Moody’s Ratings is reviewing Sri Lanka’s sovereign credit rating for an upgrade, as the nation is set to complete the restructuring of its dollar bonds.

The bond swap, launched on Tuesday, is an important part of the island nation's ongoing $12.55 billion debt restructuring and efforts to stabilize the economy. Moody's provisionally rated the new U.S.

More than 250,000 people in Sri Lanka have been forced to flee after their homes were flooded. Read more at straitstimes.com.

Sri Lanka is grappling with severe flooding after massive rains from a storm system in the southwest Bay of Bengal. The disaster has caused four fatalities, and left thousands affected and missing. It has triggered flight diversions and required military assistance for rescue operations.

Sri Lanka won the toss and elected to bowl in the first test against South Africa in blustery, overcast conditions in Durban on Wednesday, a vital match for both sides in the race for a place in the World Test Championship final.