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SINGAPORE, Nov. 6 /PRNewswire/ -- Standard & Poor's Ratings Services today revised its outlook on the long-term foreign and local currency sovereign credit ratings of the Islamic Republic of Pakistan (Pakistan) to negative from stable. At the same time, Standard & Poor's has affirmed its 'B+/B' foreign currency and 'BB/B' local currency sovereign credit ratings on the republic.
"The outlook revision reflects heightened and prolonged political uncertainty after President Pervez Musharraf's declaration on the state of emergency on Nov. 3, 2007, and its potential impact on economic growth, fiscal performance, and external vulnerability," said Standard & Poor's credit analyst Agost Benard.
The sovereign's political and security situation has deteriorated markedly in recent months. Before declaring a state of emergency, President Musharraf was undergoing what many perceived to be the most severe...