Moody’s Investors Service has upgraded the credit ratings of five Pakistani banks.
The global rating agency has improved the long-term deposit ratings of these banks from CAA3 to CAA2.
According to Moody’s statement, Allied Bank Limited, Habib Bank Limited, Muslim Commercial Bank, National Bank of Pakistan, and United Bank Limited have all seen an upgrade in their ratings.
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Moody’s also changed the outlook for these banks from stable to positive, indicating that the agency anticipates improved performance in the future.
In addition, Moody’s upgraded the baseline credit assessments for four other Pakistani banks to CAA2.
Recently, Moody’s also upgraded Pakistan’s credit rating, enhancing the sovereign ratings for both local and foreign currency debts. The agency cited a reduced default risk in Pakistan as the reason for this improvement.
