Fitch assigns Zambia B+

Fitch Ratings said it assigned to the Republic of Zambia long-term foreign- and local-currency issuer default ratings of B+, along with a short-term rating of B and a country ceiling of BB-.

The outlook is stable.

The ratings reflect the marked improvement in Zambia's economic performance since 2003 driven by improved macroeconomic stability, economic liberalization, rising private investment and production in the mining sector, Fitch said.

The rating also is supported by Zambia's resilience to the global financial crisis, with growth accelerating in 2009 and 2010, the agency said, and comfortable external and public debt ratios, which deteriorated only slightly in 2009 before recovering in 2010.

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