Sri Lanka’s bonds hit record high

LONDON: Sri Lanka’s government bonds jumped to record highs on Tuesday after Fitch lifted the country’s credit rating, marking another step in its recovery from a recent economic crisis.

Fitch’s upgrade of the rating to B- from CCC+ lifted Sri Lanka’s 2036 and 2038 maturing bonds almost 2 cents to all-time highs of around 103 cents on dollar, Tradeweb data showed.

Fitch had said the upgrade reflected, “the implementation of macro-stabilization policies, underpinned by structural reforms,” which had eased external financing risks and provided “a degree of resilience to shocks”.