Fitch cuts SriLankan Airlines to C

Fitch Ratings said it downgraded the rating on SriLankan Airlines Ltd.'s $175 million of government-guaranteed 7% unsecured bonds due June 25, 2024 to C from CC.

“The rating action on SLA's bonds follows the downgrade of Sri Lanka's long-term foreign-currency issuer default rating to C from CC and the downgrade of its foreign-currency bonds issued on international markets to C from CC,” the agency said in a press release.

The airline’s bonds are rated at the same level as its parent, Sri Lanka, due to the guarantee provided by the state, Fitch said.

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