S&P Global Ratings on Wednesday upgraded Pakistan’s long-term sovereign credit rating to ‘B’ from ‘B-’, citing an improving external position and gradual macroeconomic stabilisation, while assigning a stable outlook. The agency also affirmed the country’s short-term sovereign credit rating at ‘B’ and raised its transfer and convertibility assessment to ‘B’ from ‘B-’. In a statement, S&P said the change in rating was based on its belief that the country had strengthened its institutional capacity, allowing it to implement reforms of the International Monetary Fund (IMF). “Our upgrade on Pakistan is predicated on improved institutional stability that has helped to implement critical IMF programme reforms,” it said. “These reforms have quickened fiscal consolidation and rebuilt external buffers.” More to follow