Fitch affirms ratings on 15 Sri Lankan Banks

October 5, 2023 at 5:53 PM

Fitch Ratings has affirmed its ratings on fifteen (15) Sri Lankan banks, while 14 of them have been removed from ‘Rating Watch Negative’ (RWN) and assigned stable outlooks.  

The Ratings Agency affirmed Bank of Ceylon’s (BOC) Long-Term Local-Currency Issue Default Rating (IDR) at ‘CCC-‘ and removed it from RWN while adding that the Outlook is Stable.

At the same time, Fitch has also affirmed the National Long-Term Ratings of the following banks, removed them from RWN and assigned Stable Outlooks.

– BOC at ‘A(lka)’

– People’s Bank (Sri Lanka) at ‘A(lka)’

– Commercial Bank of Ceylon PLC at ‘A(lka)’

– Hatton National Bank PLC at ‘A(lka)’

– Sampath Bank PLC at ‘A(lka)’

– National Development Bank PLC at ‘A-(lka)’

– Seylan Bank PLC at ‘A-(lka)’

– DFCC Bank PLC at ‘A-(lka)’

– Nations Trust Bank PLC at ‘A-(lka)’

– Pan Asia Banking Corporation PLC at ‘BBB-(lka)’

– Union Bank of Colombo PLC at ‘BBB-(lka)’

– Amana Bank PLC at ‘BB+(lka)’

– Sanasa Development Bank PLC at ‘BB+(lka)’

– Housing Development Finance Corporation Bank of Sri Lanka at ‘BB+(lka)’

Fitch further affirmed Cargills Bank Limited’s (CBL) National Long-Term Rating at ‘A(lka)’ and removed it from RWN, adding that it has assigned a Negative Rating Outlook.

The RWN on these banks’ senior and subordinated debt ratings, where assigned, has also been removed.

BOC’s Long-Term Foreign-Currency IDR of ‘CC’, Short-Term IDR of ‘C’, Viability Rating of ‘cc’ and Government Support Rating of ‘ns’ were not considered in this review.

Full report : (NewsWire)