Fitch: Sri Lanka banks on watch

Fitch Ratings said it is maintaining the national long-term ratings of six Sri Lankan regional development banks on Rating Watch evolving, including:

• Rajarata Development Bank's BBB+(lka) rating;

• Ruhuna Development Bank's BBB+(lka) rating;

• Wayamba Development Bank's BBB+(lka) rating;

• Kandurata Development Bank's BBB(lka) rating;

• Uva Development Bank's BBB(lka) rating; and

• Sabaragamuwa Development Bank's BBB-(lka) rating is on Rating Watch positive.

The action follows news that the government of Sri Lanka has proposed to merge these six banks into one bank, the agency said.

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