Moody's reviews Sri Lanka for potential credit rating upgrade

Sri Lanka's sovereign credit rating is currently under review by Moody's Ratings for a potential upgrade. This comes as the country nears the completion of its dollar bond restructuring.

The new dollar notes being offered by Sri Lanka in exchange for its old debt have been assigned a (P) Caa1 rating by the agency, indicating a cautious optimism about the nation's financial recovery. In the market, there has been a notable increase in Sri Lanka's dollar debt maturing in 2030, reaching its highest level since June 2021. This rise reflects growing investor confidence as the country progresses with its restructuring efforts and works towards stabilizing its economy.

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