Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

S&P pushes Sri Lankan bonds deeper into junk territory with 'default' rating

08/15/2022 | 06:58am EDT
People walk along the Pettah Market, amid the country's economic crisis, in Colombo

(Reuters) - Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments.

The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history.

Sri Lanka's external public debt freeze prevents payment of interest and principal obligations due on the government's international sovereign bonds.

S&P said it did not expect the Sri Lankan government, which remains in default on some foreign currency obligations, to make the bond payments within 30 calendar days after their due dates.

The ratings agency affirmed its 'SD' long-term and 'SD' short-term foreign currency sovereign ratings on Sri Lanka, as well as reiterated the outlook for the island nation at 'negative'.

The country is considering a restructuring of local and foreign debt. It is due to restart bailout talks with the International Monetary Fund (IMF) in August in the hope of securing $3 billion in funding.

(Reporting by Richard Rohan Francis in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2022
Latest news "Economy & Forex"
02:49pCredit Suisse executives reassure investors after CDS spike -FT
RE
02:18pTrump staffers not returning White House records, National Archives says
RE
02:13pBosnia's peace envoy imposes changes to election law
RE
02:01pUK's Kwarteng favours outsider to run finance ministry, newspapers say
RE
01:54pU.S. and Turkish officials discuss Ukraine and NATO in unannounced meeting
RE
01:39pUK sees improving 'mood music' on Northern Ireland protocol
RE
01:35pBritain to acquire two specialist ships to protect underwater infrastructure
RE
01:18pBolsonaro, Lula cast votes in Brazil's heated election
RE
12:49pItaly's Eni says it will not receive Russian gas requested for Monday
RE
12:48pOPEC+ to consider oil cut of over than 1 million bpd - sources
RE
Latest news "Economy & Forex"