Fitch upgrades Pakistan

Fitch Ratings said it raised Pakistan’s senior unsecured and long-term issuer default ratings to CCC from CCC-.

“The upgrade reflects Pakistan's improved external liquidity and funding conditions following its staff-level agreement (SLA) with the IMF on a nine-month stand-by arrangement (SBA) in June. We expect the SLA to be approved by the IMF board in July, catalyzing other funding and anchoring policies around parliamentary elections due by October. Nevertheless, program implementation and external funding risks remain due to a volatile political climate and large external financing requirements,” the agency said in a statement.

Usually, the agency does not assign outlooks to sovereigns rated CCC+ or under, Fitch said.

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