Fitch changes Siyapatha to negative

Fitch Ratings Lanka said it revised the outlook on Siyapatha Finance plc to negative from stable and affirmed its national long-term rating at A-(lka).

The agency also affirmed the expected national long-term rating on Siyapatha's proposed senior unsecured redeemable debentures at A-(lka)(EXP) and affirmed its outstanding subordinated debentures at BBB+(lka).

The action follows the June 22 outlook revision on its parent, Sampath Bank plc, to negative from stable.

Fitch said it continues to believe that support for Siyapatha would be forthcoming from Sampath, if needed. This view is based on Sampath's 100% ownership of Siyapatha and involvement in the strategic direction of Siyapatha through board representation.

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