Pakistan’s Risk of Default Peaked – Moody’s Downgraded Currency to Caa3
Moody’s Investors Service downgraded Pakistan’s local and foreign currency credit rating to Caa3. Earlier, Pakistani currency stood at Caa1. The recent downgrading indicates that the country is at a higher risk of default on foreign debt repayment. A statement issued by the agency on Tuesday read as “In the current extremely fragile balance of payments […]