Moody's assigns Sri Lanka bond B1

Moody's Investors Service said it assigned a provisional B1 rating to the Government of Sri Lanka's announced bond offering.

The outlook is stable.

In July 2013 Moody's, affirmed Sri Lanka's B1 rating and changed the outlook to stable from positive. The action was prompted by: (a) The stabilization in the external payments position, following the sizable loss of foreign reserves in 2011, but without enough improvement to support a positive rating action; and (b) the pause in significant reduction in the government's very high debt burden.

Sri Lanka's B1 government bond rating is supported by the country's relatively strong growth performance and prospects following the end of the nearly three-decade long civil war that ended in 2009. Moody's institutional strength assessment incorporates the government's default-free payments record.

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