After two years of money printing and tax cuts made for fiscal and monetary stimulus, Sri Lanka declared a 'pre-emptive negotiated default' saying most foreign debt would not be repaid from April 12 Fitch Ratings downgraded Sri Lanka to 'C' from 'CC' and said the country would be further downgraded to restricted default (RD) once the first payment was missed. Standard and Poor's downgraded the sovereign rating to 'CC' and said the country would be downgraded to selective default (SD) after a payment was missed.
After two years of money printing and tax cuts made for fiscal and monetary stimulus, Sri Lanka declared a 'pre-emptive negotiated default' saying most foreign debt would not be repaid from April 12 Fitch Ratings downgraded Sri Lanka to 'C' from 'CC' and said the country would be further downgraded to restricted default (RD) once the first payment was mis.sed. Standard and Poor's downgraded the sovereign rating to 'CC' and said the country would be downgraded to selective default (SD) after a payment was missed