The Sri Lankan Banking Sector Special Report

Thursday, 2 February 2012 00:01 - - {{hitsCtrl.values.hits}}

On 4 October 2011, Fitch upgraded Sri Lanka’s Long-Term Local- and Foreign-Currency IDRs to ‘BB−’ from ‘B+’ with a Stable Outlook in July 2011 (see Fitch Upgrades Sri Lanka to ‘BB−’ Outlook Stable). The agency also upgraded the Country Ceiling that captures the transfer and convertibility risk to ‘BB−’ from ‘B+’. The upgrade reflected the stabilisation and recovery of the economy under the IMF programme and increased efforts to address the chronic budget deficit position.