The rating agency said the end of a long drawn out war which reduced political risk, lower inflation economic growth, budget reforms backed by a successful International Monetary Fund program and stronger reserves helped the upward revision.
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Peace
"After the long-running civil war ended two years ago, Sri Lanka has started to reap a peace dividend that has accrued to the economy and the security environment," Moody's said.
"The economy is expected to grow sustainably at around 8 to 9 percent over the medium-term as confidence is further bolstered and investment picks up.
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Greater macroeconomic stability was seen in lower inflation after the war. The re-integration of the north eastern areas earlier Tamil Tiger separatists was also helping food supply.
"Re-integration of the Tamil minority in the war-torn northeast region is progressing, namely in the provision of humanitarian assistance and supporting development projec