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Pakistan Upgraded to Caa2 by Moody’s
August 29, 2024
Pakistan was upgraded by a notch to Caa2 from Caa3 by Moody’s. The upgrade reflects Pakistan’s improving macroeconomic conditions and moderately better government liquidity and external positions, from very weak levels earlier. Pakistan and the IMF had reached a staff-level agreement for a 37-month Extended Fund Facility (EFF) of $7bn earlier in July, following which there is now greater certainty on Pakistan’s sources of external financing, according to Moody’s. Pakistan’s forex reserves have doubled since June 2023, although they still remain below levels required to meet its external financing needs. Moody’s has a positive outlook on the sovereign, reflecting upside skew to the balance of risks and possibility of the government further lowering its liquidity and external vulnerability risks.
Pakistan’s dollar bonds traded stable with its 8.25% 2025s at 96.99, yielding 11.29%
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