Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

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
Sri Lanka will work with friendly countries to maintain maritime cooperation
-- [20 minutes ago]
Pakistan envoy expresses deep shock and grief over the demise of Sri Lankan President's youngest brother
-- [1 hour and 5 minutes ago]
Russia, Sri Lanka resolve standoff over stranded research vessel in Colombo
-- [7 hours ago]
Sri Lankan Tamil activist's daughter released from probation
-- [8 hours ago]
Sri Lankan President's brother dies, funeral on Monday at Polonnaruwa
-- [9 hours ago]
Four Indian Navy ships arrive at Sri Lanka's Trincomalee Port on a training mission
India, Sri Lanka agree to extend ongoing project assisting war-affected women in East
Deputy FM denies China's claim that Sri Lanka agreed to resume port project
Suspected attacker of Sri Lankan President's brother remanded
Sri Lankan PM tours Tamil heartland in a reconciliation bid

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, 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 LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.