May 17, 2013 (LBO) – Fitch Ratings said it had confirmed an ‘AAA(lka)’ domestic rating of HSBC’s Sri Lanka branch with a stable outlook. Established in 1892, HSBCSL is Sri Lanka’s largest foreign bank branch.
Fitch said the rating reflected the strength of The Hongkong and Shanghai Banking Corporation Limited (rated AA-), of which the Sri Lanka units is a branch.
HSBC is the largest foreign bank in Sri Lanka.
The full statement is reproduced below:
Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable
Fitch Ratings-Colombo-17 May 2013: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s (HSBCSL) National Long-Term Rating at ‘AAA(lka)’.The Outlook is Stable.
Key Rating Drivers
The affirmation of HSBCSL’s rating follows the affirmation of its parent The Hongkong and Shanghai Banking Corporation Limited’s (HKSB) Issuer Default Rating (IDR) at ‘AA-‘ with Stable Outlook on 16 May 2013 (see the rating action commentary on www.fitchratings.com).
The rating reflects the financial strength of HKSB, given that HSBCSL is a branch of HKSB and is part of the same legal entity as