Fitch downgrades ten Lankan banks to Rating Watch Negative island.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from island.lk Daily Mail and Mail on Sunday newspapers.
Fitch Ratings has downgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign downgrade and recalibration of the agency's Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers follow
January, 25, 2021
Fitch Ratings - Colombo - 25 Jan 2021: 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.