S&P Global Ratings upgraded Zambia's long-term foreign currency sovereign credit rating to 'CCC+' from 'SD' (selective default) on November 21, 2025, assigning a stable outlook. The upgrade ends Zambia’s five-year default period, marking a key milestone in its economic recovery. S&P highlighted Zambia's significant progress on debt restructuring, with the government nearing completion of its offers to restructure loans to external creditors, primarily commercial banks. However, uncertainties remain regarding the completion of the debt restructuring and the economic risks associated with next year’s elections. The agency also noted that, although copper prices remain strong, the sovereign’s dependence on the metal exposes it to substantial terms-of-trade volatility. Moody's credit rating for Zambia was last set at Caa2 with positive outlook.