Fitch Ratings on Wednesday downgraded the rating on SriLankan Airlines Ltd's (SLA) US dollar-denominated government-guaranteed bonds to 'B+' from 'BB-', two days after issuing a downgrade on Sri Lanka’s country rating.
In a statement, Fitch said: “This follows the downgrade of Sri Lanka's Long-Term Foreign and Local-Currency Issuer Default Ratings to 'B+' with a Negative Outlook. The national carrier's bonds are rated at the same level as SLA's parent, the state of Sri Lanka, due to the unconditional and irrevocable guarantee provided by the state”.
It said the Sri Lankan sovereign faces increased refinancing risks on account of high upcoming external debt maturities amid the country's vulnerability to a shift in investor sentiment. Furthermore, the sovereign's external liquidity position remains strained, reflecting pressure on foreign-exchange reserves. The recent downgrade also reflects deteriorating public finances driven partly by consistently low general government revenues, the rating agency added.
The state held 99.5 per cent of SLA through direct and indirect holdings at end-2015. - END-
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
Leave Comments