Fitch downgrades Sri Lanka’s sovereign rating to ‘CC’
The Hindu
The New-York based rating agency said it will be difficult for the government to meet its external debt obligations in 2022 and 2023 in the absence of new external financing sources.
Fitch has downgraded Sri Lanka’s sovereign rating to ‘CC’ from ‘CCC’, saying there is an increased probability of a default in coming months in light of the country’s worsening external liquidity position underscored by a drop in foreign-exchange reserves.
The New-York based rating agency said it will be difficult for the government to meet its external debt obligations in 2022 and 2023 in the absence of new external financing sources.
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