Pakistan says strongly contests ratings downgrade by Moody's

Pakistan said on Friday it "strongly contests" a ratings downgrade by agency Moody's. "The rating action by Moody's was carried out unilaterally without prior consultations and meetings with our teams from the Ministry of Finance and State Bank of Pakistan," said a statement by the finance ministry on Twitter.



Moody's cut Pakistan's sovereign credit rating on Thursday by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability risks, following the devastating floods that hit the country earlier this year.