Fitch downgrades Sri Lanka’s Long-Term Local-Currency IDR

kingcharith

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  • Aug 18, 2018
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    Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’.

    The ratings on its local-currency bonds tendered in the domestic debt exchange have been downgraded to ‘D’ from ‘C’ while its other four local-currency bonds not tendered in the domestic debt exchange have been affirmed at ‘C’.

    The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’, and the ratings on Sri Lanka’s foreign-currency bonds have been affirmed at ‘D’.

    All issue ratings have subsequently been withdrawn.

    The global credit rating agency typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.

    Fitch has withdrawn the issue ratings of Sri Lanka’s foreign and local-currency bonds as these are no longer considered to be relevant to the agency’s coverage.
     

    kingcharith

    Well-known member
  • Aug 18, 2018
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    It hits hard they simply stop even considering


    The global credit rating agency typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.

    Fitch has withdrawn the issue ratings of Sri Lanka’s foreign and local-currency bonds as these are no longer considered to be relevant to the agency’s coverage.
     

    Hapuwa

    Well-known member
  • Jan 24, 2009
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    Bond Restructuring = Not paying part or all of it back to investors

    So its something expected along the restructuring process. what matters is government successfully finishing the whole debt restructuring process. If not we are all screwed no matter whether you are a bayya, toyya or jeppa.
     
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