Fitch Ratings has 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 ‘CCC’ from ‘B-’/Negative on 27 November 2020.
National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka’s national scale ratings are denoted by the unique identifier ‘(lka)’.
The National Ratings of the Sri Lankan financial institutions consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has resulted in the revision of the National Long-Term Ratings of the following Sri Lankan financial institutions:
Banks: Commercial Bank of Ceylon PLC (CB) to ‘AA-(lka)’/Stable from ‘AA+(lka)’/Negative, Hatton National Bank PLC (HNB) to ‘AA-(lka)’/Stable from ‘AA+(lka)’/Negative, Cargills Bank Limited to ‘AA-(lka)’/Stable from ‘A+(lka)’/Stable,
Non-Bank Financial Institutions: CBC Finance LTD to ‘A(lka)’/Stable from ‘AA-(lka)’/Negative, HNB Finance PLC to ‘A(lka)’/Stable from ‘AA-(lka)’/Negative, Richard Pieris Finance Limited to ‘AA-(lka)’/Stable from ‘A-(lka)’/Stable, Singer Finance (Lanka) PLC to ‘A+(lka)’/Stable from ‘BBB(lka)’/Stable, Abans Finance PLC to ‘A(lka)’/Rating Watch Evolving (RWE) from ‘BB+(lka)’/RWE and AMW Capital Leasing And Finance PLC to ‘AA-(lka)’/Negative from ‘BBB-(lka)’/Negative.
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