Zambia Discards Five-Year Default Tag With Fitch Ratings Upgrade

• Zambia has successfully shed its five-year debt-default label following an upgrade from Fitch Ratings, which now assesses the country's credit at B- with a stable outlook. This upgrade has led to a decrease in yields on Zambia's dollar bonds, indicating improved investor confidence.
• The removal of the default tag is a significant milestone for Zambia, reflecting the country's efforts to stabilize its economy and regain access to international financial markets after a challenging period marked by missed payments and economic turmoil.
• This development highlights a broader trend in Zambia's financial recovery, as S&P Global Ratings also recently lifted its default rating, signaling a positive shift in the country's fiscal management and economic prospects after being the first African nation to default during the pandemic.

— via World Pulse Now AI Editorial System