The Sri Lankan government has decided to abandon the current process to privatise SriLankan Airlines and will announce a new strategy to divest the airline next month.
The decision to sell a 51pc stake in the airline was halted after failing to attract quality foreign investors during the initial Expression of Interest (EOI) campaign.
The government still intends to sell the stake but will take a different approach, with potential interest from India-based entities.
Fitch has chosen to stop rating SriLankan Airlines, withdrawing its previous C rating on the airline’s government-guaranteed unsecured bonds due to unpaid bonds and triggering a default event.
