S&P downgrades outlook on Pakistan to 'negative'

BY Reuters | CORPORATE | 07/28/22 08:24 AM EDT

July 28 (Reuters) - Global ratings agency S&P on Thursday revised Pakistan's outlook to "negative" from "stable", citing growing risks from higher commodity prices and the country's weakening currency.

"Although impact of difficult macroeconomic conditions has been partially mitigated by various reform initiatives undertaken by the government over the past few years, the risk of continued deterioration in key metrics, including external liquidity, is rising," the agency said. (https://bit.ly/3BkyUwU)

S&P affirmed its sovereign rating of 'B-/B'. (Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli)

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