The deficit that was financed in 2020 was 14.0% of GDP. A Sri Lanka-based fact-checking portal, FactCheck.lk said the shift in numbers to 2019 "cannot be validated by an accounting standard." Credit rating and commercial borrowing Sri Lanka applied for credit ratings from international agencies in its efforts to apply for loans from international markets in 2005 after the election of Mahinda Rajapakse as president. Standard and Poor's gave Sri Lanka a "B+" speculative rating, four levels below investment grade and Fitch "BB−", three grades below investment grade. Standard and Poor's maintained Sri Lanka was constrained by providing widespread subsidies, a bloated public sector, transfers to loss-making state enterprises, and high interest local and international burdens . Standard and Poor's estimates public sector debt has reached 95% of GDP , in comparison to CIA estimates of 89% of GDP . Sri Lanka in mid-2007 sought to borrow $500 million from international markets to shore up the deteriorating exchange rate and reduce pressure on repayment of the domestic debt market . The head of the opposition UNP, Ranil Wickremasinghe has warned that such intense borrowing is unsustainable and will not repay these loans if elected to power . Sri Lanka's credit rating was progressively downgraded following a series of currency crises and output shocks. In December 2018 Fitch downgraded Sri Lanka to 'B' and in April 2020 to 'B−' amid a global Coronavirus pandemic. Moody's downgraded Sri Lanka to Caa1 in September 2020, which was disputed by the Finance Ministry. In November 2020, Fitch Ratings also downgraded Sri Lanka to CCC citing fiscal and external concerns. In December 2020, Standard and Poor's followed, downgrading to 'CCC+', citing high fiscal deficits and excessive domestic liquidity, which was also protested by the Finance Ministry. Investments Sri Lanka's investment to GDP ratio is around 31%, made up of about 24% private and 5% public investment. The private savings rate is about 24% and the government is a net dis-saver leaving a domestic savings investment gap of around 7% of GDP. In 2019 investment fell to 27.4% of GDP from 30.4% a year earlier with the domestic savings rate also falling to 21.3% of GDP from 23%. Sri Lanka's savings rate is undermined by government dis-saving (the revenue deficit), which rose from 1.2 to 2.7% in 2019. There are attempts to improve Sri Lanka's "Ease of Doing Business index' (Sri Lanka stood at 111 for