Rating agency Moody's downgraded Sri Lanka's debt rating to 'Caa2' from 'Caa1' on Thursday saying the country had failed to come up with a comprehensive debt repayment plan and low foreign exchange reserves posed the risk of defaults.
Rating agency Moody's downgraded Sri Lanka's debt rating to 'Caa2' from 'Caa1' on Thursday saying the country had failed to come up with a comprehensive debt repayment plan and low foreign exchange reserves posed the risk of defaults.
By Reuters Staff
(Adds comment from analyst in paragraph 3)
April 29 (Reuters) - Ratings agency Moody’s Investors Service on Thursday confirmed Mexico’s credit rating, saying the country had contained a deterioration in its finances, and forecast a gradual recovery from the economic shock of the coronavirus pandemic.
Moody’s kept Mexico’s long-term foreign currency and local currency issuer ratings at “Baa1” but also maintained a “negative” outlook citing concerns about growth and investment, plus support for state oil firm Petroleos Mexicanos (Pemex).
Moody’s analyst Ariane Ortiz-Bollin later told Mexican radio show Formula Financiera that for now, it was hard to see conditions that would allow Mexico to improve its rating.