Fitch upgrades ratings for 10 Sri Lankan Banks

Fitch Ratings has upgraded the national long-term ratings for 10 banks in Sri Lanka, while affirming the ratings of five additional banks.

On December 20, 2024, Fitch also upgraded Sri Lanka’s long-term local-currency issuer default rating (IDR) to ‘CCC+’ from ‘CCC-’.

Fitch generally does not provide an outlook for sovereigns rated ‘CCC+’ or below.

National scale ratings assess the creditworthiness of issuers within a specific market, helping domestic investors evaluate risk relative to other local issuers.

The above national long-term ratings have been upgraded as a result of the recalibration of the Sri Lanka National Rating Scale.

The following banks have had their national long-term ratings upgraded:

Bank of Ceylon – from ‘AA-(lka)’ to ‘A(lka)’
People’s Bank – (PB) from ‘AA-(lka)’ to ‘A(lka)’
Commercial Bank – from ‘AA-(lka)’ to ‘A(lka)’
Hatton National Bank – from ‘AA-(lka)’ to ‘A(lka)’
Sampath Bank – from ‘AA-(lka)’ to ‘A(lka)’
Seylan Bank – from ‘A+(lka)’ to ‘A-(lka)’
DFCC Bank – from ‘A(lka)’ to ‘A-(lka)’
National Development Bank (NDB) – from ‘A(lka)’ to ‘A-(lka)’
Nations Trust Bank – from ‘A(lka)’ to ‘A-(lka)’
Pan Asia Bank – from ‘BBB(lka)’ to ‘BBB-(lka)’

Certified Banks with ratings,

Amana Bank
Union Bank
Sanasa Development Bank
Housing Development Finance Corporation (HDFC)
Cargills Bank

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