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S&P downgrades Sri Lanka's foreign currency rating amid economic crisis

FILE PHOTO: A man walks past a vegetables stall at a wholesale market, amid the country's economic crisis in Colombo, Sri Lanka, April 13, 2022. REUTERS/Dinuka Liyanawatte

FILE PHOTO: A man walks past a vegetables stall at a wholesale market, amid the country's economic crisis in Colombo, Sri Lanka, April 13, 2022. REUTERS/Dinuka Liyanawatte

S&P Global Ratings on Wednesday lowered Sri Lanka's foreign currency rating to "CC" from "CCC", citing the economic crisis in the country and rising external funding pressures.

"Sri Lanka's debt restructuring process is likely to be complicated and may take months to complete", the ratings agency said in a statement https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2823464.

(Reporting by Nilanjana Basu in Bengaluru)

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