Fitch Ratings has downgraded Zambia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'CC'. Fitch has also downgraded the ratings on Zambia's senior unsecured foreign-currency bonds included in the "consent solicitation" to 'C' from 'CC'. This includes all of the foreign-currency bonds rated by Fitch.
Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of 'CCC' or below. A full list of rating actions is at the end of this rating action commentary.
