By unusuma.lk on (LK time)
Fitch Ratings has revised Sri Lanka’s national rating scale and upgraded the national long-term ratings of ten banks. Additionally, the ratings agency has affirmed the long-term national ratings for five other banks in the country.
On December 20, 2024, Fitch Ratings upgraded Sri Lanka’s long-term local-currency issuer default rating (IDR) from ‘CCC-’ to ‘CCC+’. As a general practice, Fitch does not assign outlooks for sovereigns with a rating of ‘CCC+’ or lower.
The following Sri Lankan banks have received upgraded national long-term ratings:
- Bank of Ceylon: Upgraded from ‘A(lka)’ to ‘AA-(lka)’
- People’s Bank: Upgraded from ‘A(lka)’ to ‘AA-(lka)’
- Commercial Bank PLC: Upgraded from ‘A(lka)’ to ‘AA-(lka)’
- Hatton National Bank PLC: Upgraded from ‘A(lka)’ to ‘AA-(lka)’
- Sampath Bank PLC: Upgraded from ‘A(lka)’ to ‘AA-(lka)’
- Seylan Bank PLC: Upgraded from ‘A-(lka)’ to ‘A+(lka)’
- DFCC Bank PLC: Upgraded from ‘A-(lka)’ to ‘A(lka)’
- National Development Bank PLC: Upgraded from ‘A-(lka)’ to ‘A(lka)’
- Nations Trust Bank PLC: Upgraded from ‘A-(lka)’ to ‘A(lka)’
- Pan Asia Banking Corporation PLC: Upgraded from ‘BBB-(lka)’ to ‘BBB(lka)’
The following banks have had their ratings affirmed:
- Amana Bank PLC
- Union Bank of Colombo PLC
- Sanasa Development Bank PLC
- Housing Development Finance Corporation Bank of Sri Lanka
- Cargills Bank PLC
