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* S&P downgrades Sri Lanka to CCC, outlook negative
Wed, Jan 12, 2022, 11:31 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 12, Colombo: Standard and Poor’s has downgraded Sri Lanka to ‘CCC’ from ‘CCC+’ on increasing external financing risks and the outlook is negative.

The global rating agency said Sri Lanka’s external position continues to weaken owing to elevated external obligations and uneven access to financing.

“These developments indicate a rising probability of sovereign default scenarios playing out over the next 12 months in the absence of an unforeseen positive development,” it said.

“The negative outlook reflects our expectation that Sri Lanka’s external financial position will deteriorate further over the coming quarters. This would affect Sri Lanka’s ability to service its debt over the next 12 months,” S&P said in its report.

 

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