Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Fitch Rates Sri Lanka's Bond at 'BB-(EXP)'
Tue, Jan 7, 2014, 01:10 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 07, Colombo: Fitch Ratings announced that Sri Lanka's forthcoming US dollar-denominated global bonds due 2019 have been assigned an expected rating of 'BB-(EXP)'.

The final rating is contingent on the receipt of final documentation conforming to information already received, the global rating agency said.

The expected rating is in line with Sri Lanka's Long-Term Foreign Currency Issuer Default Rating (IDR) of 'BB-' with Stable Outlook. The sovereign's Long-Term Local Currency IDR is also 'BB-' with Stable Outlook.

Relatively strong growth, a comparatively high level of human development and a solid payment record is a key rating driver for the 'BB-' rating for IDR.

The fiscal deficit which is estimated by Fitch to be 5.8% of GDP in 2013 and government debt burden of 77.2% of GDP in 2013 remain at relatively high levels, although the 2014 budget signals commitment to medium-term debt reduction and an ability to maintain a gradual fiscal consolidation trend are also factors in the rating.

The external finances form a weakness with a persistent but narrowing current account deficit and higher net external debt level (36.6% of GDP) compared with peers also rated in the 'BB' category (on average, 22.8% of GDP).

The full statement by Fitch Rating can be found here.

ColomboPage - Recent 10 Stories
Three missing Sri Lankan fishermen stranded in Dhanushkodi
-- [6 hours ago]
No room in the country for conflicts based on languages - President
-- [7 hours ago]
Sri Lankan sailor found dead in ship at Dhamra port in Odisha
-- [8 hours ago]
Rangana Herath to captain Sri Lanka in Zimbabwe
-- [9 hours ago]
Indian Foreign secretary, Sri Lankan President discuss economic cooperation
-- [9 hours ago]
Sri Lanka Navy ship Sagara leaves for joint Coast Guard exercise with India and Maldives
National Police Commission to conduct separate investigation into Jaffna University students' deaths
Australian miner assesses mineral sands deposits in Puttalam, Sri Lanka
Indian Foreign Secretary arrives in Sri Lanka with a business delegation
Sri Lanka to set up an international multi intelligence unit to combat illicit drug trade

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.