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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch affirms nine Sri Lankan banks stable

Fitch affirms nine Sri Lankan banks stable

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Fitch Ratings has affirmed the ratings on nine of Sri Lanka’s banks. The Long-Term Issuer Default Ratings (IDRs) on National Savings Bank and Bank of Ceylon (BOC) have been affirmed at ‘BB-’ and their National Long-Term Ratings have been affirmed at ‘AAA(lka)’ and ‘AA+(lka)’, respectively.

Fitch has also affirmed the National Long-Term Rating of People’s Bank at ‘AA+(lka)’.

At the same time, Fitch has affirmed the Long-Term IDRs of DFCC Bank PLC at ‘B+’ and the National Long-Term Ratings of DFCC and DFCC Vardhana Bank PLC at ‘AA-(lka)’. National Development Bank PLC’s (NDB) National Long-Term Rating was affirmed at ‘AA-(lka)’. Fitch also affirmed NDB’s Long-Term IDR at ‘B+’ and subsequently withdrew the rating due to commercial reasons. Furthermore, Fitch has affirmed the National Long-Term Rating of Commercial Bank of Ceylon PLC (Commercial) at ‘AA(lka)’, Hatton National Bank PLC (HNB) at ‘AA-(lka)’ and Seylan Bank PLC at ‘A-(lka)’.

Fitch has downgraded the National Long-Term Rating of Sampath Bank PLC to ‘A+(lka)’ from ‘AA-(lka).

Fitch maintains a Stable Outlook for the Sri Lankan banking sector. This is because the sector credit profile is not likely to deteriorate materially even though there could be downside pressure on asset quality and profitability.

The operating environment is a key rating driver for the Sri Lankan banking sector given its potential volatility.

The sector outlook was revised from Negative to Stable in December 2014. 
Courtesy: Daily News 9 July 2015

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