S&P Global Ratings downgraded its outlook on Pakistan’s long-term ratings to negative from stable on the weakening external position, caused primarily due to higher commodity prices, rupee depreciation, and tighter global financial conditions. S&P affirmed its “B-” long-term and “B” short-term sovereign credit ratings on Pakistan, as well as “B-” long-term issue rating on Pakistan’s senior unsecured notes and the sukuk trust certificates.
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