Fitch affirms ratings on 15 Sri Lankan banks; Removes Watch Negative; CBL on Negative Outlook

(LANKAPUVATH | COLOMBO) – Fitch Ratings has affirmed Bank of Ceylon’s (BOC) Long-Term Local-Currency Issue Default Rating (IDR) at ‘CCC-’ and removed it from Rating Watch Negative (RWN). The Outlook is Stable.

At the same time, Fitch has affirmed the National Long-Term Ratings of the following banks, removed them from RWN and assigned Stable Outlooks:

– BOC at ‘A(lka)’
– People’s Bank (Sri Lanka) at ‘A(lka)’
– Commercial Bank of Ceylon PLC at ‘A(lka)’
– Hatton National Bank PLC at ‘A(lka)’
– Sampath Bank PLC at ‘A(lka)’
– National Development Bank PLC at ‘A-(lka)’
– Seylan Bank PLC at ‘A-(lka)’
– DFCC Bank PLC at ‘A-(lka)’
– Nations Trust Bank PLC at ‘A-(lka)’
– Pan Asia Banking Corporation PLC at ‘BBB-(lka)’
– Union Bank of Colombo PLC at ‘BBB-(lka)’
– Amana Bank PLC at ‘BB+(lka)’
– Sanasa Development Bank PLC at ‘BB+(lka)’
– Housing Development Finance Corporation Bank of Sri Lanka at ‘BB+(lka)’

Fitch has also affirmed Cargills Bank Limited’s (CBL) National Long-Term Rating at ‘A(lka)’ and removed it from RWN. Fitch has assigned a Negative Rating Outlook.

The RWN on these banks’ senior and subordinated debt ratings, where assigned, has also been removed.

BOC’s Long-Term Foreign-Currency IDR of ‘CC’, Short-Term IDR of ‘C’, Viability Rating of ‘cc’ and Government Support Rating of ‘ns’ were not considered in this review.

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