Credit ratings agency Fitch on Friday upgraded Sri Lanka's long-term foreign-currency default rating to 'CCC+' from 'restricted default' (RD) following approval by creditors of the country's $12.55 billion debt overhaul earlier this week.
FILE PHOTO: A general view of city's skyline, amid the country's economic crisis in Colombo, Sri Lanka, April 19, 2022. REUTERS/Dinuka Liyanawatte/File PhotoCredit ratings agency Fitch on Friday upgraded Sri Lanka's long-term foreign-currency default rating to 'CCC+' from 'restricted default' following approval by creditors of the country's $12.55 billion debt overhaul earlier this week.
"Sri Lanka has normalised relations with a majority of creditors," Fitch said, as it also upgraded the country's local-currency IDR to 'CCC+' from 'CCC-'. The country secured a $2.9 billion four-year bailout from the International Monetary Fund in March last year. Under the debt overhaul plan, Sri Lanka's defaulted bonds will be swapped for a series of new fixed income instruments, rewarding the country a 75 basis-point reduction in the interest rate provided it meets certain governance targets.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
39 foreigners flee Myanmar scam centre: Thai policeThe group from Sri Lanka, Nepal, Malaysia and Russia crossed into Thailand’s Tak province.
Read more »
Heavy Rains and Cyclone Threat Lash Southern India and Sri LankaHeavy rains have lashed southern India and Sri Lanka, with coastal regions bracing for a likely cyclonic storm. In Sri Lanka, rescue teams are searching for eight people missing in floods. A deep depression over southwest Bay of Bengal is expected to intensify into a cyclonic storm.
Read more »
Moody's Reviews Sri Lanka's Credit Rating for Potential Upgrade Post Bond SwapFollowing Sri Lanka's bond-exchange offer, Moody's places the country's Ca long-term foreign currency rating on review for a potential upgrade. This move is crucial for stabilizing Sri Lanka's economy amidst a $12.55 billion debt restructuring effort.
Read more »
South Africa Call Up Breetzke to Replace Mulder in Sri Lanka SeriesSouth Africa have added batsman Matthew Breetzke to their squad as a replacement for all-rounder Wiaan Mulder, who was ruled out of the remaining two-test series against Sri Lanka due to a broken finger injury sustained during the first test.
Read more »
Cyclone Fengal kills 19 in India and Sri LankaNEW DELHI: Cyclone Fengal killed at least 19 people in India and Sri Lanka and caused flooding in Tamil Nadu state and the Puducherry region after crossing India's southern coast from the Bay of Bengal on Saturday (Nov 30).
Read more »
Sri Lanka's president makes U-turn on IMF bailoutCOLOMBO: Sri Lanka's new leader on Thursday (Nov 21) backed a controversial International Monetary Fund (IMF) bailout, marking a U-turn from his election pledge to renegotiate the
Read more »