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S&P cuts Zambia
S&P said it lowered its long-term foreign and local currency sovereign credit ratings on Zambia to CCC- from CCC.
On Tuesday, the country announced its intention to seek a temporary debt service moratorium from its eurobond holders. It asked them to consent to a temporary debt service moratorium on three upcoming eurobond coupon payments, due Oct. 14, Jan. 30 and March 20. The suspension would effectively last six months or October to April.
Zambia asked bondholders to respond to the request by Oct. 20.
The outlook remains negative.
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