trending Market Intelligence /marketintelligence/en/news-insights/trending/YR8zry_T0NVsni4pVoqv4A2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Fitch downgrades Zambia to B- over raised fiscal deficit targets

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Fitch downgrades Zambia to B- over raised fiscal deficit targets

Fitch Ratings downgraded Zambia's long-term foreign- and local-currency issuer default ratings to B- from B, with a negative outlook, following the substantial rise in the government's budget deficit targets.

Zambia's government is aiming to reduce its fiscal deficit to 5.1% of GDP by 2021 from 7.9% in 2017. The government was previously targeting a fiscal deficit of at most 3% of GDP by 2020.

For 2018, the government upwardly revised its fiscal deficit target to 7.4% of GDP, compared to the 6.1% figure in the year's budget. Additionally, Zambia's 2017 fiscal deficit was revised higher to 7.9% of GDP from the provisional figure of 7%.

"Upward revisions to fiscal deficits and government debt have weakened the credibility of the government's fiscal targets," the rating agency said.

Fitch raised its forecast for Zambia's general government debt to 69% of GDP by the end of 2018 from a previously estimated 64%, before it begins to decline in 2019. The further expected increase in foreign-currency debt will make Zambia's debt stock more vulnerable to foreign exchange volatility and to a rising global interest-rate environment, the rating agency said.

Fitch expects the Zambian economy to grow by 4.5% in 2018 and 2019, though risks are tilted toward the downside.

Zambia's short-term foreign- and local-currency issuer default ratings were affirmed at B.