Moody's

If strong domestic equity markets and government's reopening plan for the domestic economy pushed the rupee up, gains in banking and financial services stocks made the domestic stock market rally for the fifth consecutive session

Moody's said the asset quality of banks across the corporate, MSME and retail segments would deteriorate, straining profitability and capital

The foreign and local currency senior secured MTN programme ratings of the company has been downgraded to (P)B3 from (P)B2 as well

Moody's said weakening economic growth were rural financial stress, low employment generation and lack of liquidity were causing a low growth

The FATF continuing Pakistan in the greylist means its downgrading by IMF, World Bank, ADB, EU and a reduction in risk rating by Moody's, S&P and Fitch