Pakistan should now set a clear sovereign rating objective: S&P's B+ within two years and Moody's B1 within three to five years. S&P raised Pakistan to B in July 2026, while Moody's has kept it at Caa1 since August 2025. The country deserves recognition for avoiding default and restoring stability, but ratings are earned through repeatable institutions, not diplomatic "befitting replies". From today, B+ requires one S&P notch and B1 requires three Moody's notches. Even then, Pakistan would remain below investment grade. [...]