S&P cuts DFCC

S&P said it lowered DFCC Bank’s long-term issuer credit ratings CCC+from B-.

“We downgraded DFCC to reflect the bank’s high exposure to Sri Lanka’s deteriorating economic and fiscal conditions. Our actions follow the lowering of our sovereign rating on Sri Lanka because of the rising fiscal and external imbalances in the country,” S&P said in a press release.

The outlook is stable.

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