Zambia: S&P Lifts Zambia’s Rating to CCC+ After Restructuring Gains

S&P Global Ratings upgraded Zambia’s sovereign rating to CCC+ from selective default, citing progress in restructuring $13.3 billion of external debt.

The agency said about 94% of the debt under negotiation is covered by completed agreements, though some bilateral and commercial deals remain outstanding.

The outlook is stable, reflecting moderate fiscal improvement and continued backing from official creditors despite the country’s high financing needs and limited market access.

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