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The property group, which has been scrambling to cut its debt mountain, recently repaid some bondholders a fraction of what they were owed in a tender offer.
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Sri Lanka's sovereign rating remains at Selective Default (SD), but the country's sovereign bonds were downgraded to 'D' after missed interest payments, Standard and Poor's, a rating agency said.
Main Opposition SJB says that the international rating agencies have downgraded the country, banks and financial institutions in April as a defaulter and watch negative status. As a result the country has been plunged into a dangerous financial crisis from political and economic crises where it cannot face the international community for any financial transactions. […]
Russian Finance Minister Anton Siluanov warned that Moscow could take legal action if it were forced into default due to its inability to pay its bond debts with dollars. The situation comes after the country's internationally-held assets were frozen over its war on Ukraine.