Fitch revises National Development Bank view to stable

Fitch Ratings said it revised the outlook on National Development Bank plc’s national long-term rating to stable from negative and affirmed the rating at A+(lka), following the recalibration of Fitch’s Sri Lankan national ratings scale.

At the same time, Fitch said it downgraded the bank’s subordinated debt ratings by one notch to A-(lka) from A(lka), in alignment with the agency’s recovery expectations under its updated bank rating criteria.

“The recalibration of the national ratings scale reflects changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to B-/negative from B/negative on April 24,” Fitch said in a press release.

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