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Fitch Sri Lanka

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NSB's National Rating Revised on Sri Lanka National Scale Recalibration

The revision reflects the change in the relative ranking of NSB's national rating compared with other Fitch-rated Sri Lankan issuers. This is a result of the sovereign's weakened ability to provide support to NSB, which acts as a constraint on the bank's rating, even though the sovereign's propensity to support the bank remains intact. 

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Sri Lanka Downgraded to 'B'; Outlook Stable

The downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis following the President's sudden replacement of the Prime Minister on 26 October 2018. 

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Downgrades: 3 Non-Financial Corporates

We expect revenue to grow by a mid-single-digit percentage during 2019-2020 (barring any tax shocks), driven by data and fixed-broadband growth. We expect 4G smartphone penetration to improve from the current 25% with the proliferation of cheaper Chinese phones. 

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Fitch Affirms People's Insurance at 'A+(lka)'; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based People's Insurance PLC's (People's Insurance) National Insurer Financial Strength (IFS) Rating at 'A+(lka)'. The Outlook is Stable.

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Fitch Rates Sampath Bank's Basel III Sub Debt Final 'A(lka)'

Fitch Ratings has assigned Sampath Bank PLC's (A+(lka)/Stable) proposed Basel III-compliant subordinated debentures a National Long-Term Rating of 'A(lka)'.

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Fitch Rates DFCC's Senior Debt at 'AA-(lka)(EXP)'

Fitch Ratings has assigned DFCC Bank PLC's (DFCC; AA-(lka)/Stable) proposed Sri Lanka rupee-denominated senior debentures an expected National Long-Term Rating of 'AA-(lka)(EXP)'.

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Fitch Affirms Sri Lanka Telecom's IDR at 'B'; Withdraws Ratings

Fitch Ratings has affirmed Sri Lanka Telecom PLC's (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Outlook is Stable. The agency has simultaneously withdrawn the ratings for commercial reasons.

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Fitch Downgrades Sri Lanka's HDFC Bank to 'BB+(lka)'; Outlook Stable

Fitch Ratings has downgraded the National Long-Term Rating and senior unsecured debentures of Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) to 'BB+(lka)' from 'BBB-(lka)'. All ratings have been removed from Rating Watch Negative, and the Outlook is Stable.
 

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Fitch Affirms SriLankan Airlines' Government Guaranteed Bonds at 'B'

Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) USD175 million 5.3% government guaranteed bonds due 2019.

Fitch Places Various APAC Insurance Ratings Under Criteria Observation

Fitch Ratings has placed the following ratings on Asia-Pacific-based insurers Under Criteria Observation (UCO) following the publication on 11 January 2019 of its revised global master insurance criteria entitled Insurance Rating Criteria. Read list of insurers.

rating action

Fitch Downgrades Sri Lanka to 'B'; Outlook Stable

The downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis following the President's sudden replacement of the Prime Minister on 26 October 2018. 

Contacts

Sri Lanka

Maninda Wickramasinghe

Senior Director

Country Head

+ 94 11 254 1900

Sri Lanka

Nadika Ranasinghe

Director

Corporates / Structured Finance

+ 94 11 254 1900

Sri Lanka

Azim Nawaz

+94 11 2541900

Sri Lanka

Rishikesh Sivakumar

Insurance

+94 11 254 1900

Sri Lanka

Rukshana Thalgodapitiya

Director

Banks and Financial Institutions

+ 94 11 254 1900

Sri Lanka

Jeewanthi Malagala

+ 94 11 254 1900

Sri Lanka

Sugath Alwis

+94 11 254 1900

Sri Lanka

Kyoshi Quyn

Business Relationship Management

+ 94 11 254 1900

Sri Lanka

Ayanthi Kuruppu

Finance and Operations

Sri Lanka

Ruani Goonetilleke

General Administration

+ 94 11 254 1900

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