National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.
Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn
rnSL AAA long-term rating denotes a very low expectation of credit risk. The rating indicates a very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events, Fitch said in a statement on Friday.rn
rnldblquote NSBs rating reflects, the explicit state guarantee on deposits, the low risk nature of the banks activities and state ownership,
dblquote says Fitch. rn
rnWith over 13 mn account holders, NSB is the third largest bank in terms of assets. But the bank exerts some influence as a lquote price setter to lead the deposit mobilisation market.rn
rnOver the years successive governments have used NSBs low-cost deposit base to finance the budget defici