Zambia urges investors to ignore "unsolicited" Moody's downgrade - CNBC Africa

Zambia urges investors to ignore "unsolicited" Moody's downgrade

Southern Africa

by Reuters 0

Zambia urges investors to ignore "unsolicited" Moody's downgrade. PHOTO: Reuters

Zambia's government has urged investors to ignore a credit downgrade from Moody's, saying the rating was "unsolicited."

"The assessment made by Moody's that Zambia's credit rating had deteriorated should be ignored because its correctness was not discussed with any authorized representative of the Zambian government," it said in a statement on its Facebook page.

Moody's on Friday downgraded the credit-worthiness of Africa's second-biggest copper producer to B2 from B1, citing slower economic growth, depressed commodity prices and power shortages.

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