Moody’s raised Zambia’s local-currency long-term issuer rating from Ca to Caa3, with a stable outlook. That was driven by an agreement on a comprehensive debt treatment between the Zambian government and the Official Creditor Committee (OCC), which excluded local-currency debt from restructuring, thus reducing potential losses for local-currency creditors. Moody’s noted that the stable outlook reflects the country’s balanced risks, considering potential downsides and positives from ongoing negotiations and foreign-currency debt restructuring.