November 21, 2003	Friday	Ramazan 25, 1424

ISLAMABAD, Nov 20: A Cyprus-based credit rating agency, Capital Intelligence has upgraded Pakistan’s credit rating from B- (B-minus) to B with a positive outlook for long-term foreign currency debt.

The B rating is a speculative grade according to Capital Intelligence. It means the country has adequate capacity for timely repayment that could be seriously affected by unexpected adversities because protection factors are not high.

The rating agency has also assigned a better rating of BB- to Pakistan’s foreign long-term local currency debts.

According to Capital Intelligence’s definition B grade has significant credit risk. The country’s capacity for timely fulfilment of financial obligations very vulnerable to adverse changed in internal or external circumstances. Financial and/or non-financial factors provide weak protection, high probability for investment risk exists.