Is LDC to LMIC Graduation a Debt Trap?

African countries that graduated from LDCs (Least Developed Countries) to LMICs (Lowe Middle-Income Countries) have found themselves in debt distress and even in sovereign default, almost a decade since they (were) graduated. This is due to not receiving concessional funding in the scale they used to as LDCs. As a result, some of these have to turn to Syndicated loans, Eurobonds and expensive bilat loans.
Which leads some people to argue in a conspiratorial fashion, that the graduation induces debt distress in countries that move up the ladder! Any space for agency by leaders in such countries?