Fitch Ratings corrects Sri Lanka’s USD Bond at ‘BB-(EXP)’

July 09, 2015 (LBO) – Sri Lanka’s Fitch ratings announced a correction to the rating published on 28 May 2015 to include disclosure language relating to Central Bank of Sri Lanka’s shareholding in Fitch Ratings Lanka Ltd that was missing from the previous version.

The full statement follows:

Correct: Fitch Rates Sri Lanka’s USD Bond ‘BB-(EXP)’

Fitch Ratings-Hong Kong-09 July 2015: This announcement corrects the version published on 28 May 2015 to include disclosure language relating to Central Bank of Sri Lanka’s shareholding in Fitch Ratings Lanka Ltd that was missing from the previous version.

Fitch Ratings has assigned Sri Lanka’s forthcoming US dollar denominated bonds an expected rating of ‘BB-(EXP)’.

KEY RATING DRIVERS

The expected rating is in line with Sri Lanka’s Long-Term Foreign Currency Issuer Default Rating (IDR) of ‘BB-‘ with Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Sri Lanka’s Long-Term Foreign Currency IDR. On 22 April 2015, Fitch affirmed Sri Lanka’s Long-Term Foreign Currency IDR at ‘BB-‘ with a Stable Outlook. The Long-Term Local Currency IDR is also ‘BB-‘ with Stable Outlook.