Pakistan: Sovereign credit ratings

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Sovereign credit ratings in Pakistan: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Moody's Caa2 Positive 8/2024
Fitch CCC+ NR 7/2024
Fitch CCC NR 12/2023
Fitch CCC NR 7/2023
Moody's Caa3 Stable 2/2023
Fitch CCC- NR 2/2023
Moody's Caa1 Negative 10/2022
Fitch CCC+ NR 10/2022
Fitch B- Negative 7/2022
Moody's B3 Negative 5/2022
Fitch B- Stable 2/2022
Fitch B- Stable 6/2021
Moody's B3 Stable 8/2020
Fitch B- Stable 8/2020
Moody's B3 Under Review 5/2020
Fitch B- Stable 1/2020
Moody's B3 Stable 12/2019
Fitch B- Stable 6/2019
Standard & Poor's NR NR 4/2019
Standard & Poor's B- Stable 2/2019
Fitch B- Stable 12/2018
Moody's B3 Negative 6/2018
Fitch B Negative 1/2018
Moody's B3 Stable 7/2017
Fitch B Stable 2/2017
Standard & Poor's B Stable 10/2016
Fitch B Stable 7/2016
Fitch B Stable 4/2016
Fitch B Stable 9/2015
Moody's B3 Stable 6/2015
Standard & Poor's B- Positive 5/2015
Moody's Caa1 Positive 3/2015
Moody's Caa1 Stable 7/2014
Standard & Poor's B- Stable 7/2012
Moody's Caa1 Negative 7/2012
Standard & Poor's B- Stable 8/2009
Moody's B3 Stable 8/2009
Standard & Poor's CCC+ Developing 12/2008
Moody's B3 Negative 12/2008
Standard & Poor's CCC Developing 11/2008
Standard & Poor's CCC+ Negative 10/2008
Moody's B3 Under Review 10/2008
Moody's B2 Negative 9/2008
Standard & Poor's B Negative 5/2008
Moody's B2 Stable 5/2008
Standard & Poor's B+ Negative 11/2007
Moody's B1 Negative 11/2007
Standard & Poor's B+ Stable 7/2007
Standard & Poor's B+ Positive 12/2006
Moody's B1 Stable 11/2006
Standard & Poor's B+ Positive 12/2005
Standard & Poor's B+ Stable 11/2005
Standard & Poor's B+ Stable 11/2005
Moody's B2 Positive 1/2005
Standard & Poor's B+ Stable 11/2004
Standard & Poor's B Positive 12/2003
Moody's B2 Stable 11/2003
Standard & Poor's B Stable 12/2002
Moody's Caa1 Stable 10/2001
Standard & Poor's B- Stable 12/1999
Standard & Poor's CC Negative 12/1998
Standard & Poor's CCC- Negative 10/1998
Standard & Poor's CCC Negative watch 7/1998
Standard & Poor's B- Negative watch 6/1998
Standard & Poor's B+ Negative watch 5/1998
Standard & Poor's B+ Negative 1/1998
Standard & Poor's B+ Stable 1/1997
Standard & Poor's B+ Stable 8/1995
Standard & Poor's B+ Positive 11/1994

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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