A US-based international credit rating agency, Standard and Poor’s (S&P) Global, has upgraded Pakistan's long-term instruments credit rating to 'B' from 'B Minus'.

The rating is upgraded due to stronger institutional capacity, sustained implementation of IMF-backed reforms, improved fiscal performance, and a significant rebuilding of foreign exchange reserves.

Last time, Pakistan was in B category from Oct 31, 2016 to Feb 03, 2019.

The upgradation brings Pakistan's rating status to effectively eight year high.