Pakistan's only securitization arguably the most stressed-out future flow in the history of securitization is in danger of being downgraded yet again, following the Pakistani army's ouster of Prime Minister Nawaz Sharif last week.

The $250 million issue for state-controlled Pakistan Telecommunications matures in August 2003 and continues to pay out, though Pakistan has teetered on the brink of bankruptcy for over a year. But the latest turn of events does not bode well for the transaction's ratings.

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