Moody's rates Sri Lanka bond B1

Moody's Investors Service said it assigned a provisional foreign-currency rating of B1 with a positive outlook to the government of Sri Lanka's proposed dollar-denominated global bond.

The key drivers for the decision were an increasingly evident peace dividend reflected in greater macroeconomic and financial stability, a policy orientation of fiscal reform and economic growth, supported by a successful IMF program, an improving external payments position and a reduction in political event risk following the end of the civil war in 2009, according to the agency.

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