Fitch ups Sri Lanka view to stable

Fitch Ratings said it revised the outlook on the Democratic Socialist Republic of Sri Lanka's long-term foreign- and local-currency issuer default ratings to stable from negative. The agency also said it affirmed the long-term foreign- and local-currency issuer default ratings and country ceiling at B+ and the short-term issuer default rating at B.

The outlook revision reflects positive changes in sovereign credit fundamentals following the end of the 26-year civil war, the approval of a $2.6 billion Inter Monetary Fund agreement and the return of private sector capital inflows, Fitch said.

There is a real opportunity for economic renewal as part of the post-war transformation of Sri Lanka, the agency said.

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