Fitch downgrades DFCC Bank

Fitch Ratings said it downgraded DFCC Bank plc’s national long-term rating to A+(lka) from AA-(lka).

“These rating actions are driven by the deterioration of DFCC’s credit profile even though they take place following the recalibration of the Sri Lankan national rating scale. The recalibration reflects changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating to B-/negative from B/negative on April 24,” Fitch said in a press release.

Concurrently, Fitch downgraded the rating assigned to DFCC’s senior debentures to A+(lka) from AA-(lka) and its Basel II- and Basel III-compliant subordinated debt to A-(lka) from A+(lka). Fitch also downgraded the rating assigned to DFCC’s proposed Basel III-compliant debentures to an expected A-(lka) from an expected A+(lka).

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