RHEL7: Could not load file '/etc/sysconfig/network-scripts/ifcfg-lo' logged

Issue

Following errors are observed in /var/log/messages file or in the status output for network service:

May 28 16:35:15 hosta systemd[1]: Starting LSB: Bring up/down networking...
May 28 16:35:16 hosta network[X]: Bringing up loopback interface:  Could not load file '/etc/sysconfig/network-scripts/ifcfg-lo'
May 28 16:35:16 hosta network[X]: Could not load file '/etc/sysconfig/network-scripts/ifcfg-lo'
May 28 16:35:16 hosta network[X]: Could not load file '/etc/sysconfig/network-scripts/ifcfg-lo'
May 28 16:35:16 hosta network[X]: Could not load file '/etc/sysconfig/network-scripts/ifcfg-lo'
May 28 16:35:17 hosta network[X]: [  OK  ]
May 28 16:35:17 hosta network[X]: Bringing up interface eth0:  [  OK  ]
May 28 16:35:17 hosta systemd[1]: Started LSB: Bring up/down networking.