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Sri Lanka crisis

S&P marks Sri Lankan bonds as 'default', deepening junk status

Island due to restart bailout talks with IMF this month in hopes of $3bn funds

S&P says it does not expect the Sri Lankan government to make the bond payments within 30 calendar days after their due dates.   © Reuters

(Reuters) -- Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments.

The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history.

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