Zambia Discards Five-Year Default Tag With Fitch Ratings Upgrade

Zambia has shaken off five years with a debt-default tag, with Fitch Ratings upgrading its assessment of the southern African nation’s credit to B- and a stable outlook. Yields on its dollar bond edged lower.

The company, which on Friday joined Moody’s Ratings and S&P Global Ratings in lifting its reading from default, pointed to progress the copper-rich country has made in restructuring $13.3 billion in liabilities since it froze debt servicing five years ago.