May, 26, 2022
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years (May 2015 – May 2022).
5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings.
The recent downgrade to RD (Restricted Default) on the 19th of May 2022 was immediately after the lapse of a one month grace period for an ISB coupon payment that was not paid on the 18th of April.