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Sri Lanka argued Fitch's decision to downgrade the sovereign to 'CCC'

November 30, 2020
Sri Lanka's government disagreed with the agency's decision to downgrade the country to 'CCC'. Let us remind that Fitch highlighted the country's "increasingly challenging external-debt repayment position". 

The government said it didn't accept the downgrade as the rating action is based on the current financial model. However, Sri Lanka's 2021 budget announcement includes a new approach to foreign financing. Moreover, the sovereign is ready and willing to meet its debt obligations.
Company — Sri Lanka
  • Full name
    Ministry of Finance of the Democratic Socialist Republic of Sri Lanka
  • Registration country
    Sri Lanka