S&P rates Sri Lanka bond B+

Standard & Poor's said it assigned its B+ credit rating to the Democratic Socialist Republic of Sri Lanka's (foreign currency B+/stable/B, local currency BB-/stable/B) maiden global bond issue of up to $500 million.

At the same time, S&P said it assigned a recovery rating of 4, indicating average recovery in the range of 30%-50%, to Sri Lanka' senior unsecured debt.

The assigned issue rating for the global bond is the product of the sovereign rating on Sri Lanka and the newly assigned sovereign recovery rating, the agency said, adding that the ratings on Sri Lanka take into account positive fiscal developments, which entail improvements on both the revenue and expenditure side.

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