COLOMBO, Sept. 15 (Xinhua) -- Fitch Ratings in its latest report downgraded Sri Lanka's Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to "RD" (Restricted Default) from "C."
Fitch said in a report released on Sept. 14 that the ratings on its local-currency bonds tendered in the domestic debt exchange have been downgraded to "D" from "C" while its other four local-currency bonds not tendered in the domestic debt exchange have been affirmed at "C."
The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at "RD," and the ratings on Sri Lanka's foreign-currency bonds have been affirmed at "D," Fitch said.
Given that Fitch typically does not assign outlooks to sovereigns with a rating of "CCC+" or below, all issue ratings have subsequently been withdrawn, Fitch said.
"Fitch has withdrawn the issue ratings of Sri Lanka's foreign and local-currency bonds as these are no longer considered to be relevant to the agency's coverage," Fitch said. ■