LONDON (Reuters] – JPMorgan, the U.S. financial institution (NYSE:), backed Sri Lanka’s government bonds in crisis on Wednesday. They said recent political changes should help ease the country’s strains and allow it to talk with the International Monetary Fund.

JPMorgan Analysts stated that an “overweight” is effectively a recommendation to buy bonds. They said that political stability would allow for bonds’ movement higher, from their current lows.

Officially, Sri Lanka has entered default. A grace period to pay some overdue bonds interest payments was expired Wednesday.

JPMorgan stated that this stability should be reflected in IMF discussions as well as the ongoing process of appointing financial and legal advisors.