Rating agencies are anticipated to downgrade Sri Lanka on Wednesday as a result of the nonpayment of coupons on two of the country’s sovereign bonds, while the energy minister said the country has run out of money to pay for fuel.

An unprecedented economic crisis since the country’s 1948 independence has resulted in a serious lack of foreign money, causing it to miss two coupon payments on national bonds on April 18.

Sri Lanka has previously stated that it will be unable to pay the coupons, and a 30-day grace period will expire on Wednesday.

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