Fitch assigns SL’s dollar bonds final ‘B’ rating

Fitch Ratings has assigned a final rating of ‘B’ to the bonds issued by Sri Lanka on March 7, 2019—US $1 billion (6.85 percent) bond due in 2024 and US $ 1.4 billion (7.85 percent) bond due in 2029.

This replaces the expected rating of ‘B (EXP)’ that Fitch assigned on 6 March 2019.

The ratings are in line with Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook.

The ratings would be sensitive to any changes in Sri Lanka’s Long-Term Foreign-Currency IDR. 

Fitch downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency IDRs to ‘B’ from ‘B+’, with a Stable Outlook, on December 3, 2018.