An international credit rating agency has upgraded the rating outlook for Zambia from negative to stable, ZNBC reported. According to a statement issued in London by Moody’s Investors Service, the stable outlook reflects government’s reduction in liquidity pressures and a slowdown in debt accumulation. The Moody’s rating committee during its last week’s discussion indicated that Zambia’s fiscal or financial strength, including its debt profile, has materially decreased. Moody’s indicated that the affirmed B3 long-term issuer rating balances a strong growth potential boosted by ample natural resources. Commenting on the development, finance minister Felix Mutati says the improved outlook is not only an important indicator of the international community’s discernment of Zambia’s political, social and economic stability, but an endorsement of the country’s consistent and market-friendly development policies. He said the rating upgrade is a confirmation that Zambia’s image is respected, adding that the private sector should leverage on this positive outlook to develop credible alliances with the international community and build industries that will generate jobs and create wealth.
