Fitch affirms Sri Lanka at ’Restricted Default’

25 September 2024 01:50 pm Views - {{hitsCtrl.values.hits}} 1 Bookmark

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Fitch Ratings announced today it has affirmed Sr Lanka's LongTerm Foreign-Currency Issuer Default Rating (IDR) at 'RD' (Restricted Default) and Long-Term Local-Currency IDR at 'CCC-'.

Fitch typically does not assign Outlooks to issuers with a rating of ‘CCC+' or below.

"The sovereign remains in default on its foreigncurrency obligations, while restructuring negotiations are ongoing with Sri Lanka's private external creditors," the rating agency said.

The authorities’ recent announcement that a preliminary debt restructuring agreement has been reached, in principle, with members of the steering committee of the Ad Hoc Group of Bondholders (representing foreign holders of Sri Lanka's international sovereign bonds) and China Development Bank (A+/Negative) suggests progress is being made.

Comments - 1

Praful seth Wednesday, 25 September 2024 03:36 PM

SriLanka must honour its debt obligations..Yes the country went through difficult time n sri lanka suspended interest payments on intl bonds..But now the country has the money with imf loans n debt defered payments by china india n other lenders so i urge sri lanka to forget past interest payments n start paying interest n extend maturity of bonds..why should we get hair cut for lending u money when u needed it

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