It was also based on the bank's wide-spread geographical reach due to its extensive branch network.
"Given its systemic importance, PB is likely to enjoy extraordinary support from the Government of Sri Lanka," RAM Ratings said.
The full rating report follows:
RAM Ratings Lanka has reaffirmed the respective long- and short-term financial institution ratings of People’s Bank (PB or the Bank), at AAA and P1; the long-term rating has a stable outlook. The ratings are premised on the Bank’s position as the second-largest licensed commercial bank (LCB) in Sri Lanka, its healthy funding, good asset quality, financial performance and commendable liquidity as well as its wide-spread geographical reach due to its extensive branch network. Given its systemic