Sri Lanka#s US$1 Billion Global Bond Issue Rated #B+#

Stocks and Financial Services Press Releases Tuesday October 27, 2015 12:46
SINGAPORE--27 Oct--Standard & Poor's

SINGAPORE (Standard & Poor's) Oct. 27, 2015--Standard & Poor's RatingsServices today assigned its 'B+' issue rating to the US$1 billion global bondissued by the Democratic Socialist Republic of Sri Lanka (B+/Stable/B).

The senior unsecured bond constitutes direct, unconditional, unsubordinated,and unsecured general obligations of the issuer, and payments will be backedby the full faith and credit of Sri Lanka. The bond has a 10-year maturity.

The sovereign credit rating on Sri Lanka reflects the country's relatively lowwealth, improving but still moderately weak external liquidity, and a highgovernment debt and interest burden. In addition, while the government hasrecently taken steps to strengthen governance, we consider the current gaps ininstitutional capacity to pose risks to Sri Lanka's institutional andgovernance effectiveness.

These rating constraints weigh against the country's robust growth prospects.The factors that help Sri Lanka's growth are government investment, includingmeasures to reconstruct the northern districts, the improving financialperformance of public enterprises, increasing tourist arrivals, and declininginflation, which we expect to remain in the single digits.

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