Pakistan Credit Rating

Current Pakistan credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Pakistan ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Pakistan, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

The table below shows the current Pakistan credit ratings, according to the main rating agencies.

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's CCC+ - 22 Dec 2022 rating downgrade
Moody's Investors Service Caa3 - 28 Feb 2023 rating downgrade
Fitch Ratings CCC - 10 Jul 2023 rating upgrade
DBRS - -

Pakistan: Long-term Rating Scales Comparison

Pakistan long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Pakistan sovereign debt. These scales help investors understand the likelihood that Pakistan will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Grade Description S&P Moody's Fitch DBRS
Investment
Grade
Prime
AAA
Aaa
AAA
AAA
High Medium Grade
AA+
Aa1
AA+
AA(high)
AA
Aa2
AA
AA
AA-
Aa3
AA-
AA(low)
Upper Medium Grade
A+
A1
A+
A(high)
A
A2
A
A
A-
A3
A-
A(low)
Lower Medium Grade
BBB+
Baa1
BBB+
BBB(high)
BBB
Baa2
BBB
BBB
BBB-
Baa3
BBB-
BBB(low)
Speculative
Grade
Speculative
BB+
Ba1
BB+
BB(high)
BB
Ba2
BB
BB
BB-
Ba3
BB-
BB(low)
Highly Speculative
B+
B1
B+
B(high)
B
B2
B
B
B-
B3
B-
B(low)
Substantial Risk
CCC+
Caa1
CCC+
CCC(high)
CCC
Caa2
CCC
CCC
CCC-
Caa3
CCC-
CCC(low)
Extremely Speculative
CC
Ca
CC
CC
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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Pakistan Credit Ratings historical data

Not enough data.

Timetable of Pakistan credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Date S&P Moody's Fitch DBRS
10 Jul 2023 CCC
28 Feb 2023 Caa3
14 Feb 2023 CCC-
22 Dec 2022 CCC+
21 Oct 2022 CCC+
7 Oct 2022 Caa1
2 Aug 2022 B-
30 Jul 2022 B-
3 Jun 2022 B3
2 Dec 2019 B3
4 Feb 2019 B-
14 Dec 2018 B-
20 Jun 2018 B3
25 Jan 2018 B
31 Oct 2016 B
15 Sep 2015 B
11 Jun 2015 B3
5 May 2015 B-
25 Mar 2015 Caa2
14 Jul 2014 Caa2
13 Jul 2012 Caa2
24 Aug 2009 B-
17 Aug 2009 B3
9 Dec 2008 CCC+
14 Nov 2008 CCC
6 Oct 2008 CCC+
23 Sep 2008 B3
21 May 2008 B3
15 May 2008 B
6 Nov 2007 B+
5 Nov 2007 B2
10 Jul 2007 B+
22 Nov 2006 B1
28 Dec 2005 B+
20 Jan 2005 B2
22 Nov 2004 B+
2 Dec 2003 B
20 Oct 2003 B2
12 Dec 2002 B
13 Feb 2002 B3
29 Oct 2001 Caa1
21 Dec 1999 B-
29 Jan 1999 SD
3 Dec 1998 CC
23 Oct 1998 Caa1
12 Oct 1998 CCC-
14 Jul 1998 CCC
1 Jun 1998 B-
28 May 1998 B3
14 Jan 1998 B+
6 Nov 1996 B2
23 Sep 1996 B1
3 Aug 1995 B+
11 Jul 1995 B1
23 Nov 1994 Ba3
21 Nov 1994 B+