The National Ratings on Sri Lankan banks remain constrained by the sovereign credit profile (CCC), Fitch Ratings says. The highest National Rating for domestic banks with ratings driven by their intrinsic credit profiles is 'AA-(lka)'. This is the highest point on the national scale that corresponds
Fitch Ratings has revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating to ‘CCC’ from ‘B-‘/Negative on 27 November 2020. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale driven purely by the recalibration of the National Ratings Correspondence Table.