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
	Extremely Speculative	C	C	C	C


	In Default	RD	/	RD	RD
		SD	/	SD	SD
		D•NR	D•NR	D•NR	D•NR

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