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Sri Lanka outlook on ‘B1’ rating cut to stable by Moody’s

July 02, 2013 (LBO) - Moody's Investors Service has cut the outlook on Sri Lanka's 'B1' credit rating to 'stable' from 'positive' on rising bank foreign debt and continuing budget deficits and high state debt.
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Related to the debt level was slowing economic growth. After growing 8.1 percent in 2010 and 2011, economic growth had since slowed.
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"Looking ahead, the government projects highly favorable macroeconomic developments," the rating agency said.

"By 2015, it expects growth to accelerate to 8.

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3 percent, the current account deficit to diminish to 1.

4 percent of GDP, and official foreign reserves to surpass billion, in large part as a result of a substantial increase in foreign direct investment.
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"However, Moody's also believes that internal policy challenges, and global economic headwinds and financial cross-currents will make achieving such targets challenging.

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Moody's said a said a "sustainable rise in official foreign exchange reserves" and reduction of its external vulnerability indicator below 100 percent, higher growth and lower deficits would help upgrade the rating.

A shift away from debt financing to foreign direct invest would help the rating.

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A worsening of polit

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