Sri Lanka faces substantial credit risk, default a real possibility: Fitch
The Hindu
The ratings agency also revised Sri Lanka’s growth forecast for 2021 to 3.3% from 3.8%, due to the surge in coronavirus cases in July-August.
The beleaguered Sri Lankan economy faces substantial credit risk, with default ‘a real possibility’, Singapore-based Fitch Ratings said on Tuesday.
The ratings agency also revised Sri Lanka’s growth forecast for 2021 to 3.3% from 3.8%, due to the surge in coronavirus cases in July-August.
“Sri Lanka’s public and external finances remain fragile, as reflected in our ‘CCC’ rating in place since November 2020 and affirmed in June 2021. A rating at this level indicates substantial credit risk, with default ‘a real possibility,’ Fitch said.
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