Sri Lanka’s Rating Cut at S&P Global to Reflect Default Risk

Sri Lanka’s credit rating was pushed further into junk at S&P Global Ratings, which cited the nation’s deteriorating fiscal position as a risk to the sovereign’s ability to service debt.

The country’s long-term foreign-currency credit rating was cut to CCC+ from B-, with a stable outlook, according to a statement from S&P. Sri Lanka’s credit score is now the same as the one assigned to Argentina, Mozambique and Belize.