Moody’s Joins Fitch in Upgrading Sri Lanka on Debt Restructuring
- Sri Lanka’s successful debt swap reduces risk of default
- Moody’s had placed Sri Lanka on review for upgrade in November
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Moody’s Ratings upgraded Sri Lanka’s credit rating, days after the nation concluded debt restructuring of its dollar bonds, which reduces the risk of default on future notes.
The South Asian nation has been upgraded to Caa1 from Ca on Monday, according to a statement by the rating agency. While governments with that rating are still judged as very high risk by Moody’s, it is a notable step for the island nation and a second upgrade it has received this month.