Written by Staff Writer
07 Apr, 2014 | 9:24 pm
International ratings agency, Fitch Ratings has given a BB minus rating for an upcoming sovereign bond issue by the Sri Lankan Government.
Reuters new agency reports that the BB minus rating was prompted by relatively strong growth and human development in Sri Lanka.
International media reports say that the Sri Lankan Government will make a 500 million US dollar sovereign bond issue in the near future.
Fitch Ratings says that a BB minus rating was given to the upcoming bond issue, since Sri Lanka had made commitments to address the fiscal deficit and high government debt burden, through the 2014 budget.
Furthermore, Fitch Ratings noted that the BB minus rating was prompted by Sri Lanka’s good payment record.
The government noted in the 2014 budget that it would raise 1500 million US dollars through sovereign bond issues. In January the Sri Lankan government raised 1000 million US dollars through a sovereign bond issue.
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