Fitch lowered Pakistan’s rating to CCC- from CCC+ after the country’s FX reserves dropped to critically low levels amid a delay in its bailout package from the IMF. Pakistan loosened its grip on the rupee last month, sending the currency to a record low against the USD after a 15% decline in January. Fitch estimates the nation’s USD reserves to see a modest recovery in the year ending June, while payments will remain high next year.