Pakistan said on Friday that it “seriously rejects” Moody’s rating downgrading.

“The Moody’s rating action was carried out unilaterally without prior talks and meetings with our teams from the Ministry of Finance and the State Bank of Pakistan,” the finance ministry stated 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.