Moody’s ratings elevate Zambia
Published On June 18, 2024 » 510 Views» By Times Reporter » Latest News
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By CHUSA SICHONE
INTERNATIONAL credit rating agency, Moody’s, has upgraded the long-term foreign-currency issuer rating of Zambia to Caa2 from Ca, the long-term local-currency issuer rating to Caa2 from Caa3, and maintained the stable outlook.
Moody’s also assigned a Caa2 foreign-currency senior unsecured debt rating to the new bond (“Bond A”) exchanged for the previously outstanding unrated bonds.
According to a statement issued by Moody’s, the New Dawn Government announced on June 12, 2024 the completion of the mandatory exchange of existing Eurobonds, for which it had been in default since 2020, for new instruments.
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