Fitch removes Zambia from observation

Fitch Ratings said it affirmed Zambia’s RD, or restricted default, long-term foreign-currency issuer rating, CCC local-currency long-term issuer rating and removed the local-currency rating from under criteria observation.

The CCC rating reflects the government continuing to service its local-currency debt to protect its banking sector, the agency said. Zambia announced its intention to exclude local-currency debt, whether held by domestic or foreign investors, from the G20 common framework, which Zambia has applied for relief under.

Fitch usually does not assign outlooks to sovereigns with ratings at CCC+ or below.

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