S&P cuts two Sri Lankan bonds

S&P said it cut two dollar-denominated government of Sri Lanka international sovereign bonds to D from CC after the government failed to make the interest payments due. The bonds are the $1.5 billion of 6.85% bonds due Nov. 3, 2025 and the $1.5 billion of 6.2% bonds due May 11, 2027.

The payment on the 6.85% bonds was due May 3 and May 11 for the 6.2% bonds.

“We do not expect the government to make ISB interest payments within 30 calendar days after their due dates,” S&P said in a press release.

The agency also affirmed Sri Lanka’s SD, or selective default, foreign-currency and CCC- local-currency ratings.

S&P said it does not assign an outlook to ratings in SD and the outlook for the local-currency rating is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.