Sri Lanka hit with another downgrade as crisis worsens
Standard and Poor’s has hit Colombo with yet another credit rating downgrade, from ‘CCC+’ to ‘CCC’, stating that Sri Lanka’s “external position continues to weaken owing to elevated external obligations and uneven access to financing”.
The latest downgrade comes in the midst of a financial crisis on the island, which has seen foreign reserves drop and the cost of basic goods skyrocket.
“Foreign exchange resources will be further pressured over the coming quarters by additional external sovereign debt maturities and current account requirements,” the S&P said.



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