SL exits ’Restricted Default’ rating

21 December 2024 06:32 am Views - {{hitsCtrl.values.hits}} 4 Bookmark

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Fitch Ratings has upgraded Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+', from 'RD' (Restricted Default).

Fitch typically does not assign an Outlook to sovereigns with a rating of 'CCC+' or below.

Fitch has also upgraded the Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR, as the risk of another default on local-currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators.

Sri Lanka completed the local-currency portion of its domestic debt optimisation in September 2023, following the exchange of treasury bills and provisional advances held by Central Bank of Sri Lanka's into new treasury bonds and bills.

Comments - 4

Chryshan Saturday, 21 December 2024 07:56 AM

Finally we are out of bankruptcy. Now easily we could obtain foreign loans and LCs will be accepted all over. Thanks to efforts of Ranil and Anura.

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Concerned Citizen Saturday, 21 December 2024 07:59 AM

Well done AKD and the government as well as everyone who voted for this government ! One of the key reasons stated by Fitch for the strong upgrade is the strong mandate received by the government in the general elections !

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Sam M Saturday, 21 December 2024 08:00 AM

This was achieved due no u-turn of the previous government policies as usually happenning earlier and seeing very mature leadership, credits goes to both current and previous governments

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Kirihāmi Saturday, 21 December 2024 08:44 AM

Someone please say this is because of the work of that unpleasant, ever-losing, grumpy old man. Thanks in advance!

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