Moody’s upgrades Sri Lanka’s rating after debt overhaul approval

Credit ratings agency Moody’s raised Sri Lanka’s long-term foreign currency issuer rating to ‘Caa1’ from ‘Ca’ with a stable outlook on Monday, following approval of a $12.55 billion debt overhaul by the country’s creditors last week.

Moody’s noted that Sri Lanka’s credit fundamentals have improved significantly over the past two years, with reduced external vulnerability and government liquidity risk.

This rating action follows a review initiated by Moody’s last month, during which the agency suggested a possible upgrade.

In a similar move, Fitch Ratings upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating to ‘CCC+’ from ‘Restricted Default’.

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