Global rating agency Standard and Poor’s (S&P) lowers Sri Lanka’s long-term foreign currency sovereign rating from “CCC” to “CC.”

S&P Global Ratings is an American credit rating agency and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings