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This is an archive article published on August 27, 2010

S038;P won8217;t downgrade Pak credit rating

Despite the massive flood damage,a rating agency has refused to downgrade the sovereign...

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Despite the massive flood damage,a rating agency has refused to downgrade the sovereign credit rating of Pakistan. This again brings back into focus the controversial role of these agencies in causing the global financial crisis when they gave high ratings to some very poor financial products,which went on to become very popular but then crashed,wiping out the savings and investments of millions of people worldwide.

The carnage was called the second worst economic catastrophe after the Great Depression in the 1930s.

Standard amp; Poor8217;s said today that flood-hit Pakistan8217;s sovereign credit rating would not be immediately impacted,expressing confidence the IMF would ease loan financing terms to the nation.

8220;Financial support from the international community should ensure that the sovereign8217;s credit metrics remain commensurate with the rating in the short term,8221; Samp;P said in a statement.

Pakistan8217;s 8220;B-/Stable/C8221; rating 8220;is not immediately affected by large-scale flooding in the country,8221; it said.

 

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