KARACHI: Global rating agency Moody’s has hinted that if Pakistan continued to improve economic performance, the country’s credit rating could be improved.
Reports reaching here from Washington suggested that in a meeting with Finance Minister Ishaq Dar, the rating agency had termed the issue of Eurobonds by Pakistan as a positive move.
Moody’s also noted that the country had managed to attract foreign investment on improved economic indicators and with a steady economic performance, there was the possibility of credit rating improvement.
Analysts recalled that almost two years ago in mid-July 2012, Moody’s had downgraded Pakistan’s sovereign rating to its lowest level ever, citing a worsening current account balance, foreign exchange reserves, and looming payments to the International Monetary Fund. Moody’s had downgraded Pakistan’s foreign and local currency bond ratings from B3 to Caa1, the lowest ever.