Moody’s raised Pakistan’s credit rating by one notch to ’Caa1’ from ’Caa2’ on Wednesday, citing improvements in the country’s external position.
The credit rating agency also assigned a ’stable’ outlook to Pakistan’s rating.
The upgrade reflects Islamabad’s strengthening financial situation in line with the current International Monetary Fund (IMF) program, according to Moody’s assessment.
Earlier, Prime Minister Shehbaz Sharif expressed satisfaction over Pakistani exports reaching 2.7 billion dollars in the first month of the new fiscal year.
In a statement, he said the country’s exports have witnessed an increase of 17 per cent from July last year to July this year, while nine per cent increase within just one month is a highly welcoming sign for country’s economy.
