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S&P drops Sri Lanka bonds to D
S&P said it dropped the ratings on four series of bonds issued by Sri Lanka to D from CC due to missed coupon or principal payments.
The bonds are its $650 million of 6 1/8 bonds due June 3, 2025, its $1 billion of 6.825% bonds due July 18, 2026, its $1 billion of 5 7/8% bonds that were due July 25, 2022, and $500 million of 6.35% due June 28, 2024.
Sri Lanka’s government remains in default. “We do not expect the government to make the payments within 30 days after their due dates,” S&P said in a press release.
The agency also affirmed the SD/SD foreign-currency and CCC-/C local-currency ratings on Sri Lanka. The outlook on the long-term local-currency rating is negative.
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