S&P downgrades Sri Lanka's foreign currency rating amid economic crisis

People wait in a queue to buy diesel at a Ceylon Petroleum Corporation fuel station in Colombo. Credit: AFP Photo

S&P Global Ratings on Wednesday lowered Sri Lanka's foreign currency rating to "CC" from "CCC", citing the economic crisis in the country and rising external funding pressures.

"Sri Lanka's debt restructuring process is likely to be complicated and may take months to complete", the ratings agency said in a statement.

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