S&P affirms Sri Lanka

Standard & Poor's said it affirmed its B+ long-term foreign-currency, BB-local-currency sovereign ratings and B short-term foreign- and local-currency ratings on the Democratic Socialist Republic of Sri Lanka.

The outlook remains negative.

The ratings reflect the high level of government indebtedness and weak revenue mobilization, together with security concerns posed by the unresolved conflict with Tamil separatists, S&P said.

These factors are balanced against the economy's demonstrated resilience and favorable medium-term growth prospects, the agency said, as well as the benign terms of its external debt, which impose minimal stress on external liquidity.

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