Global rating agency Standard & Poor’s has upgraded Pakistan’s long-term credit rating from ‘CCC+’ to ‘B-‘, citing improved economic conditions and reduced risk of default.

S&P highlighted rising foreign reserves, improved external balance, and continued support from multilateral and bilateral partners. The agency also noted efforts to raise government revenues and control inflation.

Prime Minister Shehbaz Sharif welcomed the upgrade, calling it proof of Pakistan’s economic stability and a sign of growing investor confidence. He praised his economic team for the achievement.