The international credit-rating organisation "Standard and Poor's" improved Pakistan's long-term credit rating from B-Negative to 'B' with stable outlook.
In a report released on Monday, Standard and Poor's also lauded Pakistan's continuous improvement in governance under the current government.
In recent report released by Standard and Poor's, credit rating organisation has acknowledged improved macroeconomic stability of Pakistan economy and indicated rise in growth prospects.
Standard and Poor's revised Pakistan's upward forecasts of average annual GDP growth from 4.7 per cent to over five percent during 2016 to 2019.
"Domestic security has improved, but legacy constraints on the ratings remain.We are raising our long-term sovereign credit ratings on Pakistan to 'B' from 'B-', and affirming our 'B' short-term sovereign rating," read the report released.
Standard and Poor's also praised Pakistan's policies which has helped minimising the risk in the economy.
"The stable outlook balances the potential benefits of the government's reform efforts in bolstering Pakistan's fiscal and external buffers against the risks that the reform program stalls or domestic security deteriorates during the next 12 months," report added.