Moody’s downgrades ratings of BOC, HNB & Sampath Bank; outlooks stable

Sep 29, 2020 (LBO) – Moody’s Investors Service has today downgraded the long-term foreign currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank PLC (HNB) and Sampath Bank PLC (Sampath) to Caa1 from B3, and the banks’ long-term local currency deposit ratings to Caa1 from B2.

At the same time, Moody’s has downgraded the Baseline Credit Assessment (BCA) of BOC to caa1 from b3, and those of HNB and Sampath to caa1 from b2. The rating outlooks, where applicable, are stable.

Today’s rating actions conclude the review for downgrade that was initiated on 20 April 2020, and follow Moody’s downgrade on 28 September 2020 of Sri Lanka’s sovereign rating to Caa1 from B2, with a stable outlook.

Related:

Moody’s downgrades Sri Lanka’s ratings to Caa1, outlook changed to stable

Moody’s ratings downgrade unwarranted: Sri Lanka’s Finance Ministry

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