Fitch Affirms Ratings on 15 Sri Lankan Banks; Removes Watch Negative; CBL on Negative Outlook

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.


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