Fitch Ratings raises Sri Lanka rating to B- citing reforms
Business
Fitch Ratings just bumped up Sri Lanka's credit rating to B- (from CCC+) with a stable outlook, thanks to some solid economic reforms and better financial management.
While that's good news, the country is still juggling big issues like heavy debt and not much in the way of foreign currency reserves.
Sri Lanka deficit risk, remittances help
Even with the upgrade, Sri Lanka isn't out of the woods: energy costs are rising and debt remains high, which could lead to a deficit by 2026.
On the bright side, money sent home by Sri Lankans working abroad and support from groups like the IMF are helping keep the economy steady for now.