Sri Lanka 10-year bond rated ‘BB- (exp) by Fitch

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

July 17, 2012 (LBO) – Fitch Ratings has given a ‘BB- (exp)’ rating with a stable outlook for a 10-year sovereign bond launched Tuesday.

The full statement is reproduced below

Fitch Rates Sri Lanka’s Upcoming Bond ‘BB-(exp)’

Fitch Ratings-Hong Kong-17 July 2012: Fitch Ratings has assigned Sri Lanka’s upcoming USD-denominated global bonds due 2022 an expected ‘BB-(exp)’ rating. The final rating is contingent on the receipt of final documentation conforming to information already received.

The rating is in line with the Sri Lankan sovereign’s Long-Term Foreign Currency Issuer Default Rating (IDR) of ‘BB-‘. Sri Lanka’s Long-Term Local Currency IDR is also ‘BB-‘. The IDR Outlooks are Stable.

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