Pakistan, July 25 -- S&P Global Ratings has upgraded Pakistan's sovereign credit rating from 'CCC+' to 'B-' with a stable outlook, citing improved financial stability supported by the International Monetary Fund (IMF). The rating stated that ongoing economic recovery and better revenue generation by the government are expected to stabilise Pakistan's fiscal and debt indicators in the coming months.

S&P also noted that consistent official financing will help Pakistan meet its external debt payments. It expects that the country will continue to roll over its commercial credit lines over the next year, maintaining external liquidity. Following the announcement, Pakistan's international bonds saw a rise, with the 2051 bond gaining 1.6 cents ...