Moody’s Ratings raised Pakistan’s sovereign credit score by one notch to Caa1 and assigned a stable outlook, citing a stronger external position and continued policy discipline under the country’s International Monetary Fund programme. The agency said Pakistan’s foreign-exchange reserves have begun to recover and are expected to keep rising, reducing short-term liquidity pressures. Moody’s also noted progress on fiscal and structural reforms linked to the IMF loan, although it warned that the South Asian nation will still rely on support from official partners.