Fitch cuts National Development Bank

Fitch Ratings said it downgraded Sri Lanka's National Development Bank plc's national long-term rating to AA-(lka) from AA(lka).

The outlook is stable.

The agency also downgraded the bank's outstanding subordinated redeemable debentures to A+(lka) from AA-(lka).

Fitch said the downgrade reflects its expectation that NDB's risk profile will materially increase as a result of its changing business model, from being a well-capitalized, specialized project lender to a new entrant in a highly competitive domestic commercial banking sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.