Zambia Tells Investors to Ignore Unsolicited Moody's Downgrade
- Zambia Finance Ministry didn't provide input on ratings report
- Moody's must `restrain themselves' from imposing assessments
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Zambia’s Finance Ministry rejected a credit downgrade by Moody’s Investors Service, saying the move was unsolicited and should be ignored.
The government of Africa’s second-biggest copper producer didn’t provide input to Moody’s ahead of a Sept. 25 downgrade of its debt to B2, five steps below investment grade, the ministry said in a statement posted to its Facebook page Sunday. The southern African nation only has “rating relationships” with Fitch Ratings Ltd. and Standard & Poor’s, it said.