The Standard & Poor's rating agency has maintained Pakistan's B- long-term credit rating, despite the country's low-income economy and high debt.

S&P said Monday the stable rating outlook reflects confidence that Pakistan will be able to maintain an adequate level of foreign-exchange reserves because of funds provided by donor countries.

The agency gave Pakistan a “C” short-term credit rating.

S&P said its ratings also take into account Pakistan's political and security risks, as well as the country's fiscal inflexibility due to an “exceedingly narrow” tax base.

The U.S.-based agency said it could raise Pakistan's ratings if the country shows progress in financial consolidation by reducing fiscal deficits and public debt.