Srilanka, Sept. 23 -- The Ceylon Chamber of Commerce is pleased to see the tangible results of the commitment and sustained efforts towards restoring Sri Lanka's macroeconomic stability, reflected in Fitch Ratings' decision to upgrade the country's Long-Term Foreign-Currency Issuer Default Rating from 'CCC+' to 'B-', with a Stable Outlook.
The upgrade is an important development in Sri Lanka's economic recovery and provides recognition of the progress made following several years of significant economic challenges. Over the past six years, Sri Lanka has undertaken a difficult process of economic adjustment, including fiscal consolidation, revenue mobilisation, debt restructuring and structural reforms.
The improved rating also reflects gr...