Fitch cuts People's Merchant Bank

Fitch Ratings said it downgraded People's Merchant Bank plc's national long-term rating to BB+(lka) from BBB-(lka) and removed the rating from Rating Watch negative.

A negative outlook was assigned.

The actions reflect the bank's weakened financial profile in terms of its profitability, asset quality and solvency, Fitch said.

The agency said it takes comfort in the bank's main shareholder, the state-owned People's Bank (Sri Lanka), which holds 39% of the bank's equity.

© 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.