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Moody’s Cuts Pakistan Credit Rating Deeper Into Junk

Pakistan’s credit rating was lowered deeper into junk status by Moody’s Investors Service, which cited dwindling currency reserves and political instability.

The foreign- and local-currency bond ratings were cut one step to Caa1 from B3 with a negative outlook, Moody’s said in a statement yesterday. That hands Pakistan its lowest assessment in more than a decade, putting it on the same level as Cuba and below countries including Nicaragua.