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PAKISTAN: MOODY'S UPGRADES GOVERNMENT BOND RATINGS TO B1.

IPR Strategic Business Information Database, November, 2006

Moody's Investors Service today upgraded Pakistan's foreign and local currency government bond ratings to B1 from B2, concluding the review for possible upgrade that was initiated on 7 November 2006. The upgrade primarily reflects the ongoing decline in the country's public and external debt ratios, largely the result of a significant structural increase in GDP growth in recent years coupled with 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 and its country ceiling for foreign currency bank deposits stays at B2. Meanwhile, its country ceilings for local currency bonds and local currency bank deposits are...

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