Moody’s rating for first half of the year had reduced Pakistan’s credit risk warning to ‘high’ from ‘very high’.

Hamza Kamal of brokerage Shajar Capital said: “Though the rating by Fitch is not considered too highly, the initiation of coverage reflects the confidence of the international community on the economic reforms currently being carried out by the government.”

Published in Dawn, September 17th, 2015

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