FITCH Ratings has upgraded Zambia’s credit rating from ‘Restricted Default’ to ‘B-‘ with a Stable Outlook, following the country’s debt restructuring. And President Hakainde Hichilema has welcomed the removal of Zambia from “default” status by international credit-rating agencies and described it as an important moment in the nation’s economic recovery. According to a Rating Action Commentary released by the Rating Agency, Friday, the improved rating resulted from the fact that Zambia had normalised relations with a significant majority of its external commercial creditors. The commentary stated that the upgrade also resulted from the fact that Zambia restructured its USD3.8 billion Eurobonds in June 2024 and had subsequently either restructured or reached an agreement on restructuring terms on USD272 million of...
