Opinion

Zambia: Fitch revises outlook

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Fitch Ratings affirmed Zambia’s sovereign credit risk rating in a report dated March 13, although the outlook was revised due to policy coherence and credibility concerns. Fitch affirmed Zambia’s long-term foreign and local currency Issuer Default Ratings (IDRs) and senior unsecured foreign and local currency bonds at “B”, while the outlook on the IDRs was revised from positive to stable. The revision captures Fitch’s view that policy coherence and credibility “are weak and a growing constraint on the rating”.