Moody's and Fitch officials recently visited Islamabad and held detailed discussions with the Ministry of Finance officials for 2019-20 sovereign rating as rating exercise is going on.

According to Finance Ministry, as part of their annual credit rating exercise these two rating agencies visited Islamabad. The ministry added that while conducting their rating reviews, these rating agencies conduct an in-depth analysis of a country's (i) macroeconomic situation and outlook; (ii)competitiveness and reforms agenda; (iii) fiscal and revenue developments; (iv) debt sustainability; (v) monetary regime and foreign exchange reserves positions; and (vi) political climate and the law and order situation.

The government has been maintaining relations with Moody's since 1994 and with Fitch since 2015 for sovereign as well as Eurobond and international Sukuk specific rating advice.

The sovereign credit rating assigned to Pakistan by these two rating agencies in the last five years is; (i) in 2015-16 sovereign credit rating assigned to Pakistan by Moody's was B3/Stable sovereign credit rating assigned to Pakistan by Fitch was B/stable. In 2016-17 Moody's and Fitch maintained credit rating of Pakistan rating outlook for Pakistan.

The sovereign credit rating assigned to Pakistan was downgraded by Moody was B 3 negative and by Fitch B negative and B negative stable.