The Board of Directors of the Colombo Stock Exchange (CSE) by way of a communication dated 15th April 2022 has called upon the Securities and Exchange Commission of Sri Lanka (SEC) to temporary close the stock market citing the present situation in the country. Many other stake holders of the securities market including the Colombo…
Reuters – Sri Lanka’s creditors face losing a third to half of their investment in the country’s dollar bonds, after the government announced it would restructure $11 billion worth of debt, the first such financial shake-up in its modern history. Formal debt talks haven’t started but analysts are already crunching the numbers to estimate what…
SriLankan Airlines has issued four requests for proposal (RFPs) to lease up to 21 aircraft to support its long-term business strategy. This includes two RFPs covering existing fleet types (320 and 330 family aircraft) and two parallel RFPs to compare with alternative aircraft types. Roughly 60 per cent of the planned aircraft will be for…
Reuters – India is willing to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the island nation with food and fuel, five sources told Reuters, as New Delhi tries to regain ground lost to China in recent years. Sri Lanka, hit by its worst economic crisis since independence…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on foreign-currency bonds issued on international markets have also been downgraded to ‘C’ from ‘CC’. The Long-Term Local-Currency IDR has been affirmed at ‘CCC’ and the Country Ceiling at ‘B-‘. A full list of rating actions…
Global rating agency Standard and Poor’s (S&P) lowered Sri Lanka’s long-term foreign currency sovereign rating from “CCC” to “CC” to reflect looming default on some affected obligations. The rating action follows the troubled Island nation’s announcement on the suspension of normal external debt servicing. It has also lowered long-term local currency sovereign credit rating from…
Sri Lanka’s economic outlook is highly uncertain due to the fiscal and external imbalances. Urgent policy measures are needed to address the high levels of debt and debt service, reduce the fiscal deficit, restore external stability, and mitigate the adverse impacts on the poor and vulnerable, says the World Bank in its twice-a-year regional update….
Currently Sri Lanka is facing social, economic and financial distress creating hardships to its people due to the long lasting impact of the COVID-19 pandemic, global political imbalances and macroeconomic imbalances of the country. Although the authorities are taking measures to address the above situation of the country, including taking steps to actively manage its…
Fitch Ratings has placed the National Long-Term Ratings of 13 Sri Lankan banks on Rating Watch Negative (RWN). The banks are: -People’s Bank (Sri Lanka) (PB) -Commercial Bank of Ceylon PLC -Hatton National Bank PLC -Sampath Bank PLC -National Development Bank PLC -DFCC Bank PLC -Seylan Bank PLC -Nations Trust Bank PLC -Pan Asia Banking…
Reuters – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel. The island nation’s reserves have slumped more than two-thirds in the past two years, as tax cuts and the COVID-19 pandemic…
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