Fitch downgrades Sri Lankan banks

Fitch Ratings said it downgraded the national long-term ratings of Sri Lankan banks following the recent sovereign downgrade and recalibration of the agency's Sri Lankan national rating scale.

The banks are Commercial Bank of Ceylon, Hatton National Bank plc, Nations Trust Bank plc, Bank of Ceylon, Seylan Bank plc, National Development Bank plc, Sampath Bank plc and DFCC Bank plc.

“The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch's downgrade of Sri Lanka's long-term local currency issuer default rating (IDR) to CC from CCC/Under Criteria Observation on Dec. 1, 2022. Fitch typically does not assign outlooks or apply modifiers to sovereigns with a rating of CCC+ or below,” the agency said in a press release.

Fitch lowered Commercial Bank of Ceylon to A(lka)/rating watch negative from AA-(lka)/RWN, Hatton to to A(lka)/RWN from AA-(lka)/RWN, Nations Trust to A-(lka)/RWN from A(lka)/RWN, Bank of Ceylon to A(lka)/RWN from AA-(lka)/RWN, Seylan to A-(lka)/RWN from A(lka)/RWN, National Development to A-(lka)/RWN from A(lka)/RWN, Sampath to A(lka)/RWN from AA-(lka)/RWN and DFCC to A-(lka)/RWN from A+(lka)/RWN.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.