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S&P Upgrades Zambia’s Credit Rating

By Masauso Mkwayaya

Zambia’s credit rating has been upgraded to CCC+ / C from SD / SD, signalling renewed confidence in the Government’s debt management strategy and a shift away from a history of unsustainable borrowing.

According to S&P Global Ratings, the improved rating reflects Zambia’s strengthening fiscal position and its progress towards restoring financial stability, reducing refinancing risks, and improving its standing in international markets.

S&P notes that Zambia has concluded restructuring agreements with official and commercial creditors representing approximately 94 per cent of the US$13.3 billion debt under review.

Only a small portion of commercial debt - largely held by commercial banks - remains under negotiation.

The agency adds that risks posed by potential holdout creditors are limited, thanks to strong safeguards such as comparability-of-treatment provisions under the G20 Common Framework and most-favoured-creditor clauses included in the restructured Eurobonds.

Finance Minister SITUMBEKO MUSOKOTWANE says the S&P decision represents a strong vote of confidence in Zambia’s economic reforms, governance credibility, and the resilience of its people.

Dr. MUSOKOTWANE says the upgrade confirms that Zambia has exited default and is steadily re-establishing itself as a credible, stable, and investable economy.

He describes the rating as a significant acknowledgement of Zambia’s pioneering role under the G20 Common Framework.

As one of the earliest countries to undergo this process, Zambia faced a difficult and uncertain journey, managing complex negotiations, unprecedented legal and technical requirements, and the economic pressures of debt distress.

Dr. MUSOKOTWANE says the upgrade recognises not only economic progress but also the determination, discipline, and endurance of both the Government and the Zambian people.

This is according to a statement issued to ZNBC News by the Office of the Secreta

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