Fitch lowers Zambia

Fitch Ratings said it downgraded Zambia's long-term foreign-currency issuer default rating to CC from CCC.

The agency said the downgrade reflects a view that the shock from the coronavirus pandemic has exacerbated Zambia's already constrained external liquidity, increasing the likelihood of a default event.

“We see a default as probable, as evidenced by the government's tender of a request for proposals from advisors on a potential liability management exercise,” the agency said in a news release.

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