Pakistan shares climb 1% on rating upgrade ahead of rate decision
Recasts first paragraph to include Fitch ratings upgrade, adds bond movement in paragraph 4
KARACHI, July 29 (Reuters) -Pakistan's benchmark share index .KSE rose 1% on Monday ahead of a central bank meeting to decide its key interest rate and as ratings agency Fitch upgraded Pakistan's credit rating.
Analysts say the State Bank of Pakistan (SBP) will likely cut its key interest rate again in its first decision since Pakistan struck a $7 billion loan deal with the International Monetary Fund (IMF).
Fitch Ratings on Monday upgraded Pakistan's long-term foreign-currency issuer default rating to 'CCC+' from CCC, citing greater availability of external funding under the country's new IMF agreement.
Pakistan's sovereign dollar bonds were flat to slightly higher by 1002 GMT, in line with most of the market. The 2026 maturity was trading 0.52 cents to bid at 89.57 cents on the dollar.
Reporting by Ariba Shahid in Karachi; Additional reporting by Libby George in London; Writing by Charlotte Greenfield in Islamabad; Editing by Tom Hogue
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