Fitch ups Zambia local currency rating

Fitch Ratings said it raised Zambia’s long-term local-currency issuer default and senior unsecured ratings to CCC+ from CCC. The agency affirmed the country’s long-term foreign-currency IDR at RD, restricted default.

Zambia continues to negotiate with its foreign-currency creditors on restructuring its debt.

“The upgrade of Zambia's LTLC IDR reflects greater confidence that the debt restructuring process will be completed and will exclude local-currency debt, held by domestic or non-resident investors, from the final treatment. The government has remained current on local-currency debt payments throughout the foreign-currency debt restructuring process and complied with the IMF's fiscal consolidation requirements,” Fitch said in a press release.

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