The Ministry of Finance has said that the rating review conducted by Moody's Investor Service yesterday does not downgrade Pakistan's B3 rating.

In a statement today, the Ministry said that the Moody's Investor Service has only placed the current rating under review for downgrade in case the G-20 Covid-19 Debt Service Suspension Initiative extends to private sector creditors.

The action is, therefore, not Pakistan specific and is in line with Moody's global approach to place under review for downgrade of all sovereigns availing the G-20 DSSI.

The review also appreciates that amid the pandemic, Pakistan's economic, financial and institutional strength remains materially unchanged.