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

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