S&P pushes Sri Lankan bonds deeper into junk territory with 'default' rating
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MONDAY, JANUARY 30, 2023
S&P pushes Sri Lankan bonds deeper into junk territory with 'default' rating

Sri Lanka Crisis

Reuters
15 August, 2022, 05:20 pm
Last modified: 15 August, 2022, 05:23 pm

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S&P pushes Sri Lankan bonds deeper into junk territory with 'default' rating

Reuters
15 August, 2022, 05:20 pm
Last modified: 15 August, 2022, 05:23 pm
FILE PHOTO: A closed Ceylon Petroleum Corporation fuel station displays the availability of all fuel types on a board due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, June 27, 2022. REUTERS/Dinuka Liyanawatte
FILE PHOTO: A closed Ceylon Petroleum Corporation fuel station displays the availability of all fuel types on a board due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, June 27, 2022. REUTERS/Dinuka Liyanawatte

Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments.

The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history.

Sri Lanka's external public debt freeze prevents payment of interest and principal obligations due on the government's international sovereign bonds.

S&P said it did not expect the Sri Lankan government, which remains in default on some foreign currency obligations, to make the bond payments within 30 calendar days after their due dates.

The ratings agency affirmed its 'SD' long-term and 'SD' short-term foreign currency sovereign ratings on Sri Lanka, as well as reiterated the outlook for the island nation at 'negative'.

The country is considering a restructuring of local and foreign debt. It is due to restart bailout talks with the International Monetary Fund (IMF) in August in the hope of securing $3 billion in funding.

World+Biz / South Asia / Global Economy

Sri Lanka / Sri Lanka economic crisis / Sri Lanka debt crisis / S&P / S&P Global Ratings

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