Standard & Poor's credit rating for Pakistan stands at B- with stable outlook. Moody's credit rating for Pakistan was last set at B3 with stable outlook. Fitch's credit rating for Pakistan was last reported at B- with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Pakistan thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Pakistan as reported by major credit rating agencies.


AgencyRatingOutlookDate
Moody'sB3 Stable Aug 08 2020
Moody'sB3 Under Review May 14 2020
Moody'sB3 Stable Dec 02 2019
S&PB- Stable Feb 04 2019
FitchB- Stable Dec 14 2018
Moody'sB3 Negative Jun 20 2018
FitchB Negative Jan 25 2018
S&PB Stable Oct 31 2016
FitchB Stable Sep 15 2015
Moody'sB3 Stable Jun 11 2015
S&PB- Positive May 05 2015
Moody'sCaa2 Positive Mar 25 2015
Moody'sCaa2 Stable Jul 14 2014
Moody'sCaa2 Negative Jul 13 2012
S&PB- Stable Aug 24 2009
Moody'sB3 Stable Aug 17 2009
Moody'sB3 Negative Dec 12 2008
S&PCCC+ N/A Dec 09 2008
S&PCCC N/A Nov 14 2008
Moody'sB3 Negative Watch Oct 28 2008
S&PCCC+ Negative Oct 06 2008
Moody'sB3 Negative Sep 23 2008
Moody'sB3 Stable May 21 2008
S&PB Negative May 15 2008
S&PB+ Negative Nov 06 2007
Moody'sB2 Negative Nov 05 2007
S&PB+ Stable Jul 10 2007
Moody'sB1 Stable Nov 22 2006
Moody'sB2 Positive Watch Nov 08 2006
S&PB+ Positive Dec 28 2005
Moody'sB2 Positive Jan 20 2005
S&PB+ Stable Nov 22 2004
S&PB Positive Dec 02 2003
Moody'sB2 Stable Oct 20 2003
S&PB Stable Dec 12 2002
Moody'sB3 Stable Feb 13 2002
Moody'sCaa1 Stable Oct 29 2001
S&PB- Stable Dec 21 1999
S&PSD N/A Jan 29 1999
S&PCC Negative Dec 03 1998
Moody'sCaa1 Negative Oct 23 1998
S&PCCC- Negative Oct 12 1998
S&PCCC Negative Watch Jul 14 1998
S&PB- Negative Watch Jun 01 1998
Moody'sB3 Negative May 28 1998
S&PB+ Negative Watch May 22 1998
S&PB+ Negative Jan 14 1998
Moody'sB2 Negative Nov 06 1996
Moody'sB1 Negative Watch Sep 23 1996
S&PB+ Stable Aug 03 1995
Moody'sB1 Stable Jul 11 1995
Moody'sBa3 Stable Nov 23 1994
S&PB+ Positive Nov 21 1994

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ Caa1 CCC 21
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB BB 52
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB- Ba2 45
B+ B2 B+ 33
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
SD Caa3 9
B+ B1 B 31
A+ A2 N/A 78
B+ B2 B 31
B B3 27
BBB+ A3 70
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 61
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B- B- 27
Aa3 85
A A1 A- N/A 76
A+ A1 A+ A (high) 80
BB+ Baa2 BB+ BBB (low) 56
CCC+ Caa1 20
B B2 B 31
BBB- Ba1 BBB- 51
Caa2 15
BBB- Ba1 BBB- BBB (low) 50
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 20
B B2 B+ 30
B- B3 B- 25
AA- A1 AA- AA (low) 83
B- Caa1 CCC 25
AA Aaa AAA AAA 98
BB- B1 40
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 CCC 23
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 22
BB Ba3 BB BB (low) 38
SD
BB- Ba1 BB- 43
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB (low) 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
BB- Ba3 BB- 38
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa3 BBB 56
B B2 B+ 33
A+ A1 AA 85
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A2 A A 76
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 BBB+ 70
B3 CCC 27
Caa1 20
A- A2 A+ A (high) 75
Baa2 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B B1 35
BBB- 55
BB+ Ba1 BB+ 51
CCC+ Caa2 CCC 14
Ba3 BB 45
AAA Aaa AAA AAA 100
AA+ Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB Baa2 BBB- 60
B- B2 27
BB Ba1 BB+ 46
BBB+ A3 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa3 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba2 BB+ 46
B 35
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba2 BB- 45
AA Aa2 AA- 86
A Baa1 A- A 71
CCC+ Caa1 CCC 20
B3 25
SD Caa3 RD 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA Aa3 AA- 85
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B3 B- 28
B+ B2 BB- BB (high) 35
B B2 B+ 31
B B3 B 26
AA Aa2 AA- 90
AA Aa3 AA- AA (high) 90
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
SD WR RD 11
BB Ba3 BB 43
SD Ca RD 30
 Export  API


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com