Fitch rates DFCC Bank B+

Fitch Ratings said it assigned Sri Lanka-based DFCC Bank long-term foreign- and local-currency issuer default ratings of B+ with stable outlooks.

The agency also assigned DFCC a b+ viability rating, a support rating of 4 and support rating floor of B.

Additionally, Fitch assigned DFCC's proposed issue of dollar-denominated notes an expected rating of B+(EXP).

The long-term issuer default ratings and viability rating reflect DFCC's satisfactory risk profile, its good project finance track record and strong capital ratios, Fitch said. Counterbalancing factors are the group's expanding commercial banking business conducted through its 99% subsidiary, DFCC Vardhana Bank, which has a higher risk profile given that these activities are believed to be, at least initially, less profitable than peers' given its weaker franchise as a relatively new entrant.

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