Fitch revises Sri Lankan financial ratings

Fitch Ratings said it revised the national long-term ratings of Sri Lankan financial institutions following the recalibration of the agency’s Sri Lankan national rating scale.

“The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating to B-/negative from B/negative on April 24. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale,” Fitch said in a press release.

The institutions affected are Commercial Bank of Ceylon plc to AA+(lka) from AA (lka), Hatton National Bank plc to AA+(lka) from AA-(lka), Sampath Bank plc to AA-(lka) from A+(lka), Seylan Bank plc to A(lka) from A-(lka); Siyapatha Finance plc to A(lka) from A-(lka) and HNB Finance Ltd. to AA-(lka) from A(lka).

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