The timing of the issuance of Pakistan Banao Certificates (PBC) is not appropriate, given Fitch’s downgrading of Pakistan’s long-term currency issuer default rating to ‘B-‘ from ‘B’ on 15th Dec’ 18 followed more recently by Standard and Poor’s downgrading to ‘B-Negative’ from ‘B’ on 5th Feb” 19. This was stated by former Finance Minister Dr. Hafiz Pasha. Downgrading by two of the three major global rating agencies accounts for higher risk requiring a higher premium.