Financial Strength

Sept 19, 2011 (LBO) – Fitch Ratings Lanka has confirmed Citibank N.A. – Colombo Branch’s (CitiSL) national long-term rating at ‘AAA(lka)’ with a stable outlook. “CitiSL’s rating reflects Citibank N.A.’s (Citibank) financial strength,” it said in a statement.

“Given that CitiSL is a branch and part of the same legal entity as Citibank, Fitch believes that support from the latter would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka.”

Citibank is rated ‘A+’/Rating Watch Negative, which is higher than the sovereign’s Foreign Currency Issuer Default Rating of ‘BB-‘/Stable Outlook.

The full Fitch statement follows:
Fitch Ratings-Colombo/Singapore-19 September 2011: Fitch Ratings Lanka has affirmed Citibank N.A. – Colombo Branch’s (CitiSL) National Long-Term rating at ‘AAA(lka)’. The Outlook remains Stable.

CitiSL’s rating reflects Citibank N.A.’s (Citibank) financial strength. Given that CitiSL is a branch and part of the same legal entity as Citibank, Fitch believes that support from the latter would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri