Moody’s and Fitch visit Pakistan for annual credit rating exercise.
Details of the visit and the last five-year rating assigned to Pakistan by these two rating agencies is contained in the write-up below:
Recent interaction of the Ministry of Finance with International Credit Rating Agencies
As part of their animal credit rating exercise, Moody's and Fitch recently visited Islamabad and held detailed discussions with the Ministry of Finance. The Government of Pakistan has been maintaining relations with Moody's since 1994 and with Fitch since 2015 for sovereign as well as Eurobonds and international Sukuk specific rating advice.
The sovereign credit rating assigned to Pakistan by these two rating agencies in the last five years is:
Moody's
(Rating / Outlook) Fitch
(Rating / Outlook)
2015-16 B3 / Stable B/Stable
2016-17 B3 / Stable B/Stable
2017-18 B3 / Negative B/Negative
2018-19 B3 / Negative B-/Stable
2019-2020 Rating exercise ongoing Rating exercise ongoing
While conducting their rating reviews, these rating agencies conduct an indepth analysis of a country's (i) macroeconomic situation and outlook (ii) competitiveness and reforms agenda (iii) fiscal and revenue developments (iv) debt sustainability (v) monetary regime and foreign exchange reserves positions, and vi) political climate and the law and order situation.
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