July 20, 2011 (LBO) – Fitch Ratings has assigned Sri Lanka’s forthcoming US dollar-denominated global bonds due 2021 an expected ‘BB-(exp)’ rating. “The final rating is contingent on the receipt of final documentation conforming to information already received,” it said in a statement.
As the currency of settlement is specified as US dollars, the rating is in line with Sri Lanka’s long-term foreign currency rating of ‘BB-‘.
The country’s sovereign long-term local currency rating is also ‘BB-‘ with stable outlooks on both.
Sri Lanka has just launched a sovereign bond to raise a billion dollars from global capital markets, with a ‘book building’ process starting with Asian fund managers.