On November 21, 2025, S&P Global Ratings raised the short and long term sovereign credit ratings in foreign currencies of Zambia from “SD/SD” (selective default) to “CCC+/C”. At the same time, the note” CCC+” of the Zambian bond issue to has been confirmed.

Zambia's foreign currency rating increased to 'CCC+/C' due to improved solvency; stable outlook. This revaluation reflects the recent measures by the authorities to restructure the remaining commercial debt.

“We have also confirmed the short and long-term ratings in local currency of the Zambia at “CCC+/C”. The outlook for foreign currency notes and in local currency are stable”; the agency said.

The stable outlook takes into account the improvement progressive budgetary performance and the increasing availability of official support, in the face of risks associated with short-term borrowing needs still high and with limited financing options.

This rating reflects a polarized political context, the tensions between the main political parties creating an environment uncertain and unpredictable politics. If copper prices are favorable to exports and to the country's balance of payments, its dependence on this raw material exposes it to high volatility in trade.