Fitch rates National Savings Bank notes BB-

Fitch Ratings said it has assigned National Savings Bank's (BB-/stable) proposed issue of dollar-denominated notes an expected rating of BB-(exp).

Fitch said it believes that the issue of the notes by the bank is closely linked with government policy requirements, and the proceeds will likely be used to invest in Sri Lanka's development bonds.

The notes are rated at the same level as the long-term foreign currency issuer default rating of BB- as they constitute unsecured and unsubordinated obligations of the bank, the agency said.

Ratings reflect Fitch's expectation of the government of Sri Lanka's high propensity but moderate ability to provide support, in case of need, to the bank.

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