Export Credit Guarantee Corporation of India modifies country risk rating for Sri Lanka
However, the premium rates for the shipments insured under the insurance covers will remain unchanged
Representational image. Reuters
The Export Credit Guarantee Corporation of India on Wednesday modified its risk rating for economic crisis-hit Sri Lanka.
The Mumbai-based government organisation has made changes to its underwriting policy for export transactions to Sri Lanka.
"After carrying out a review of the rating of Sri Lanka in view of prevailing situations, ECGC, which offers credit guarantee has changed the cover category from Open Cover to Restricted Cover category – RCC 1," a press release by the government said.
"This category of export credit guarantee offers revolving limits and is normally valid for a year after being approved on a case-to-case basis," it added.
However, the premium rates for the shipments insured under the insurance covers will remain unchanged.
The body said that the measures will assist customers in improving payment realisation prospects from buyers in Sri Lanka.
The changes will come into effect from 7 April.
With inputs from agencies
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