Sri Lanka, May 23 -- Fitch Ratings has affirmed the rating on SriLankan Airlines Limited's (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at 'C'.
The affirmation follows the 19 May 2022 downgrade of Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'RD' from 'C', and the downgrade of its foreign-currency bonds issued in international markets to 'D' from 'C'. For details on the sovereign rating action, see our commentary Fitch Downgrades Sri Lanka to 'RD', published 19 May 2022.
KEY RATING DRIVERS
SLA in Default-Like Process: SLA's guaranteed bonds are part of the debt moratorium announced on 12 April 2022 by the government of Sri Lanka, on several categories of sovereign- and public sec...