Current Zambia credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Zambia ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Zambia, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Zambia credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | SD | - | 22 Oct 2020 | rating downgrade |
| Moody's Investors Service | Caa2 | - | 17 Jun 2024 | rating upgrade |
| Fitch Ratings | RD | - | 18 Nov 2020 | rating downgrade |
| DBRS | - | - |
Zambia: Long-term Rating Scales Comparison
Zambia long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Zambia sovereign debt. These scales help investors understand the likelihood that Zambia will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Zambia Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 17 Jun 2024 | Caa2 | |||
| 18 Nov 2020 | RD | |||
| 22 Oct 2020 | SD | |||
| 28 Sep 2020 | C | |||
| 26 Sep 2020 | CCC- | |||
| 17 Apr 2020 | CC | |||
| 4 Apr 2020 | Ca | |||
| 22 Feb 2020 | CCC | |||
| 23 Aug 2019 | CCC+ | |||
| 27 Jun 2019 | CCC | |||
| 23 May 2019 | Caa2 | |||
| 22 Feb 2019 | B- | |||
| 11 Oct 2018 | B- | |||
| 24 Aug 2018 | B- | |||
| 27 Jul 2018 | Caa1 | |||
| 26 Jan 2018 | B3 | |||
| 25 Aug 2017 | B | |||
| 19 Apr 2016 | B3 | |||
| 18 Mar 2016 | B | |||
| 24 Feb 2016 | B | |||
| 25 Sep 2015 | B2 | |||
| 1 Jul 2015 | B | |||
| 29 May 2015 | B1 | |||
| 13 Mar 2015 | B | |||
| 19 Sep 2014 | B | |||
| 28 Oct 2013 | B | |||
| 25 Oct 2013 | B+ | |||
| 7 Nov 2012 | B1 | |||
| 1 Mar 2012 | B+ | |||
| 22 Mar 2011 | B+ | |||
| 2 Mar 2011 | B+ |
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