Central Bank officials say credit rating downgrades "too hasty"

Business

Credit rating agencies have been “too hasty” to downgrade Sri Lanka based on short-term political uncertainties, a senior central bank official told REUTERS on Tuesday after Fitch became the second agency in two weeks to cut the indebted island’s rating.

“We are of the view that actions by both rating agencies are too hasty as their decisions are based on short term political uncertainties. Such uncertainties could be very short lived only for couple of weeks,” Central Bank Senior Deputy Governor Nandalal Weerasinghe told Reuters.