Fitch affirms Sri Lanka’s State banks | Daily News


Fitch affirms Sri Lanka’s State banks

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of the following Sri Lanka-based banks: - National Savings Bank (NSB) at ‘B’; Outlook Stable and- Bank of Ceylon (BOC) at ‘B’; Outlook Stable.

Fitch has also affirmed the National Long-Term Ratings of the following banks: - NSB at ‘AA+(lka)’; Outlook Stable - BOC at ‘AA+(lka)’; Outlook Stable - People’s Bank (Sri Lanka) at ‘AA+(lka)’; Outlook Stable. At the same time, Fitch has affirmed and withdrawn the rating on BOC’s proposed Basel III compliant Sri Lanka rupee-denominated subordinated debentures at ‘AA(lka)’, as the issuance has not taken place. The IDRs and National Long-Term Ratings of NSB and BOC and the National Long-Term Rating of People’s Bank reflect Fitch’s expectation of extraordinary support from the sovereign (B/Stable).

NSB - Fitch believes state support for NSB stems from its policy mandate of mobilising retail savings and investing them in government securities as well as its systemic importance and full government

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