Pakistan News

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  • Pakistan credit rating under review on debt relief concerns, says Moody’s

    KARACHI: Moody’s has placed Pakistan’s long-term B3 ratings on review for downgrade as it expects the country to request bilateral debt service relief from G-20 creditors under the recently-announced initiative causing losses to private sector creditors...

    Moody’s on Thursday said that suspension of debt service obligations to official creditors would be unlikely to have rating implications but the G-20 has called on private sector...

  • Russian credit rating agency

    MOSCOW: Russia’s central bank said Friday it would launch a new credit rating agency by end-2015 in a bid to rival US firms that recently downgraded the country’s sovereign debt...

    Moscow slammed the decisions earlier this year by leading agencies S&P’s and Moody’s to cut Russia’s debt rating to “junk” as politicised...

  • After Modi reforms, Moody's raises India credit rating for first time in 10 years

    Moody's on Friday upgraded India's credit rating for the first time in more than a decade, citing economic reforms introduced under Indian Prime Minister Narendra Modi...

    Moody's raised its rating on India to Baa2 from Baa3, the first such move since January 2004, saying recent reforms would enhance productivity, stimulate foreign and domestic investment and foster “strong and sustainable growth”...

  • Fitch cuts Japan’s credit rating

    TOKYO: Fitch cut its credit rating on heavily indebted Japan by one notch on Monday, saying it has not done enough to plug a budget gap left by its decision to delay a sales tax rise...

    The move saw Japan’s rating trimmed to “A” from “A+”, several months after rival credit agency Moody’s also downgraded Japan’s credit rating...

  • Qatar's dispute with Arab states lifts oil prices, may affect Moody's credit rating

    A Saudi oil industry source said the action was unlikely to have a large impact on OPEC decision making, noting that other political disputes within the group, including between Saudi Arabia and Iran, had not prevented OPEC from agreeing on oil policy...

    Credit rating agency Moody's Investors Service is concerned that the rift between Qatar and other regional states could have an impact on Doha's credit rating, if trade and capital...

  • India flays credit rating agencies

    NEW DELHI: India’s Chief economic adviser Arvind Subramanian on Thursday flayed global rating agencies, saying they have not upgraded India “despite clear improvements in our economic fundamentals” which include inflation, growth, and current account performance...

    Despite its rapid growth, India still has a BBB rating...

  • SECP proposes regulatory regime for credit rating companies

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), as part of subsidiary legislation under the Securities Act, 2015, has issued the Draft Credit Rating Companies Regulations, 2015 (Draft Regulations) for consultation purposes...

    The Draft Regulations have been prepared keeping in view the guidelines issued by International Organization of Securities Commissions for credit rating companies, according to statement...

  • S. Arabia criticises S&P over credit rating downgrade

    RIYADH: Saudi Arabia on Saturday strongly criticised Standard and Poor’s agency for downgrading the kingdom’s credit rating over the oil price slump, saying it was not backed by facts...

    S&P late Friday lowered the long-term credit rating for Saudi Arabia one notch to A+ after its deficit rose sharply because of low oil prices...

  • SECP imposes fine on credit rating agency

    ISLAMABAD: In its first enforcement action against local credit rating agencies, the Securities and Exchange Commission of Pakistan (SECP) imposed a fine of Rs600,000 on Pakistan Credit Rating Agency Pvt Ltd (Pacra) for involvement in rating shopping...

    The SECP order said the credit rating agency was directed to comply with the regulatory framework and code of conduct in letter and spirit...

  • Moody’s cuts Brazil credit rating to junk

    RIO DE JANEIRO: Moody’s became the third big agency to cut Brazil’s credit rating to junk on Wednesday, citing mounting debt and political instability in Latin America’s biggest country...

    Cutting the credit rating by two notches to Ba2, Moody’s said Brazil suffered a “low growth environment,” worsening debt, and “challenging political dynamics...

  • Moody’s cuts Turkey’s credit rating to ‘junk’

    ISTANBUL: Credit ratings agency Moody’s Investor Service has downgraded Turkey’s sovereign credit rating to non-investment grade citing worries about the rule of law following an attempted coup, risks from external financing and a slowing economy...

    President Recep Tayyip Erdogan has criticised the rating agencies for being politically motivated...

  • SME financing: credit where credit is (over)due

    Specifically in the context of obtaining access to finance from banks, SMEs in Pakistan face a number of issues on both demand and supply sides...

    Furthermore, though the Credit Information Bureau has been expanded in recent years to include all loans (irrespective of size), banks additionally require records of collaterals prior to the extension of financing facilities...

  • ‘Imperative to ensure universal education’

    LAHORE: Pakistan Tehreek-i-Insaf (PTI) core committee member Chaudhry Sarwar on Wednesday said policies of the rulers are a threat to their own authority and that they should divert their attention to national development rather than making money...

    In order to tackle terrorism and extremism, he said, it was imperative to ensure universal education...

  • Our universal banking mistake

    They follow UBS, Standard Chartered, Royal Bank of Scotland, Credit Suisse and more...

    In short, the universal banking model is what is really at stake in the search for the right mix of management and operations at banks in Europe and, indeed, in the US...

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