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Zambia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa2 Stable | CCC+ Stable | B- Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 28, 2025 | Fitch | RD | — | B- | Stable | |
| Nov 21, 2025 | S&P | SD | — | CCC+ | Stable | |
| Jun 14, 2024 | Moody's | Ca | Stable | Caa2 | Stable | |
| Nov 18, 2020 | Fitch | C | — | RD | — | |
| Oct 21, 2020 | S&P | CCC- | Negative | SD | — | |
| Sep 25, 2020 | S&P | CCC | Negative | CCC- | Negative | |
| Sep 24, 2020 | Fitch | CC | — | C | — | |
| Apr 16, 2020 | Fitch | CCC | Negative | CC | — | |
| Apr 03, 2020 | Moody's | Caa2 | Negative | Ca | Stable | |
| Feb 21, 2020 | S&P | CCC+ | Stable | CCC | Negative | |
| Aug 23, 2019 | S&P | B- | Negative | CCC+ | Stable | |
| Jun 27, 2019 | Fitch | B- | Negative | CCC | Negative | |
| May 23, 2019 | Moody's | Caa1 | Stable | Caa2 | Negative | |
| Feb 22, 2019 | S&P | B- | Stable | B- | Negative | |
| Oct 11, 2018 | Fitch | B | Negative | B- | Negative | |
| Aug 24, 2018 | S&P | B | Stable | B- | Stable | |
| Jul 27, 2018 | Moody's | B3 | Stable | Caa1 | Stable | |
| Jan 26, 2018 | Moody's | B3 | Negative | B3 | Stable | |
| Aug 25, 2017 | S&P | B | Negative | B | Stable | |
| Apr 19, 2016 | Moody's | B2 | Stable | B3 | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Zambia’s current credit rating?
Zambia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Zambia’s credit risk.
Has Zambia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Zambia, showing when each agency last reviewed or changed its assessment.
Why does Zambia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Zambia's bond yields, currency, and equity flows as investors reassess risk.
How does Zambia’s rating compare to other countries?
You can explore how Zambia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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