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Sri Lanka local currency ratings raised to ‘CCC+/C’ from ‘SD/SD’; Outlook Stable

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SINGAPORE (Sept. 25) S&P Global Ratings t raised its long- and short-term local currency sovereign credit ratings on Sri Lanka to ‘CCC+/C’ from ‘SD/SD’ (selective default).

“We raised our local currency ratings on Sri Lanka to ‘CCC+/C’ to reflect a forward-looking opinion about Sri Lanka’s creditworthiness on local currency obligations following the completion of the government’s domestic debt exchange program with superannuation funds,” S&P said.

“We viewed this exchange as distressed rather than opportunistic due to the government’s very high interest burden and local currency debt stock. In our opinion, the restructuring also resulted in lenders receiving less than originally promised.

The stable outlook on the long-term local currency rating reflects the balance of improvements to the government’s debt profile achieved through its domestic restructuring exercises against the continued risk to the government’s fiscal sustainability posed by Sri Lanka’s ongoing economic, external, and fiscal pressures.”

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