Moody's upgrades Sri Lanka's long-term foreign currency rating, debt restructuring shows results

On December 23, Jinshi data, Moody’s credit rating agency, raised Sri Lanka’s long-term foreign currency issuer rating from ‘Ca’ to ‘Caa1’ with a stable outlook. Prior to this, the country’s creditors approved a $12.55 billion debt restructuring plan last week. Moody’s stated in a report that Sri Lanka’s credit situation reflects its external vulnerability, government Liquidity risk drop, and the prospects for fiscal and debt sustainability.