Pakistan Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa1 Stable | B- Stable | CCC+ — | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Aug 13, 2025 | Moody's | Caa2 | Positive | Caa1 | Stable | |
| Jul 24, 2025 | S&P | CCC+ | Stable | B- | Stable | |
| Aug 28, 2024 | Moody's | Caa3 | Stable | Caa2 | Positive | |
| Jul 29, 2024 | Fitch | CCC | — | CCC+ | — | |
| Jul 10, 2023 | Fitch | CCC- | — | CCC | — | |
| Feb 28, 2023 | Moody's | Caa1 | Negative | Caa3 | Stable | |
| Feb 14, 2023 | Fitch | CCC+ | — | CCC- | — | |
| Dec 22, 2022 | S&P | B- | Negative | CCC+ | Stable | |
| Oct 21, 2022 | Fitch | B- | Stable | CCC+ | — | |
| Oct 06, 2022 | Moody's | B3 | Negative | Caa1 | Negative | |
| Jul 28, 2022 | S&P | B- | Stable | B- | Negative | |
| Jun 02, 2022 | Moody's | B3 | Stable | B3 | Negative | |
| Aug 08, 2020 | Moody's | B3 | Under Review | B3 | Stable | |
| May 14, 2020 | Moody's | B3 | Stable | B3 | Under Review | |
| Dec 02, 2019 | Moody's | B3 | Negative | B3 | Stable | |
| Feb 04, 2019 | S&P | B | Stable | B- | Stable | |
| Dec 14, 2018 | Fitch | B | Negative | B- | Stable | |
| Jun 20, 2018 | Moody's | B3 | Stable | B3 | Negative | |
| Jan 25, 2018 | Fitch | B | Stable | B | Negative | |
| Oct 31, 2016 | S&P | B- | Positive | B | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Pakistan’s current credit rating?
Pakistan’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Pakistan’s credit risk.
Has Pakistan’s credit rating changed recently?
This page lists the latest rating and outlook actions for Pakistan, showing when each agency last reviewed or changed its assessment.
Why does Pakistan’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Pakistan's bond yields, currency, and equity flows as investors reassess risk.
How does Pakistan’s rating compare to other countries?
You can explore how Pakistan ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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