September 18, 2014 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Citibank Colombo Branch’s (CitiSL) National Long-Term Rating at ‘AAA(lka) with a stable outlook , the rating agency osaid in a statement. The full statement is reproduced below:-
KEY RATING DRIVERS
CitiSL’s rating is the highest on the National Rating scale and reflects the credit profile and financial strength of Citibank, N.A. (A/Stable). Citibank, N.A.’s rating is higher than Sri Lanka’s Long-Term Local and Foreign Currency IDRs of ‘BB-‘/Stable, and as a result CitiSL’s rating on the National Rating scale is mapped to ‘AAA(lka)’.
The rating is linked with Citibank, N.A.’s IDR because of CitiSL’s legal status as a branch of
Citibank, N.A. making it a part of the same legal entity. Fitch believes that support from Citibank, N.A. and its ultimate parent Citigroup would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka.
CitiSL’s strategic objectives are aligned with that of Citigroup and it is subject to periodic internal audits on a regional level. It uses the group’s core banking and anti-money laundering systems and benefits from services from the g