Zambian government is pleased with the ratings increase that lifts the nation out of default

Zambia’s finance minister celebrated a historic upgrade on Sunday from S&P Global Ratings, which lifted the copper-rich nation’s default status in the most recent indication of economic improvement.

After years of drawn-out debt restructuring talks and a severe drought, the administration predicted in September that the budget would more than halve and economic growth would surpass 6% for 2026.

S&P raised Zambia’s long- and short-term foreign-currency credit rating from SD (selected default) to CCC+/C on Friday, citing a stable outlook.

According to a statement from Finance Minister Situmbeko Musokotwane, “it confirms that Zambia has moved out of default status and is steadily restoring its place as a credible and investable economy.”

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