Economy: Moody’s Downgrades Ratings to Caa1 - By Sherman Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Credit rating agency Moody&rsquo;s on Thursday cut Pakistan&rsquo;s rating to Caa1 from B3 while maintaining the outlook as &lsquo;negative&rsquo; primarily due to &lsquo;material decrease&rsquo; in the country&rsquo;s economic fundamentals including its economic strength.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The negative outlook signals that a rating upgrade is unlikely over the near term.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In yesterday&rsquo;s action note, the agency highlighted that in the aftermath of floods, Pakistan&rsquo;s debt affordability will remain &lsquo;extremely weak&rsquo; in foreseeable future, and it would re...