Sri Lanka, Sept. 20 -- S&P Global Ratings has upgraded Sri Lanka's foreign currency sovereign credit rating on Sri Lanka to 'CCC+/C' from 'SD/SD' (selective default) citing improved macroeconomic stability, progress under the IMF programme and the Government's continued commitment to public financial and debt management reforms.
The long-term foreign currency rating was raised from 'SD' (Selective Default) to 'CCC+' with stable outlook, signalling cautious optimism over Sri Lanka's ability to meet its debt obligations in the medium-term. This is the first upgrade since the country defaulted on external debt in 2022.
According to S&P, Sri Lanka has demonstrated meaningful progress in stabilizing the economy pointing the economy, pointing t...