Fitch Ratings has affirmed Bank of Ceylon's Long-Term Local-Currency Issue Default Rating (IDR) at 'CCC-' and removed it from Rating Watch Negative (RWN). The Outlook is Stable.
At the same time, Fitch has affirmed the National Long-Term Ratings of the following banks, removed them from RWN and assigned Stable Outlooks:
- BOC at 'A(lka)'
- People's Bank (Sri Lanka) at 'A(lka)'
- Commercial Bank of Ceylon PLC at 'A(lka)'
- Hatton National Bank PLC at 'A(lka)'
- Sampath Bank PLC at 'A(lka)'
- National Development Bank PLC at 'A-(lka)'
- Seylan Bank PLC at 'A-(lka)'
- DFCC Bank PLC at 'A-(lka)'
- Nations Trust Bank PLC at 'A-(lka)'
- Pan Asia Banking Corporation PLC at 'BBB-(lka)'
- Union Bank of Colombo PLC at 'BBB-(lka)'
- Amana Bank PLC at 'BB+(lka)'
- Sanasa Development Bank PLC at 'BB+(lka)'
- Housing Development Finance Corporation Bank of Sri Lanka at 'BB+(lka)'
Fitch has also affirmed Cargills Bank Limited's (CBL) National Long-Term Rating at 'A(lka)' and removed it from RWN. Fitch has assigned a Negative Rating Outlook.
The RWN on these banks' senior and subordinated debt ratings, where assigned, has also been removed.
BOC's Long-Term Foreign-Currency IDR of 'CC', Short-Term IDR of 'C', Viability Rating of 'cc' and Government Support Rating of 'ns' were not considered in this review.Fitch-Affirms-Ratings-on-15-Sri-Lankan-Banks_-Removes-Watch-Negative_-CBL-on-Negative-Outlook