Moody's Raises Pakistan's Rating Outlook To Stable From Negative

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Monday, Moody's Investors Service raised the outlook for Pakistan's B3 foreign and local currency sovereign bond ratings to stable from negative.

The outlooks on the B3 country ceiling for foreign currency bank deposits and the B1 country ceiling for foreign currency debt are also changed to stable from negative.

"The stable outlook was prompted by the recent augmentation of Pakistan's IMF program by $3.2 billion to more than $11 billion, and several ongoing policy and structural reforms" said Aninda Mitra, Moody's Vice President and Sovereign Analyst for Pakistan. Meanwhile, remittance inflows from overseas Pakistanis have remained strong.

Moody's last rating action on Pakistan was on December 12, 2008, when the outlook was changed to negative following a review for possible downgrade.

Monday, Moody's Investors Service raised the outlook for Pakistan's B3 foreign and local currency sovereign bond ratings to stable from negative. (Market News Provided by RTTNews)