 "Moody's")
Pakistan said on Friday it "strongly contests" a ratings downgrade by agency Moody's, adding that it had adequate liquidity and financing arrangements to meet its external liabilities despite being hit by catastrophic floods.
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 in the wake of devastating floods that hit the country in August.
"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," Pakistan's finance ministry said in a statement
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