Sri Lanka debt default has begun, says rating agency

Sri Lanka is about to default on its debts, two of the world’s largest credit rating agencies have warned.

Fitch Ratings lowered its assessment of the South Asian nation, saying “a sovereign default process has begun”.

S&P Global Ratings made a similar announcement and said that a default is now a “virtual certainty”.

This week, Sri Lanka said it will temporarily default on its foreign debts as it faces its worst economic crisis in more than 70 years.


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