Fitch upgrades Union & Cargills Banks; affirms 5 small & mid-sized Sri Lanka banks

May 24, 2019 (LBO) – Fitch Ratings Lanka has upgraded the National Long-Term Ratings of Union Bank of Colombo to ‘BBB-(lka)’ from ‘BB+(lka)’ and of Cargills Bank to ‘A-(lka)’ from ‘BB(lka)’ with stable outlooks.

The agency has also affirmed the National Long-Term Ratings of Amana Bank, Nations Trust Bank, Pan Asia Banking Corporation, SANASA Development Bank and Housing Development Finance Corporation Bank of Sri Lanka.

Full list of rating actions:

Fitch-Fitch-Upgrades-Union-Cargills-Banks_-Affirms-5-Small-Mid-Sized-Sri-Lanka-Banks-23-May-2019