Fitch Ratings announced to day that they have assigned a final rating of ‘B’ to the following bonds issued by Sri Lanka on 7 March 2019.
Accordingly, USD 1 billion 6.85% bond due in 2024, and USD1.4 billion 7.85% bond due in 2029.
This rating has replaced the expected rating of 'B (EXP)' that Fitch assigned on 6 March 2019.
KEY RATING DRIVERS
The ratings are in line with Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook.
The ratings would be sensitive to any changes in Sri Lanka's Long-Term Foreign-Currency IDR. Fitch downgraded Sri Lanka's Long-Term Foreign- and Local-Currency IDRs to 'B' from 'B+', with a Stable Outlook, on 3 December 2018.