Fitch raises Sri Lanka rating after creditor nod to $12.55 billion debt overhaul

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Credit ratings agency Fitch on Friday upgraded Sri Lanka's long-term foreign-currency default rating to 'CCC+' from 'restricted default' (RD) following approval by creditors of the country's $12.55 billion debt overhaul earlier this week.

The island nation's bondholders overwhelmingly signed off on the government's proposal to restructure international bonds, a much-needed step in its path to steadily recover from its worst financial crisis in decades.

FILE PHOTO: A general view of city's skyline, amid the country's economic crisis in Colombo, Sri Lanka, April 19, 2022.

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Article Details

Category: EconomyBusiness

Markets: SingaporeGhanaMaliSri LankaUkraineZambia

Topics: 2022 Creditor Raises Upgraded Billion Lanka Fitch Country Debt Crisis Rating

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 02:23:09 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 348 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 24572209

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