Five years after missing a US$42.5 million Eurobond coupon and tumbling into default, Zambia has finally clawed its way back into the good graces of at least one major rating agency. On Friday, S&P Global Ratings lifted Zambia’s long- and short-term foreign-currency ratings to CCC+/C from selective default (SD) , formally removing the scarlet letter that has hung over the country since 2020. “It confirms that Zambia has moved out of default status and is steadily restoring
