Moody's Investors Service announced that it has downgraded Sri Lanka’s senior unsecured ratings to B2 from B1, amidst a deepening political and economic crisis on the island, despite calls from the government to block the move.
The move, which is a significant blow to the Sri Lankan government’s economic policy, comes as both former president Mahinda Rajapaksa and Ranil Wickremesinghe claim to be Sri Lanka’s prime minister in a political crisis that has endured for several weeks.
“This is the first massive blow to the economy as a result of irresponsible #CoupLK by @MaithripalaS and Rajapaksa clan,” said the UNP’s Harsha de Silva on Twitter.