Fitch Rates Sri Lanka's Bond at 'BB-(EXP)'

Fitch Rates Sri Lanka's Bond at 'BB-(EXP)'

Fitch Ratings announced that Sri Lanka's forthcoming US dollar-denominated global bonds due 2019 have been assigned an expected rating of 'BB-(EXP)'.

The final rating is contingent on the receipt of final documentation conforming to information already received. The expected rating is in line with Sri Lanka's Long-Term Foreign Currency Issuer Default Rating (IDR) of 'BB-' with Stable Outlook. 

The sovereign's Long-Term Local Currency IDR is also 'BB-' with Stable Outlook. Sri Lanka's 'BB-' IDRs reflect a relatively strong growth, a comparatively high level of human development and a solid payment record. 
The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently well balanced.