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On March 27, 2015, Standard & Poor's Ratings Services affirmed its 'B+/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Zambia. The outlook is still negative.


  • We continue to believe that Zambia’s institutional strengths and solid growth prospects remain sufficient to offset increasing short-term fiscal and external challenges.
  • However, we consider that policy-making could be constrained by political considerations, preventing the final resolution of key fiscal uncertainties, which could add to copper-price led currency depreciation and external pressure.
  • We are affirming our 'B+/B' sovereign credit ratings on Zambia.
  • The outlook remains negative, reflecting increasing uncertainty over Zambia's management of public finances and external accounts.


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