Global ratings agency S&P Global cut Sri Lanka’s bonds by two notches to ‘D’ from ‘CC’, pushing it deeper into junk territory, following missed interest payments due on 14 September and 28 September 2022.
“We do not expect the government to make payments on the ISBs within 30 calendar days after their due dates,” the agency said.
The agency affirmed its ‘CCC-‘ long term and ‘C’ short term local currency sovereign ratings. S&P’s outlook on the long-term local currency rating remains negative. (Reuters)