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S&P cuts Sri Lanka to 'selective default' on missed payments

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S&P Global Ratings cut Sri Lanka's rating as an issuer of foreign currency debt to 'selective default' after the South Asian country missed sovereign bond interest payments, S&P said on Monday.The bonds which had missed payments, maturing in 2023 and 2028, were cut to 'default' and the overall rating coul

S&P Global Ratings cut Sri Lanka's rating as an issuer of foreign currency debt to 'selective default' after the South Asian country missed sovereign bond interest payments, S&P said on Monday.

The weight of COVID-19 further weighed on revenues while the cost of imports sky-rocketed, and the situation deteriorated to the point of large-scale civil unrest on the streets. Over the weekend, the IMF said it held"fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package.

 

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IMF says it held 'fruitful' technical talks with Sri Lanka on loan requestWASHINGTON: The International Monetary Fund (IMF) said on Saturday (Apr 23) that its staff held \u0022fruitful technical discussions\u0022 with Sri Lankan authorities on the crisis-wracked country\u0027s request for an IMF-supported loan programme this week. The Fund said in a statement that the discussions included the
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