Zambia’s government has hailed a landmark credit upgrade from S&P Global Ratings, marking the country’s full exit from its long-running default and signalling renewed confidence in its economic trajectory. Finance Minister Situmbeko Musokotwane said the upgrade confirms that Zambia has “moved out of default status” and is now regaining credibility with global investors, according to Reuters.
S&P lifted Zambia’s long- and short-term foreign-currency ratings to CCC+/C from SD (Selective Default) and assigned a stable outlook. The agency said the decision was driven by improved fiscal projections for 2026, including a deficit expected to more than halve and growth forecast to rise above 6 percent as economic reforms take hold, Reuters reported.
Government officials noted that the next phase will focus on completing outstanding debt-restructuring actions and expanding energy-access programmes to support productivity. Analysts say the upgrade strengthens Zambia’s position in international capital markets and could help lower future borrowing costs.
