Sri Lankan debt holders concerned about default

Revenue crunch: Tourists ride on a motorboat in Sri Lanka. The country’s debt slumped over the past years as cities were shuttered and its main industry, tourism, skidded to a halt. — AFP

NEW YORK: Global asset managers including Fidelity Investments and T Rowe Price Group are staring down the risk of default in Sri Lanka in the face of a deepening economic crisis.

Fidelity Investments’ parent FMR LLC, Lord Abbett & Co and T Rowe Price Group are among the largest overseas holders of the island nation’s US$12.6bil (RM53.17bil) in foreign debt, according to data compiled by Bloomberg, based on holdings most recently disclosed by investors.