Fitch ups Zambia local rating

Fitch Ratings said it upgraded Zambia's long-term local-currency issuer default rating to CCC from CC and affirmed its long-term foreign-currency IDR at RD.

“The upgrade of the LTLC IDR reflects that the government has continued to service its local-currency debt and has made no indication that it plans to include domestic debt in any potential debt restructuring. This means an eventual re-structuring of external debt could improve the overall public finance position and support local-currency debt sustainability,” Fitch said in a press release.

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