Will another ratings agency upgrade Pakistan between 19 August and 31 December 2026?

S&P Global Ratings raised Pakistan a notch to B on 22 July 2026, while Moody's has held the country at Caa1 since August 2025 and Fitch affirmed B- with a stable outlook in April 2026. Total reserves have risen to about $22.5 billion and analysts are debating whether the other two agencies will follow S&P. A higher rating lowers the government's borrowing costs and matters for any return to international bond markets. Resolves: 31 December 2026 • Source: Moody's, S&P Global Ratings and Fitch Ratings rating action releases Rule: Resolves YES if Moody's, S&P Global Ratings or Fitch Ratings publishes a rating action dated between 19 August and 31 December 2026 that raises Pakistan's long-term foreign-currency sovereign rating by at least one notch. S&P's upgrade to B on 22 July 2026 falls before the window and does not count. A change of outlook only, such as stable to positive, a placement on watch or review, an affirmation at the existing level, and upgrades of Pakistani banks or companies rather than the sovereign itself also do not count.