Sovereign rating
Zambia: CCC+: a very weak rating
Zambia is no. 28 of the 34 African countries rated, among the lowest rated in Africa. The agencies see a real risk of default; access to international markets is very difficult.
Very weak rating
CCC+
- Category
- Substantial risk (CCC)
- In Africa
- no. 28 of 34
- Trend
- Rising
Zambia · CCC+
7 notches below investment grade
AfCRA
The African agency, launched on 7 October 2026, has not published a rating yet.
Long-term foreign-currency ratings, from the agencies' releases · verdict and common scale: Syli Atlas's reading of the agencies' categories · a rating is an opinion on credit risk, not investment advice
History
Decisions of the agencies for Zambia
| Date | Agency | Decision | Rating | Outlook | Source |
|---|---|---|---|---|---|
| 30 Oct 2026 | Moody's | upgraded | Caa1 | positive outlook | lusakatimes.com ↗ |
| 28 Nov 2025 | Fitch | upgraded | B− | stable outlook | zipar.org.zm ↗ |
| 21 Nov 2025 | S&P | upgraded | CCC+ | stable outlook | zambiamonitor.com ↗ |
Questions
What is the credit rating of Zambia?
S&P CCC+ · Moody's Caa1 · Fitch B−: very weak rating, substantial risk (ccc), 7 notches below investment grade, no. 28 of 34 in Africa.