Fitch affirms Sri Lankan banks

Fitch Ratings said it affirmed the long-term issuer default ratings of the following Sri Lanka-based banks: National Savings Bank at B+, Bank of Ceylon at B+ and DFCC Bank plc at B+.

The outlooks are stable.

The agency also affirmed the national long-term ratings of the following banks: National Savings Bank at AAA(lka), Bank of Ceylon at AA+(lka), DFCC at AA-(lka), People's Bank (Sri Lanka) at AA+(lka), Commercial Bank of Ceylon plc at AA(lka), Hatton National Bank plc at AA-(lka), National Development Bank plc at A+(lka), Sampath Bank plc at A+(lka) and Seylan Bank plc at A-(lka).

Fitch said the action follows its periodic review of the large bank peer group.

The agency said it maintains the negative outlook for the banking sector as operating conditions continue to be difficult against a challenging macroeconomic backdrop, which Fitch expects to continue to pressure bank performance in the short to medium term.

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