Moody’s has upgraded the rating of 5 private banks of Pakistan

ISLAMABAD: International credit rating agency Moody’s Investors Service has also upgraded the rating of 5 banks of Pakistan.

According to the details, the long-term deposit rating of 5 Pakistani banks has been upgraded from CAA-3 to CAA-2 by the global credit rating agency Moody’s.

According to the announcement, ratings of Allied Bank Limited, Habib Bank Limited, Muslim Commercial Bank, National Bank of Pakistan and United Bank Limited have improved. The rating agency changed the outlook for all five banks from stable to positive, meaning that Moody’s believes that these banks will perform better in the future.

Moody’s has also upgraded the baseline credit assessment of four Pakistani banks to CAA. It should be noted that a few days ago Moody’s has also upgraded Pakistan’s credit rating, Pakistan’s Assure rating for local and foreign currency loans has been upgraded. Moody’s said that the reduction in default risk of Pakistan is the reason for the improved rating.