S&P lowers Sri Lanka's sovereign rating to "Select Default" grade

Country misses Sovereign Bond interest payments

Global rating agency Standard and Poor’s today lowered long-term foreign currency sovereign credit rating on Sri Lanka to “SD” (selective default) from “CC” as the crisis-hit Island nation missed an interest payment on bonds.

On April 18, Sri Lanka missed interest payments on its $1.25 billion international sovereign bonds maturing in 2023 and 2028.

“We do not expect the government to make the coupon payments within 30 calendar days after their due dates,” S&P said in a statement.

At the same time, it also lowered ratings on bonds to 'D' (default) from 'CC'. However, it affirmed 'CCC-/C' rating for local