Sri Lanka’s credit rating has dropped seven times in seven years. Interestingly, this has occurred five times since April 2020.
Other countries that have been rated parallel with Sri Lanka have maintained their credit rating satisfactorily during this period.
Fitch Ratings downgraded Sri Lanka’s credit rating on 19 May 2022, shortly after the end of the one-month grace period for international sovereign bond coupon payments due on 18 April 2022.
This information has been revealed by the website PublicFinance.lk based on Fitch Ratings.
‘Public Finance.lk’ states, “Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on foreign-currency bonds issued on international markets have also been downgraded to ‘C’ from ‘CC’. The Long-Term Local-Currency IDR has been affirmed at ‘CCC’ and the Country Ceiling at ‘B-’.”
