UNSOLICITED RATINGS

Independent unsolicited rating publications prepared from publicly available information.

BANK

TITLE	COUNTRY	DATE	RATING ASSIGNED	PUBLICATION
FIRST CAPITAL BANK	ZAMBIA	2026-04-06	BBB (EVOLVING)	VIEW REPORT
ZAMBIA INDUSTRIAL COMMERCIAL BANK	ZAMBIA	2026-03-31	BBB (STABLE)	VIEW REPORT
FIRST NATIONAL BANK	ZAMBIA	2026-03-29	A (STABLE)	VIEW REPORT
ZAMBIA NATIONAL COMMERCIAL BANK (ZANACO)	ZAMBIA	2025-03-17	A (POSITIVE)	VIEW REPORT

CORPORATES

TITLE	COUNTRY	DATE	RATING ASSIGNED	PUBLICATION
ZCCM-INVESTMENT HOLDINGS PLC (ZCCM-IH)	ZAMBIA	2025-11-28	B (NEGATIVE)	VIEW REPORT
REAL ESTATE INVESTMENTS ZAMBIA PLC	ZAMBIA	2025-09-16	B (EVOLVING)	VIEW REPORT
METAL FABRICATORS OF ZAMBIA PLC (ZAMEFA)	ZAMBIA	2025-08-13	BB (STABLE)	VIEW REPORT
CHILANGA CEMENT PLC	ZAMBIA	2025-08-11	A (STABLE)	VIEW REPORT
COPPERBELT ENERGY CORPORATION PLC	ZAMBIA	2025-08-07	A (POSITIVE)	VIEW REPORT
ZAMBIA SUGAR PLC	ZAMBIA	2025-05-29	AA (STABLE)	VIEW REPORT
AIRTEL NETWORKS ZAMBIA PLC	ZAMBIA	2025-04-14	BBB (POSITIVE)	VIEW REPORT
ZAMBEEF PRODUCTS PLC	ZAMBIA	2025-03-11	BBB (STABLE)	VIEW REPORT

INSURANCE INDUSTRY

TITLE	COUNTRY	DATE	RATING ASSIGNED	PUBLICATION
KLAPTON REINSURANCE LIMITED	ZAMBIA	2026-03-30	A (STABLE)	VIEW REPORT
ZAMBIA REINSURANCE PLC	ZAMBIA	2025-02-28	BBB (STABLE)	VIEW REPORT