Fitch downgrades Sri Lanka’s credit rating as political crisis continues
In another blow to Colombo, Fitch Ratings became the second credit agency in two weeks to downgrade Sri Lanka’s long-term debt rating as political upheaval continues on the island.
Fitch announced on Tuesday that Sri Lanka's long-term foreign-currency issuer default rating was to be downgraded to ‘B’ from ‘B+’.
“Fitch believes the ongoing political upheaval, which has disrupted the normal functioning of parliament, exacerbates the country’s external financing risks, already challenged by the tightening of global monetary conditions amid a heavy external debt repayment schedule between 2019 and 2022,” the agency said in a statement.
