Fitch downgrades Sri Lanka’s rating to ‘restricted default’

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Ratings agency Fitch on Thursday downgraded Sri Lanka’s rating to ‘RD’ from ‘C’ after the grace period expired on coupon payments that were due on April 18 on two international sovereign bonds.

“We have affirmed Sri Lanka’s Long-Term Local-Currency IDR at ‘CCC’, as the government has continued to service local-currency debt and we assume this will continue,” the ratings agency said in a statement.

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