S&P has affirmed Zambia rating at SD and its local currency debt rating at CCC+. S&P points out that persistent delays in reaching an agreement on debt restructuring could restrict financing options for Zambia’s fiscal deficits. The stable outlook on local currency credit rating stems from Zambia’s potential for better-than-projected fiscal performance over the next 12 months and availability of liquid assets. However, the risks from Zambia’s high overall debt stock and the potential inclusion of local currency debt in a possible restructuring offset this.