Moody’s assigns B2 rating to Sri Lanka’s senior unsecured US dollar bonds

Mar 07, 2019 (LBO) – Moody’s Investors Service has today assigned a B2 rating to the Government of Sri Lanka’s senior unsecured US dollar-denominated bonds.

The rating is based on the preliminary offering memorandum received today, Moody’s Investors Service said.

The bonds will rank pari passu with the Government of Sri Lanka’s current and future senior unsecured external debt.

The B2 rating assigned to the notes mirrors the Government of Sri Lanka’s issuer rating of B2. The proceeds of the bonds are intended to meet government expenditures.

Meanwhile, foreign media reports said Sri Lanka has launched the sale of bonds on Thursday and orders topped 3 billion US dollars.

Sri Lanka is offering indicative coupons of 7.20 percent on the five-year bonds and 8.20 percent on the 10-year bonds.

Earlier in the day, Fitch Ratings said it assigned USD bonds an expected rating of ‘B (EXP)’.

Moody's assigns B2 rating to Sri Lanka's proposed senior unsecured US dollar bonds