S&P Upgrades Pakistan’s Rating on Better Financial Conditions
Prime Minister Shehbaz Sharif’s government has made a slew of changes like raising gas and electricity prices to plug losses.
Photographer: Betsy Joles/BloombergS&P Global Ratings upgraded Pakistan’s credit rating, citing better financial conditions in a boost for the government’s efforts to bolster the South Asian country’s economy.
It upgraded Pakistan to ‘B-’ from ‘CCC+’, with a stable outlook on its long-term rating. Other countries that S&P rates similarly are Nigeria, Egypt, Kenya and Ecuador. Most dollar bonds extended gains.