Pakistan targets B+ sovereign rating next fiscal year

Finance Minister Muhammad Aurangzeb says a Pakistan credit rating upgrade to B+ is the goal by next fiscal year after three upgrades since last year.

Finance Minister Muhammad Aurangzeb says Pakistan is targeting a B+ sovereign rating by the next fiscal year.

Moody’s rates Pakistan B3 after an August move from Caa1; S&P rates it B after a July move from B-. Three upgrades have come since last year.

Foreign exchange reserves are at a record high after a $3 billion Eurobond, the first such sale in four years.

External debt is close to $100 billion; some short-term debt is to be replaced with longer borrowing over two to three years.

Pakistan is in talks with the United States on a proposed $10 billion liquidity facility, not a conventional loan.

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