Fitch upgraded Sri Lanka's long term credit default rating to CCC+ from CCC- on Friday as it said that the risk of another default on local currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators.
With the decision by the Hong Kong based Fitch Ratings to upgrade Sri Lanka's credit rating, the island nation has officially ended its debt default, the Finance Ministry said here on Saturday.
Mahinda Siriwardana, a top bureaucrat in the Finance Ministry, said in a statement: December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default.
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