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MOODY'S UPGRADES GOVERNMENT BOND RATINGS TO B1
Info-Prod Research (Middle East), November, 2006
Moody's Investors Service today upgradedPakistan's foreign and local currency government bond ratings to B1 fromB2, concluding the review for possible upgrade that was initiated on 7November 2006. The upgrade primarily reflects the ongoing decline in thecountry's public and external debt ratios, largely the result of asignificant structural increase in GDP growth in recent years coupledwith a relatively restrained, albeit currently loosening, fiscal policy.The outlook on Pakistan's government bond ratings is now stable.Pakistan's country ceiling for foreign currency bonds remains at Ba3 andits country ceiling for foreign currency bank deposits stays at B2.Meanwhile, its country ceilings for local currency bonds and localcurrency bank deposits are unchanged at Baa2.
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