Pakistan, Jan. 22 -- Fitch Ratings affirmed Pakistan's long-term debt ratings at B- and assigned a Recovery Rating of RR4 following the removal of the ratings from Under Criteria Observation (UCO), according to an official release on Wednesday.

The rating actions reflect the application of Fitch's new Sovereign Rating Criteria, effective September 2025, and the inclusion of recovery assumptions into sovereign debt ratings for the first time.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues.

'B' ratings i...