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Fitch downgrades Sri Lanka’s long-term local-currency IDR to ’CC’

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2 December 2022 08:07 am - 7     - {{hitsCtrl.values.hits}}

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Fitch Ratings - Hong Kong: Fitch Ratings has downgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted Default). Fitch typically does not assign Outlooks to ratings of 'CCC+' or below.

Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed on 14 July 2022, following the publication of the updated Sovereign Rating Criteria.

A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS

 


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  Comments - 7

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  • Mizau Friday, 02 December 2022 08:25 AM

    This is a bad sign. Indirectly it shows the vulnerability of the local (Sri Lanka) banking system. It seems there is will be a debt for the local borrowed funds. The state minister denied this in parliament.

    Nilmini Welivita Friday, 02 December 2022 08:40 AM

    What rubbish! What does Finch know ? He is just an Australian cricketer.

    Kule Friday, 02 December 2022 05:53 PM

    Nonsense, and at a time when his own rating is low. He too should be under observation of ICC.

    Lion Friday, 02 December 2022 10:18 AM

    Nanda Lal is inviting investors ,he should be insane to invite them under these circumstances

    GHT Friday, 02 December 2022 12:25 PM

    All Fitch rating systems are bloody American FAKE statistics targeting CHINESE economy. DO NOT BELIEVE its UP and DOWN TREND.

    Sunil Friday, 02 December 2022 02:02 PM

    At this rate we have no place to fall further.

    SK Kumara Friday, 02 December 2022 02:40 PM

    Nilmini Welivita, bite only what you can digest. This looks out of your league.


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Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

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