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Leading News from Sri Lanka ::
Oct 09, Colombo: Fitch Ratings on Friday affirmed Sri Lanka's ratings at 'B+' and revised the country's sovereign rating outlook to 'stable' from 'negative'.
The agency said at the same time, it has affirmed the Long-term foreign and local currency Issuer Default Ratings (IDRs) and the Country Ceiling at 'B+', and the Short–term IDR at 'B'.
The revision reflects the country's positive changes in sovereign credit fundamentals, the agency said.
In Fitch's view the increase of foreign exchange reserves to a record high of USD 4.3 billion at the end of September 2009 and the and the expectation of the reserves exceeding USD 5 billion by end of the year is a substantial lift to the country's external financial position.
Fitch believes that there is a real opportunity for economic renewal as part of the post-war transformation of Sri Lanka.
The Standard & Poor (S&P), the other sovereign rating agency, revised Sri Lanka's sovereign rating outlook to 'stable' from 'negative' on 25 August 2009.
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