Macro Analysis /
Global

Sri Lanka: Fitch downgrades Long-Term Foreign-Currency IDR to 'CC' from 'CCC'

  • Fitch downgrades SL’s IDR as reserves dip to USD 1.6bn in November

  • Funding lines outlined by the CB materializing a crucial factor at this point

  • Fitch expects Sri Lanka to grow 2.2% in 2022; we factor in higher GDP growth amidst a rapid vaccination drive

Lakshini Fernando
Asia Securities
20 December 2021
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