Fitch rates Sri Lanka bond B+

Fitch Ratings said it assigned the Democratic Socialist Republic of Sri Lanka's upcoming dollar-denominated international bond issue, which matures in 2015, a B+ rating. The rating is in line with Sri Lanka's long-term foreign-currency issuer default rating of B+.

The outlook is stable.

Fitch said it revised the outlook on Sri Lanka's ratings to stable from negative based on positive changes to sovereign credit fundamentals following the end of the 26-year civil war, the approval of a $2.6 billion International Monetary Fund agreement and the return of private sector capital inflows.

The agency said there is a real opportunity for economic renewal as part of the post-war transformation of Sri Lanka. A more settled political and secure environment should allow policymakers to focus more on economic issues, including construction and development in areas directly affected by the war, Fitch said.

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