03 May 2022

S&P cuts Sri Lanka to 'selective default' on missed payments.

S&P Global Ratings cut Sri Lanka's rating as an issuer of foreign currency debt to 'selective default' after the South Asian country missed sovereign bond interest payments, S&P said.

The bonds which had missed payments, maturing in 2023 and 2028, were cut to 'default' and the overall rating could be further cut to 'D' on confirmation of the non-payment after a 30-day grace period.

S&P said it does not expect the government to make payments during that period.

Source: www.reuters.com

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