Fitch affirms DFCC Bank

Fitch Ratings said it affirmed DFCC Bank's national long-term rating at AA(lka), senior debentures at AA(lka) and subordinated debentures at AA-(lka).

The outlook is stable.

The ratings continue to reflect the bank's strong capitalization relative to its risk profile, Fitch said.

Consolidated tier 1 capital adequacy ratio of 21% at the end of March was significantly higher than that of rating peers, the agency said, and is reinforced by the bank's ongoing profitability and capital retention.

The ratings also factor in the bank's high exposure to medium- to long-term project finance, which is more vulnerable to economic downturns and is dependent on long-term funding, Fitch said.

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