S&P corrects Second Pakistan sukuk to B

S&P Global Ratings said it corrected its rating on a senior unsecured debt instrument issued by Second Pakistan International Sukuk Co. Ltd. by raising its long-term foreign currency rating to B from B-.

Due to a technical error, the long-term rating on this debt instrument was not raised when the ratings on the Islamic Republic of Pakistan were raised, S&P said in a news release.

The debt issue affected by the correction was the $1 billion 6¾% trust certificate notes due Dec. 3, 2019 with ISIN: XS1147732553.

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