Timeline — How many times has Moody’s rated Pakistan negative?

Signage is seen outside the Moody’s Corporation headquarters in Manhattan, New York, US, November 12, 2021. — Reuters/File

Moody’s Investors Service (Moody’s) downgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from B3 — after seven years.

The rating agency also downgraded the rating for the senior unsecured Medium Term Note (MTN) programme to (P)Caa1 from (P)B3 — and the outlook remains negative.

Moody’s said the decision to downgrade the ratings to Caa1 is driven by increased government liquidity and external vulnerability risks and higher debt sustainability risks, in the aftermath of devastating floods that hit the country in June 2022.

Pakistan termed Moody’s decision of downgrading the country’s rating as “unilateral” and “not truly reflective” of the current macroeconomic conditions.

Meanwhile, Finance Minister Ishaq Dar warned Moody’s that he would give a “befitting” reply in a meeting with its officials next week if the agency did not reverse the downgrade of Pakistan’s sovereign credit rating.

As Moody’s downgraded Pakistan, Geo.tv takes a look at the timeline of the agency’s rating of the country.

Since 1994, the agency gave Pakistan a negatively rating most of the time. Out of a total of 27 ratings, Moody’s gave Pakistan a positive rating only twice. Meanwhile, the rating remained stable 12 times.

The timeline




June 2, 2022  B3  Negative
August 8, 2020 B3  Stable
May 14, 2020  B3  Under review
December 2, 2019 B3  Stable
June 20, 2018  B3  Negative
June 11, 2015  B3  Stable 
March 25, 2015  Caa2  Positive
July 14, 2014  Caa2  Stable
July 13, 2012  Caa2  Negative
August 17, 2009  B3  Stable
December 12, 2008  B3  Negative
October 28, 2008  B3  Negative watch
September 23, 2008  B3  Negative
May 21, 2008  B3  Stable
November 5, 2007  B2  Negative
November 22, 2006  B1  Stable 
November 8, 2006  B2  Positive Watch
January 20, 2005  B2  Positive 
October 20, 2003  B2  Stable
February 13, 2002  B3  Stable 
October 29, 2001  Caa1  Stable 
October 23, 1998  Caa1  Negative
May 28, 1998  B3  Negative
November 6, 1996  B2  Negative
September 23, 1996  B1  Negative Watch
July 11, 1995  B1  Stable
November 23, 1994  Ba3  Stable

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