Fitch rates Serendib Finance A+(lka)

Fitch Ratings said it assigned Serendib Finance Ltd. a national long-term rating of A+(lka).

The outlook is stable.

The agency said that Serendib's rating is driven by a view that support would be forthcoming from its parent, Commercial Bank of Ceylon plc, the largest private commercial bank in Sri Lanka.

Commercial Bank of Ceylon’s credit profile and its ability to support Serendib is reflected in its AA(lka) rating, which is underpinned by its standalone strength, Fitch said.

The support assessment also takes into account Commercial Bank of Ceylon’s 100% ownership of Serendib and a track record of support by the parent via multiple equity infusions, the agency added.

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