Fitch downgrades Sri Lanka banks

Fitch Ratings said it downgraded the long-term foreign- and local-currency issuer default ratings of Sri Lanka-based financial institutions following the downgrade of Sri Lanka's sovereign rating.

The downgraded banks include National Savings Bank to B from B+; Bank of Ceylon to B from B+; DFCC Bank plc to B from B+; and People's Leasing & Finance plc to B- from B.

The stable outlooks on all of the banks reflect the stable outlook on the sovereign, the agency said.

Fitch also said downgraded the viability ratings of Bank of Ceylon and DFCC Bank to B from B+, reflecting the more challenging operating environment in Sri Lanka.

The downgrades reflect the agency's belief that the operating environment in Sri Lanka will likely have an adverse impact on the banks' credit profiles, the agency said.

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