Sri Lanka had sought similar commercial loans in 1997 and 2003, raising a total of 150 million dollars. Citigroup is currently helping the government secure its first sovereign rating as the country looks to international debt markets to raise capital and attract investments. Three international rating agencies - Fitch Inc, Moody's Investor Services and Standard and Poor's - have been mandated for the job.
The trio are expected to finish their work this month and the government hopes to use the credit rating to raise dollar bonds in the international market next year. Sri Lanka's rupee appreciated by about five percent this year following the inflow of foreign aid for last year's tsunami survivors, but a higher oil import bill has begun to put pressure on the exchange rate.