Financial Strength

Aug 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) national long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating is at the highest end of the national rating scale and reflects the financial strength of Standard Chartered Bank PLC (SCB),” a statement said.

“The rating is tied to SCB’s Issuer Default Rating (IDR) of ‘AA-‘/Stable, given SCBSL’s legal status as a branch of the former and that both are part of the same legal entity.”

The full text of the rating report follows:

Fitch Ratings-Colombo/Singapore-01 August 2011: Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable.

SCBSL’s rating is at the highest end of the national rating scale and reflects the financial strength of Standard Chartered Bank PLC (SCB). The rating is tied to SCB’s Issuer Default Rating (IDR) of ‘AA-‘/Stable, given SCBSL’s legal status as a branch of the former and that both are part of the same legal entity.

SCBSL accounted for 0.1% of SCB’s total assets at FYE10 (financial year ended 31 December 2010)