Zambia’s Credit Upgraded to B-

Published: 02 Dec, 2025 08:21 Sources: S1 S2 Category: Business Language: English Country: Zambia

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Fitch Ratings upgraded Zambia’s sovereign credit from “Restricted Default” to B-minus with a stable outlook, reflecting successful restructuring of over 94% of its $13 billion external debt. The move signals progress in macroeconomic stability, reduced borrowing costs, and renewed investor confidence. President Hakainde Hichilema hailed the upgrade as a milestone supporting infrastructure, healthcare, and economic recovery, while analysts caution that continued fiscal discipline is crucial ahead of the 2026 elections.