Will Reveal

Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.
Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been legislated.rn

rnSampath Bank says its board has to give the nod before the rating is made public while Seylan is yet to be assigned a rating.rn

rnThe three banks said they were unlikely to meet the 31st December deadline setout in the Budget.rn

rnFinancial analysts say despite the negative net worth of Rs. 3 billion, Peoples Bank is unlikely to get a default grade or ldblquote D
dblquote rating due to the systemic risk of a large bank failure.rn

rnThe bank will also need an additional Rs. 8 billion to meet minimum capital requirements set out by the Central Bank.rn

rnThe government has re-capitalised the State-owned Peoples Bank on three occasions and Bank of Ceylon on two occasion