Fitch Ratings has downgraded Zambia's Long- and Short-Term Foreign-Currency Issuer Default Ratings (IDR) to 'RD' from 'C'.

The Bank of Zambia has left its main lending rate unchanged at 8.0%.

Considered now, as the first African country to be in default, Zambia continues to see its local currency (kwacha) depreciated against the main currencies, especially the dollar.

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.