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Articles for tag: Fitch, Fitch upgrades Pakistan's long-term rating, longterm, Pakistans, rating, upgrades

July 30, 2024

News Desk

Fitch upgrades Pakistan’s long-term rating

KARACHI: Fitch Ratings has upgraded Pakistan’s long-term foreign currency issuer rating (IDR) to ‘CCC+’ from ‘CCC’, indicating an improvement in the country’s external debt repayment capacity ahead of the International Monetary Fund’s (IMF) executive board meeting for approval Extended $7 billion facility (EFF). The global rating agency upgraded the rating for the second time in the last 12 months. Prior to this, it downgraded Pakistan to ‘CCC-‘ in February 2023. In its commentary, Fitch said that “the upgrade reflects greater certainty about the continued availability of external financing, under its Staff Level Agreement (SLA) Pakistan with IMF for a new

July 29, 2024

News Desk

Fitch upgrades Pakistan’s credit rating reflecting lower default risks

The Fitch Ratings logo can be seen above the main entrance to their office building. — Reuters/File While still below investment grade, the upgrade means low default risk. The upgrade reflects greater certainty about external financing in the long term. Strong performance in previous IMF deals helped reduce fiscal deficits. Fitch Ratings has upgraded Pakistan’s credit rating from CCC to CCC+, citing reduced external financing risks following a fresh bailout from the International Monetary Fund (IMF). While still below investment grade, the upgrade indicates a lower likelihood of bankruptcy, analysts said in reaction to the development. “The upgrade reflects greater

July 29, 2024

News Desk

Fitch upgrades Pakistan’s long-term foreign currency rating to CCC+

International credit rating agency Fitch on Monday upgraded Pakistan’s long-term foreign currency issuer rating (IDR) from CCC to CCC+. The upgrade signals an improvement in Pakistan’s external liquidity and financing conditions, bolstered by the recent IMF accord. Fitch highlighted the strong performance under the previous agreement with the IMF, which helped Pakistan narrow its fiscal deficits and rebuild its foreign exchange reserves. However, the agency warned that Pakistan’s large funding needs could leave it vulnerable if demanding reforms are not implemented, potentially undermining program performance and funding. Fitch expects IMF board approval for the $7 billion, 37-month program by the

May 16, 2024

News Desk

CCOE will discuss extension for refinery upgrades

Islamabad: The Cabinet Committee on Energy (CCOE) is scheduled to meet on Thursday, where it will consider extending the deadline for signing implementation agreements with refiners to upgrade their plants. Prime Minister Shehbaz Sharif will preside over the meeting. According to sources, the CCOE will consider three agenda items, including the February 2024 debt circular, an incentive mechanism to recover electricity arrears of more than two years and extension of the deadline for signing upgrade agreements plants under the Pakistan Oil Refining Policy for Upgrading Existing/Brownfield Refineries 2023. The Directorate of Petroleum has submitted a brief for an extension to

March 8, 2024

News Desk

Moody’s upgrades Pakistan’s banking sector outlook to ‘stable’

Banks’ stable profitability, stable funding and liquidity provide sufficient buffers to weather macroeconomic challenges, says Moody’s Moody’s logo is displayed at 7 World Trade Center, the company’s headquarters in New York. — Reuters/File Banks’ profitability helped to address macroeconomic challenges. Economy to return to moderate 2% growth in 2024: Moody’s. Moody’s expects banks’ average capital ratios to remain stable. ISLAMABAD: Moody’s Investors Service has upgraded Pakistan’s banking sector outlook to “stable” from “negative” on the back of macroeconomic challenges and easing fiscal pressures that have helped address political unrest in the country. The news reported on Friday. The credit rating

March 7, 2024

News Desk

Moody’s upgrades Pakistan’s banking sector outlook to ‘stable’

Moody’s Investors Service has upgraded Pakistan’s banking sector outlook from “negative” to “stable”, citing easing macroeconomic challenges and fiscal pressures. Inside reportthe agency highlighted the banks’ stable profitability and funding, which provided a buffer against the country’s macroeconomic challenges and political uncertainties. The report projects a modest growth of 2% for the Pakistani economy in 2024, with inflation projected to decrease from 29% to around 23% compared to the previous year. But he warned that high interest rates and inflation would continue to hold back private sector spending and investment. Read more: Moody’s downgrades Pakistan’s rating outlook to negative Pakistani

January 11, 2024

News Desk

Maldives upgrades ties with China amid pivot from India

BEIJING: China and the Maldives upgraded their relationship on Wednesday during newly elected President Mohamed Mojoo’s first state visit to Beijing after a campaign in which he branded China’s regional rival India as a threat to sovereignty. Chinese President Xi Jinping, speaking at the Great Hall of the People, called Muizzu “an old friend” as the Asian giant laid the groundwork for further investment in the Indian Ocean archipelago, agreeing to a “comprehensive strategic cooperative partnership”. “China-Maldives relations are facing a historic opportunity to continue the past and move forward into the future,” Xi told Muizzu, Chinese state media reported.

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