Sri Lanka dollar bonds drop after S&P cuts outlook to negative

JANUARY 14, 2020

LONDON, Jan 14 (Reuters) - Sri Lanka’s sovereign dollar-denominated bonds came under pressure on Tuesday after ratings agency Standard & Poor’s cut the outlook on the country’s credit rating to negative, citing increased risks from a deteriorating fiscal position.

Longer-dated bonds bore the brunt of the falls with the 2030 issue slipping as much as 1.2 cents to trade at 100.445 cents in the dollar, according to Tradeweb data.

Standard & Poor’s affirmed the country’s credit rating at ‘B/B’.