International credit rating agency S&P Global Ratings has upgraded Sri Lanka’s long-term and short-term foreign exchange sovereign credit ratings to ‘CCC+/C’ from ‘SD/SD’.
Following the successful restructuring of Sri Lanka’s international debt, including sovereign bonds, in the past, two international credit rating agencies, Fitch Ratings and Moody’s, took steps to upgrade Sri Lanka’s credit rating. However, S&P Global Ratings had not taken steps to upgrade Sri Lanka’s credit rating.
S&P Global Ratings had cited Sri Lanka’s failure to restructure the international dollar bond issued by SriLankan Airlines as the main reason for not upgrading Sri Lanka’s credit rating.
In this regard, S&P Global Ratings said in a statement today (19) that Sri Lanka’s economy has gradually recovered from the 2022 economic crisis and that some macroeconomic indicators have already surpassed pre-crisis levels.