Fitch upgrades Sri Lanka to ’CCC+’

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Fitch Ratings has upgraded Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+', from 'RD' (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of 'CCC+' or below, the global rating agency stressed.

Fitch has also upgraded the Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR, as the risk of another default on local-currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators.

"Sri Lanka completed the local-currency portion of its domestic debt optimisation in September 2023, following the exchange of treasury bills and provisional advances held by Central Bank of Sri Lanka's into new treasury bonds and bills," according to a statement issued by the agency.

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