Ratings agency S&P Global has revised Pakistan’s long-term ratings from ‘stable’ to ‘negative’ as the cash-strapped nation continues to grapple against the backdrop of higher commodity prices, the rupee’s depreciation and tighter global financial conditions.
The New York-based agency on Thursday affirmed its ‘B-’ long-term and ‘B’ short-term sovereign credit ratings on Pakistan, as well as ‘B-’ long-term issue rating on the country’s senior unsecured notes and Sukuks, which are Islamic financial certificates equivalent to bonds in Western finance.
“Pakistan’s external position weakens against a backdrop of higher commodity prices, tighter global financial conditions, and a weakening rupee,” the agency said in a statement.
The Pakistani rupee continued its downward slide against the US dollar, closing at a record-low at 239.94 against the greenback in the intra-bank market on Thursday.
The…
