Reuters - Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments.

The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history. read more

Sri Lanka's external public debt freeze prevents payment of interest and principal obligations due on the government's international sovereign bonds.