At least 12 people, including six children, have drowned in torrential rain in Sri Lanka caused by a slow-moving storm now headed toward India. More than 335,000 people in Sri Lanka have been forced to flee after their homes were flooded in the storm, Colombo's Disaster Management Centre (DMC) said.

Sri Lankan rescue teams said Thursday they had recovered four drowned children killed in a flash flood, with four other people missing, after torrential rains from a powerful but slow-moving storm now heading towards India.

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.