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S&P drops Sri Lanka bonds to D
S&P said it downgraded Sri Lanka’s dollar-denominated bonds due March 14, 2024, March 14, 2029 and March 28, 2030 to D from CC. Sri Lanka missed making the payments on Sept. 14 and Sept. 28.
The government remains in default on the bonds and S&P said it does not see the government paying on the bonds within 30 days after their due dates.
Concurrently, the agency affirmed Sri Lanka’s SD, selective default, foreign-currency rating and CCC- local-currency rating.
S&P does not assign an outlook to an SD rating, but the outlook on the local-currency rating remains negative.
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