Credit Rating

July 02, 2013 (LBO) - Fitch Ratings said it had given Sri Lanka's National Development Bank a 'B+' international rating with a stable outlook. The SR and SRF are sensitive to the sovereign's ability and propensity to provide timely support, particularly if the sovereign rating were to change. The SRF could be upgraded if NDB's share of banking system assets and deposits were to increase to levels that are more in line with other systemically important domestic banks.

NDB was established in 1979 as a specialised bank and transformed into a licensed commercial bank in 2005. The government of Sri Lanka indirectly held over 30% of NDB's voting shares at end-March 2013, through various state-owned institutions.

A full list of NDB's ratings:

Long-Term Foreign- and Local-Currency IDRs assigned at 'B+'; Stable Outlook

Short-term Foreign Currency IDR assigned at 'B'

Viability Rating assigned at 'b+'

Support Rating assigned at '4'

Support Rating Floor assigned at 'B'

National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook

Outstanding subordinated debentures affirmed at 'A+(lka)'

Fitch