Global ratings agency Moody's cut Pakistan's sovereign credit rating by two notches to 'Caa3' on Tuesday amid international loan negotiations, saying the country's increasingly fragile liquidity 'significantly raises default risks.' The cash-strapped country has been in talks with the International Moneta
Global ratings agency Moody's cut Pakistan's sovereign credit rating by two notches to 'Caa3' on Tuesday amid international loan negotiations, saying the country's increasingly fragile liquidity"significantly raises default risks."
A payment by the IMF may help to cover the South Asian country's immediate needs, Moody's said, but warned that"weak governance and heightened social risks impede Pakistan's ability to continually implement the range of policies that would secure large amounts of financing". The ratings agency also said that there is"very limited visibility" on Pakistan's sources of financing for its"sizeable external payments needs" beyond the life of the current IMF program that ends in June 2023.
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