Fitch Ratings said it was lifting an outlook on state-run Ceylon Electricity Board to positive from stable, and was confirming a ‘B(lka)’ rating, which is currently de-linked from the state.
Fitch downgraded Sri Lanka’s long term local rating to ‘C’ from ‘CC’ on July 2023, but the CEB itself is rated higher at ‘B(lka)’
“This is because, despite the government’s selective default on some of its local currency debt, we do not believe CEB has entered a default or default-like process requiring a similar rating action,” Fitch said.
