KARACHI: The credit score of Pakistan has been downgraded by S&P Global Ratings as recent destruction by floods, rising inflation, and political crisis has shaken the fiscal & economic metrics of the country. The credit score of Pakistan has been downgraded to CCC+ from B- by the public trading corporation.
In their statement, S&P Global said that the already low foreign exchange reserves of Pakistan would remain under pressure in 2023, hence the oil prices may also not come down.
It added that country was also under political risk, which would affect the policy trajectory in 2023. Earlier, Pakistan’s rank in foreign bonds was dropped seven notches below the investment grade by Fitch Ratings and Moody’s Investors Service.