Pakistan, Dec. 7 -- Moody's Investors Service ("Moody's") has today affirmed the B3 long-term local currency deposit ratings of National Bank of Pakistan (NBP) and upgraded the outlook from negative to stable.
The rating action follows Moody's decision on 2 December to affirm the B3 rating for the Government of Pakistan and change the outlook on the sovereign rating to stable from negative and reflect reduced external vulnerability risks and ongoing fiscal reforms.
The rating action reflects improvements in the operating environment in Pakistan and in the country's sovereign credit profile. The primary driver of Moody's decision to change the bank's outlook to stable is the extensive interconnectedness between the bank's balance sheet and...