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Message: <blockquote data-quote="Hapuwa" data-source="post: 27588799" data-attributes="member: 165466">ECONOMYNEXT – <a href="https://www.fitchratings.com/" target="_blank">Fitch Ratings</a> has downgrade Sri Lanka’s sovereign rating to ‘C’ from ‘CCC’ by Fitch after the Indian Ocean Island announced a suspension of foreign debt repayments and said a restricted default (RD) rating will be given after the first payment is missed. With the announcement on April 12 that most foreign payments would be suspended, Fitch said a ‘default like process’ has begun. Local currency debt has been excluded. A coupon on a 1250 million dollar sovereign bond is due on April 18. Sovereign bonds typically have a 30 day grace period. Fitch said it will downgrade Sri Lanka to ‘RD’ “once a payment on an issuance is missed and the grace period has expired.”</blockquote>

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