(Photo Credit: Solvency Ii Wire)
Following the Fitch Rating’s annual review of the Sri Lankan Insurance Corporation Limited’s (SLIC), Fitch has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings from “B” to “B-” indicating the potential risks to investors.
According to Fitch, this rating took into consideration the government’s response to the coronavirus and the impact said virus was having. They attribute this decline to Sri Lanka’s worsening sovereign credit profile.
Fitch maintains that they will likely see a rise in insurer’s investment-related risks due to the increased exposure of sovereign-related assets and volatility caused by the virus.
Read Fitch’s full report here.
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