Pakistan upgraded to B3 from Caa1 by Moody’s

Mettis Global reported that Moody's Ratings has lifted Pakistan to B3 from Caa1, a two-notch improvement in its creditworthiness. The stable outlook from the earlier assessment stayed in place. Upgrades were applied to both the foreign issuer grade and the local currency long-term grade, according to Bloomberg. The move therefore covers the country's debt in both foreign and local currency terms.

Fitch rates Pakistan's long-term foreign currency debt at B-, with a stable outlook, while S&P puts the country at B and also keeps a stable view. Those two assessments sit alongside Moody's new grade, giving a picture of the country's standing across the three major agencies.

The report concerns the sovereign itself and names no listed company. The rating covers the country's borrowing rather than any single business.