Fitch changes Zambia to stable

Fitch Ratings said it revised the outlook on Zambia's long-term foreign- and local-currency issuer default ratings to stable from positive and affirmed the issuer default ratings at B, the issue ratings on its senior foreign- and local-currency bonds at B, the country ceiling at B+ and the short-term foreign-currency issuer default rating at B.

The agency said the outlook revision reflects the following: policy coherence and credibility are weak and a growing constraint on the rating, growth in Zambia is expected to moderate in 2015, Zambia's vulnerability to external shocks has increased due to lower copper prices pushing the current account further into deficit and declining reserves, and downward pressure on the kwacha appears to have regained momentum.

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