S&P Global, an inte ational financial rating agency, has reduced the rating of Sri Lanka's bonds to 'D' since yesterday (15).
That is due to the default of interest and principal payments on bonds issued by Sri Lanka.
Earlier this year, Sri Lanka defaulted on interest and premium payments on bonds and suspended another US$12 billion in foreign debt owed to countries and inte ational financial and aid agencies.
The (S&P) rating agency points out that Sri Lanka is currently facing the most serious financial crisis in its post-independence history.
Ratings agency S&P has affirmed a 'Negative' outlook on Sri Lanka through its long-term and short-term foreign currency sovereign ratings.
Also, Sri Lanka is going to resume negotiations with the Inte ational Monetary Fund in August with the hope of getting 3 billion dollars from the Inte ational Monetary Fund (IMF) with the restructuring of domestic and foreign debts.