No More

Feb 15, 2009 (LBO) – Sri Lanka Fitch Ratings has downgraded the rating of state-run mortgage lender State Mortgage and Investment Bank (SMIB) and withdrawn its rating, the firm said.

The bank’s rating was downgraded to ‘BBB+(lka)’ from ‘A-(lka). The rating outlook is negative at the new level.

Fitch Sri Lanka said SMIB owns 1.78 percent of Fitch Ratings Lanka, but no shareholder other than Fitch Ratings Limited of UK is involved in the operations of the firm.