THE Ministry of Finance and National Planning has welcomed Moody’s Ratings’ decision to upgrade Zambia’s sovereign credit rating from Caa2 to Caa1. In a statement by the Office of the Secretary to the Treasury, the Ministry stated that the upgrade strengthened Zambia’s international credit standing and signalled improving perceptions of sovereign creditworthiness. “The Ministry of Finance and National Planning welcomes Moody’s Ratings’ decision to upgrade Zambia’s sovereign credit rating from Caa2 to Caa1, while maintaining a positive outlook, marking another step in the country’s recovery from the debt distress that culminated in its 2020 default. The rating action, announced on 30th October 2026, reflects Moody’s assessment of substantial and sustained improvement in Zambia’s government debt trajectory. The upgrade also strengthens...