Stand and Poor (S&P) Global Ratings raised its Pakistan's long-term foreign currency sovereign credit rating by one notch to B from B- on Monday, as improved macroeconomic stability has raised country's growth prospects and bolstered its fiscal and external buffers.
According to details, S&P’s credit rating for Pakistan stands at B with stable outlook.
Although decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan — which has a nominal GDP of $270 billion and a per capita income of $5,000 — the embattled country has succeeded in attracting very positive reviews from numerous Western media houses, the World Bank and the globally-acclaimed credit rating agencies like Moody’s, etc.
For example, the most recent July 20, 2016 report of the Indian edition of Quartz, a digital global business news publication, which was initially sponsored by internationally known firms like Messrs Credit Suisse, Boeing, Chevron and Cadillac, etc, has revealed that Pakistan has beaten major Asian economies this year in stock market performance as the country’s benchmark equity index, the KSE 100, has been the fifth best performing throughout the world.
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