{"id":60547,"date":"2024-06-16T17:12:00","date_gmt":"2024-06-16T17:12:00","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/fitch-rates-zambias-newly-restructured-debt-as-junk-reflects-country-not-yet-out-of-the-woods"},"modified":"2024-06-16T17:12:00","modified_gmt":"2024-06-16T17:12:00","slug":"fitch-rates-zambias-newly-restructured-debt-as-junk-reflects-country-not-yet-out-of-the-woods","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/fitch-rates-zambias-newly-restructured-debt-as-junk-reflects-country-not-yet-out-of-the-woods","title":{"rendered":"Fitch rates Zambia\u2019s newly restructured debt as junk \u2013 reflects country not yet out of the woods"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Global rating agency Fitch has assigned Zambia\u2019s US dollar bonds, which were issued on 11 June 2024 to replace the defaulted ones under the debt restructuring deal a \u2018CCC+\u2019 rating.<\/p>\n

This rating is a notable improvement for Zambia coming from a default status which the country hit as post covid economic impact weighed in. This improved rating comes after the country\u2019s successful debt restructuring exercise.<\/p>\n

However, this CCC+ rating is considered as junk when looked at from a global investor perspective. The junk status though better than default status means more needs to be done for the country to once again begin to attract foreign capital.<\/p>\n

The government of Zambia will have to work on improving key economic variables such as local revenue mobilisation, cutting down on unproductive expenditure to reduce on budget deficits.<\/p>\n

These and other measures will help the country successfully service the international debts to get the country to at least BBB, considered as investment grade.<\/p>\n

Additionally, Fitch through it\u2019s Hong Kong office also affirmed Zambia\u2019s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at Restricted Default (RD).<\/p>\n

Restricted Default (RD) re-affirmation for Zambia under long term foreign currency means that the country can not issue new Euro bonds until economic fundamentals improve.<\/p>\n

Fitch credit rating scale for issuers and issues is expressed using the categories \u2018AAA\u2019 to \u2018BBB\u2019 (investment grade) and \u2018BB\u2019 to \u2018D\u2019 (speculative grade) with an additional +\/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Global rating agency Fitch has assigned Zambia\u2019s US dollar bonds, which were issued on 11 June 2024 to replace the defaulted ones under the debt restructuring deal a \u2018CCC+\u2019 rating. This rating is a notable improvement for Zambia coming from a default status which the country hit as post covid economic impact […]<\/p>\n","protected":false},"author":84,"featured_media":60546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,235,233],"class_list":["post-60547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nFitch rates Zambia\u2019s newly restructured debt as junk \u2013 reflects country not yet out of the woods - Zambia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/fitch-rates-zambias-newly-restructured-debt-as-junk-reflects-country-not-yet-out-of-the-woods\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch rates Zambia\u2019s newly restructured debt as junk \u2013 reflects country not yet out of the woods\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zambia. 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