{"id":146771,"date":"2024-12-23T16:15:37","date_gmt":"2024-12-23T23:15:37","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=146771"},"modified":"2024-12-23T16:15:37","modified_gmt":"2024-12-23T23:15:37","slug":"moodys-raises-sri-lankas-rating-after-debt-overhaul-approval","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2024\/12\/23\/moodys-raises-sri-lankas-rating-after-debt-overhaul-approval\/","title":{"rendered":"Moody\u2019s raises Sri Lanka\u2019s rating after debt overhaul approval"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy Adaderana<\/em><\/span><\/h2>\n\n\n<p>Credit ratings agency Moody\u2019s on Monday raised Sri Lanka\u2019s long-term foreign currency issuer rating to \u2018Caa1\u2019 from \u2018Ca\u2019 with a stable outlook, after the country\u2019s creditors approved a $12.55 billion debt overhaul last week.<\/p>\n\n\n\n<p>Sri Lanka\u2019s credit profile reflects the reduction in external vulnerability and government liquidity risk, and prospects for fiscal and debt sustainability, Moody\u2019s said in a report.<\/p>\n\n\n\n<p>Sri Lanka\u2019s credit fundamentals have improved over the past two years&#8230; external vulnerability and government liquidity risk have both declined from elevated levels,\u201d Moody\u2019s said.<\/p>\n\n\n\n<p>The island nation had defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.<\/p>\n\n\n\n<p>Its bondholders last week signed off on the government\u2019s proposal to restructure its international bonds as the island nation recovers from its worst financial crisis in decades.<\/p>\n\n\n\n<p>The rating action marked the conclusion of a review Moody\u2019s initiated last month, in which it had indicated a possible upgrade.<\/p>\n\n\n\n<p>Ratings agency Fitch on Friday raised Sri Lanka\u2019s long-term foreign-currency default rating to \u2018CCC+\u2019 from \u2018restricted default\u2019.<\/p>\n\n\n\n<p><strong>Source: Reuters<\/strong><br><em>&#8211;Agencies<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy Adaderana Credit ratings agency Moody\u2019s on Monday raised Sri Lanka\u2019s long-term foreign currency issuer rating to \u2018Caa1\u2019 from \u2018Ca\u2019 with a stable outlook, after the country\u2019s creditors approved a $12.55 billion debt overhaul last week. Sri Lanka\u2019s credit profile reflects the reduction in external vulnerability and government liquidity risk, and prospects for fiscal and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-146771","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/146771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=146771"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/146771\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=146771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=146771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=146771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}