Issuing the sovereign credit rating and the country outlook for 2013, Fitch Ratings yesterday affirmed Sri Lanka's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'.

The agency also affirmed the country ceiling at 'BB-' and the short-term foreign-currency IDR at 'B'. The Outlooks on the ratings are Stable.

“ Sri Lanka's ratings balance the strength of the country's resilient growth performance, healthy level of human development and strong payment record against the weaknesses of its fiscal and external balance sheets and moderate domestic savings relative to investment needs”, Fitch said.