Fitch rates National Savings Bank BB-

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB- to National Savings Bank.

The outlook is stable.

The agency also said it affirmed the bank's national long-term rating at AAA(lka) with a stable outlook.

The ratings reflect an expectation of the government of Sri Lanka's high propensity - but moderate - ability to provide support to the bank in case of need, Fitch said.

The state's high propensity to support the bank stems from the bank's full state ownership, systemic importance and its policy mandate of mobilizing retail savings and investing them in government securities, the agency said.

The state's moderate ability to provide timely support to the bank at times of distress is reflected in the BB- sovereign rating, Fitch added.

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