Fitch affirms HSBC Sri Lanka

Fitch Ratings said it affirmed HSBC Sri Lanka's national long-term rating at AAA(lka).

The outlook is stable.

The rating reflects the financial strength of the Hong Kong & Shanghai Banking Corp. Ltd., given that the bank is a branch and part of the same legal entity, Fitch said.

Thus, the agency said it believes that support from the latter would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka.

Hong Kong & Shanghai Banking is rated above Sri Lanka's sovereign issuer default rating of BB-, Fitch said.

The branch is well integrated into the parent bank's operations, through regular reporting to the head office for monitoring of its performance and management of its risk exposures, Fitch added.

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