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Jun 24, 2019 (LBO) – Fitch Ratings has assigned Sri Lanka’s forthcoming US dollar bonds an expected rating of ‘B(EXP)’.

The rating agency said the expected rating is in line with Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook.

The firm added that the rating on the bonds would be sensitive to any changes in Sri Lanka’s Long-Term Foreign-Currency IDR.

Fitch downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency IDRs to ‘B’ from ‘B+’, with a Stable Outlook, in December 2018.