Prime Minister Shehbaz Sharif on Friday welcomed S&P Global’s decision to upgrade Pakistan’s sovereign credit rating from ‘CCC+’ to ‘B-’, describing it as a sign of growing confidence in the country’s economic recovery.
The upgrade, announced a day earlier, came with a stable outlook and was credited to improved financial stability and foreign reserves, supported by the International Monetary Fund (IMF).
In a post on X (formerly Twitter), PM Shehbaz stated: “S&P’s upgrade is a welcome development. It reflects growing confidence in our economic reforms and the macroeconomic stability we have been able to achieve.”
He confirmed that his government will continue to reform, promote openness as well as investor confidence, with hopes that the early signs of recovery will result in long-term prosperity and sustainable economic growth.
In its statement, S&P noted: “The stable outlook reflects expectations that continued recovery and stronger revenue will stabilize fiscal and debt metrics. We also expect sufficient external financing and rollover of commercial debt in the next 12 months.”
Following the news, Pakistan’s 2051 Eurobond jumped 1.6 cents to 84.85 cents on the dollar, as per Tradeweb data.
Finance Minister Muhammad Aurangzeb has also urged global agencies to revise Pakistan’s ratings further to improve its access to international markets. Moody’s had already upgraded Pakistan’s credit rating in August 2024 from Caa3 to Caa2, with a positive outlook. Earlier in April, Fitch raised the country’s foreign currency rating from ‘CCC+’ to ‘B-’, citing better fiscal control.
