In a report issued on Monday, the New York-based agency — one of the three major global rating agencies — also affirmed Pakistain's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'B-'.
Fitch noted a "significant deterioration" in Pakistain's external liquidity position and financing conditions since the start of the year.
While the ratings agency assumed the International Monetary Fund's (IMF) executive board would approve the staff-level agreement with Pakistain reached earlier this month, it saw "considerable risks" to implementation.
The agency also saw risks to continued access to financing after the expiry of the extended funded facility (EFF) supported programme in June next year amid a "tough political and economic climate".
Fitch also referred to former prime minister Imran Khan
...aka The Great Khan, who isn't your heaviest-duty thinker, maybe not even among the top five...
's ouster through a no-confidence vote in April and his demand for early elections.
"The new government is supported by a disparate coalition of parties with only a slim majority in parliament. Regular elections are due in October 2023, creating the risk of policy slippage after the conclusion of the IMF programme.
"Renewed political volatility cannot be excluded and could undermine the authorities' fiscal and external adjustment, as happened in early 2022 and 2018, particularly in the current environment of slowing growth and high inflation," it added.