SINGAPORE: Moody’s Investors Service (Moody’s) Thursday downgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from B3 — after seven years. Moody’s has also downgraded the rating for the senior unsecured Medium Term Note (MTN) programme to (P)Caa1 from (P)B3. It should be noted that the outlook remains negative. Commenting on the development, Alpha Beta Core CEO Khurram Schehzad said: “This is surprising that we are downgraded despite having the International Monetary Fund (IMF) support, which indicates the risks still persisting despite having IMF on our side.”