Fitch Ratings has affirmed HNB Finance PLC’s (HNBF) National Long-Term Rating at ‘BBB+(lka)’. The Outlook is Stable. The agency has also affirmed the National Long-Term Rating on HNBF’s subordinated debentures at ‘BBB-(lka)’.
“HNBF’s rating is driven by our expectation that its parent, Hatton National Bank PLC (HNB, A(lka)/Stable), would provide extraordinary support to HNBF if required. HNB’s ability to support HNBF is reflected in its credit profile, which is underpinned by its standalone strength. “Our support assessment also takes into consideration HNB’s majority 51% shareholding, its oversight of HNBF’s strategic direction through board representation and the common HNB brand, which elevates reputational risk for the parent should the subsidiary default.
