Fitch Ratings has upgraded Zambia’s sovereign credit to B- with a stable outlook, signalling the end of a five-year period in which the southern African nation carried a default label, Bloomberg reported.

The move follows similar upgrades from Moody’s and S&P Global Ratings, reflecting progress in restructuring the country’s debt.

Since halting debt servicing in 2019, Zambia has reworked 13.3 billion US dollars of liabilities. The upgrade coincided with a fall in yields on the nation’s dollar bonds due 2033, which dropped to 6.78 percent on Friday as investor confidence returned, according to Bloomberg.

Only a small fraction of Zambia’s commercial debt—around 44 million US dollars, or roughly 1 percent of the total targeted for restructuring—remains unresolved. Fitch described holdout risks as limited, noting that negotiations on the remaining portion are ongoing.

As part of a 3 billion US dollars restructuring of dollar bonds, the government has agreed to repay holders additional sums if Zambia surpasses specified economic targets, a scenario Fitch judges highly probable. Fitch indicated that there is a substantial likelihood the upside-case treatment will be triggered on the eurobonds and noted that this could also result in higher repayments to bilateral creditors under potential claw-back provisions.

The upgrade marks a significant milestone for Zambia, whose government has pursued a prolonged and complex debt-revamp process to restore fiscal stability and investor confidence.