S&P Global Ratings warned that the escalating conflict between Rwanda and Democratic Republic of Congo could lead to a credit downgrade for the nations as the cost of fighting weakens both their economies.

Rwanda-backed Congolese rebels from the M23 movement have announced the capture of the major city of Goma in the eastern Democratic Republic of Congo (DRC). Reports indicate casualties among international peacekeepers,

DRC and Rwanda together supply around half the world's coltan, the metallic ore that is vital in making phones and laptops.

Congo has severed all diplomatic ties with Rwanda and South Africa said on Saturday that nine of its peacekeepers had been killed amid a surge in fighting with Rwanda-backed rebels in mineral-rich eastern Congo.

The UN Human Rights Council is considering whether to launch an investigation into alleged abuses committed in eastern Congo on Kinshasa's request. Rwanda alleged it was responding to an "imminent" threat from Congo.

General has called for peace in the Democratic Republic of Congo. The three-decade long conflict has escalated, after the M23 rebel group seized the Congolese city of Goma last week. The UN has updated the death toll in Goma from 900 to at least 2,