Moody's upgrades Pakistan's credit rating to Caa1

Signage is seen outside the Moody’s Corporation headquarters in Manhattan, New York, US. — Reuters/File

Moody’s Ratings has upgraded Pakistan’s credit rating with a stable outlook from Caa2 to Caa1, citing the country’s improved financial position supported by a loan from the International Monetary Fund (IMF).

The upgrade, the agency said in a statement on Wednesday, was secured after similar moves by S&P Global Ratings and Fitch Ratings in the past four months following repeated pledges by Prime Minister Shehbaz Sharif’s government to stay the course on fiscal consolidation and multiple reforms, it said in a statement.

This is a developing story and is being updated with more details.

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