The main reason for a slower pace of issuance appears to be a general trend of increased fiscal consolidation by governments in terms of GDP (Gross Domestic Product), especially among some of the largest borrowers.

The downward trend in deficit reduction must be continued to warrant an upgrade. Something must be done to increase revenues and not in decreasing expenditures. Its underlying trends and processes that really drive our view on credit ratings versus the actual numbers per se.

If you look at the state of the value-added-tax, it has been subject to a lot of delays and setbacks, so we won't know if it will be implemented until it happens,

In a rapidly evolving environment such as that which we are facing in the global energy markets, the inability to craft and implement appropriate policy measures leaves fiscal and external balances exposed. This could ultimately threaten to undo the macroeconomic stability achieved in recent years.

In light of the bank's public policy role and the track record of strong support from the Indian government, Standard & Poor's equalizes its ratings on India EXIM with those on the sovereign.

Sharp declines in the government?s external debt indicators and structural improvements that, over time, should help Pakistan?s export capacity motivated the change in outlook for the foreign currency rating.

A resumption of full-scale hostilities could have negative implications for the country's already stressed fiscal and debt position, and likely impair its previously adequate level of external balances.

The stable outlook reflects revised expectations concerning the prospects of policy continuity and adherence to fiscal consolidation, which foreshadows improved chances for overall deficit reduction and stabilization of the country's debt dynamics.

What is important is the process of charter change itself as well as the outcome, whether it will materialize or not, does not affect this policy making economic reforms, especially fiscal consolidation.

The government will respond in a more prompt and appropriate way. They will be in a better position to handle whatever shock may come their way.