Sri Lanka’s Sovereign Rating May Be Raised, S&P’s Benard Says
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Sri Lanka’s sovereign rating, which is on par with Kenya and Ukraine, may be raised as funds from a $2.5 billion International Monetary Fund loan improved the “external liquidity situation,” Standard & Poor’s said.
The South Asian country, which is rebuilding its economy after ending a 26-year civil war, turned to the IMF last year after foreign-exchange reserves dropped to an eight-year low. S&P in October raised the island-nation’s credit outlook to positive from stable and affirmed the long-term foreign currency debt rating at B, five levels below investment grade.