Sri Lanka Scores Economic Boost as Fitch Ratings Upgrades Credit Rating to ‘B-’

In another major international milestone for Sri Lanka’s economy, global credit rating agency Fitch Ratings has upgraded the island nation’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC+’ to ‘

Fitch Ratings maintained a ‘Stable’ outlook for the country’s economic trajectory.

According to Fitch, the upgrade is primarily driven by the implementation of sound macroeconomic policies and structural reforms by the government, which have significantly eased external financing risks.

However, the agency noted that Sri Lanka’s credit profile remains constrained by high debt levels and debt-servicing ratios, while foreign exchange reserves continue to stand at moderate levels.

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