Fitch Upgrades Sri Lanka’s Long-Term Local-Currency IDR to ‘CCC-‘ from Restricted Default

Fitch Ratings has upgraded Sri Lanka's Long- Term Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. The Long-Term Foreign-Currency IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'.

The Short-Term Local-Currency IDR has been downgraded to 'RD' from 'C' following the exchange of treasury bills held by the central bank and subsequently upgraded to 'C' in line with the Sovereign Rating Criteria, as we believe the local-currency debt exchange has now been completed.

Full Statement