These factors were taken into account in Moody's change in the outlook on Pakistan's government bond ratings to positive from stable on March 25, 2015, pointing towards a declining probability of default. The new report noted that Pakistan's Caa1 rating reflects constraints in Moody's methodological assessment that mainly lie in the government's very low fiscal strength and high susceptibility to event risks. Moody's report further pointed out that China's recent pledge to invest $46 billion in the China-Pakistan Economic Corridor (CPEC) - which aims to connect the two countries via rail, road, and an oil and gas pipeline - is credit positive, and will spur investment activity, boost bilateral trade flows and help ease Pakistan's energy deficit over time.