Pakistan Foreign Currency Rating Lowered to B by S&P (Update2)
May 15th, 2008 | By Sindh Today | Category: BusinessMay 15 (Bloomberg) — Pakistan’s foreign currency rating was cut one level to B by Standard & Poor’s, citing government spending that’s growing faster than revenue collection and political instability. The outlook is negative, S&P said.
“The downgrade reflects rising pressures from the combination of expanding fiscal and external imbalances, against a volatile and uncertain political setting,” according to a release from New York-based S&P today. This is the first time S&P has cut Pakistan’s rating since President Pervez Musharraf seized power in a 1999 coup.
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