S&P affirms Zambia

Standard & Poor's said it affirmed the foreign- and local-currency long-term ratings on Zambia at B+. S&P said it also affirmed the foreign- and local-currency short-term ratings at B.

The outlook is stable.

The agency's transfer and convertibility assessment for Zambia remains B+.

S&P said its ratings on Zambia are constrained by its view of Zambia's low prosperity, balance-of-payments vulnerabilities to shifts in copper prices, and political risks. The ratings are supported by promising investment and economic growth trends, a strong external balance sheet in the wake of debt relief, and a modest debt burden, which has also benefited from debt relief and bouts of double-digit inflation, the agency said.

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