Fitch affirms Seylan Bank

Fitch Ratings said it affirmed Seylan Bank plc's national long-term rating at BBB+(lka), along with the BBB(lka) rating on its outstanding subordinated debentures.

The outlook is stable.

The ratings continue to reflect state support, given the bank's size and systemic importance, Fitch said.

But Seylan's standalone credit profile is still weak compared to its domestic peers of similar size, stemming from its weak asset quality, the agency said. This mainly reflects the bank's historically weak lending policies and controls, but it also is partly brought on by the weak economic environment that prevailed during the three years that ended in 2009, Fitch added.

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