Zambian government welcomes ratings upgrade that sees country exit default status

Zambia's finance minister on Sunday welcomed a milestone upgrade from S&P Global ratings agency that removed the copper-rich country's default status in the latest sign of economic recovery.

In September, the government forecast a rosier fiscal picture for 2026, estimating the budget would more than halve and economic growth rise above 6% following years of protracted debt restructuring negotiations and a severe drought.

On Friday, S&P upgraded Zambia's long and short-term foreign-currency credit rating to CCC+/C from SD (selective default) with a stable outlook.

"It confirms that Zambia has moved out of default status and is steadily restoring its place as a credible and investable economy," Finance Minister Situmbeko Musokotwane said in a statement.

The government remained committed to fiscal discipline and completing the remaining components of debt restructuring while expanding energy access, he said.