Sri Lanka drops to CCC negative on S&P’s rating

Standard and Poors’, a global rating agency, has downgraded Sri Lanka’s previous CCC+ rating to negative, as foreign reserves fell below two months of imports.

The agency has stated that Sri Lanka’s financing environment may get more difficult over the next 12 months and that this would affect Sri Lanka’s ability to service its debt.

Meanwhile, the selling rate of the US$ at several private commercial banks on 26 August was Rs.222.

The selling rate of a US$ yesterday (27) at the Central Bank and State banks was Rs. 203. 

Economists say this is  due to the lack of foreign reserves  in the country.

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