Fitch Ratings further downgrades Sri Lanka
Fitch Ratings, one of the world’s leading credit rating agencies, has further downgraded Sri Lanka’s credit rating.So far it has been in the category of CCC and according to the latest classification it has been downgraded to the level of CC.A number of economic factors are said to have contributed to this, including the sharp decline in foreign reserves and the dollar crisis.
They also warned that Sri Lanka’s economy would be in jeopardy in the near future.According to Fitch Ratings, Sri Lanka’s foreign exchange reserves fell by about $ 2 billion from August to November, making it difficult for Sri Lanka to repay its debt over the next two years.