S and P changes sovereign credit ratings for Pakistan from stable to negative

November 14th, 2007 - 8:37 am ICT by admin  
At the same time, S and P’s has affirmed its ‘B+/B’ foreign currency and ‘BB/B’ local currency sovereign credit ratings for Pakistan.

“The outlook revision reflects heightened and prolonged political uncertainty after President Pervez Musharraf’s declaration on the state of emergency and its potential impact on economic growth, fiscal performance, and external vulnerability,” the Daily Times quoted S and P credit analyst Agost Benard, as saying.

Pakistan is witnessing plethora of protests by lawyers, political parties and civil society. The international community has also condemned the emergency imposed by Musharraf on Saturday. (ANI)

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