Fitch downgraded Sri Lanka's sovereign credit rating to "CCC" on Friday, warning the country's debt levels were set to soar past 100% of GDP and that it was increasingly at risk of default. Sri Lanka relies on tourism and garment exports for foreign exchange reserves. It's been hit hard by the pandemic, which has undercut consumer demand and curtailed almost all global travel this year. The CCC rating means Fitch considers default to be "a real possibility", according to its ratings framework, as it added to Sri Lanka's string of downgrades this year.