Fitch lowers Pan Asia to BBB-(lka)

Fitch Ratings Lanka said it downgraded Pan Asia Banking Corp. plc’s national long-term rating to BBB-(lka) from BBB(lka).

The outlook was revised to stable from negative.

The agency also revised the outlook on the national long-term rating of Union Bank of Colombo plc to positive from stable and affirmed its rating at BB+(lka).

The national long-term ratings on Nations Trust Bank plc, Sanasa Development Bank plc and Amana Bank plc were affirmed with a stable outlook.

Fitch said the actions follow its periodic review of Sri Lanka's small- and mid-sized bank peer group.

The banks' operating environment has become more challenging – as signaled by the downgrade of the sovereign long-term issuer default rating to B+ from BB- on Feb. 29, 2016. Fitch said it expects increased volatility in operating conditions to add pressure on the banks' credit metrics.

© 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.