Fitch Ratings says today that it has recalibrated its Sri Lanka National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch's downgrade of the country's sovereign rating to 'B-' from 'B' on 24 April 2020.
"The Outlook on Sri Lanka's Long-Term Issuer Default Rating is Negative," Fitch Ratings said.
The recalibration will result in rating actions for some issuers with Sri Lankan national ratings. These rating revisions will be announced soon, the ratings agency added.
National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka's national scale ratings are denoted by the unique identifier '(lka)'.
Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch's international ratings scales or with other countries' national rating scales.
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