Fitch maintains HDFC Bank watch

Fitch Ratings said it maintained Housing Development Finance Corp. Bank of Sri Lanka's (HDFC Bank) national long-term rating of BBB-(lka) on rating watch negative.

The agency also maintained the rating watch negative on the BBB-(lka) rating of HDFC Bank's senior secured and senior unsecured debentures.

The rating watch negative, first placed in August 2017, was maintained pending a capital infusion from the Sri Lankan state (B+/stable) to help HDFC Bank meet the 5 billion Sri Lankan rupee minimum regulatory capital requirement, the agency said.

“We expect the state, the bank's major shareholder, to extend its support but the timing of the capital infusion depends on regulatory clearance,” Fitch said in a news release.

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