Fitch puts Sri Lankan NBFI on watch

Fitch Ratings said it placed the national long-term ratings of several Sri Lankan non-bank financial institutions (NBFIs) on rating watch negative.

“The RWN reflects heightened downside risks to the NBFIs' credit profiles amid increased economic and financial-market volatility in Sri Lanka. This risk is exacerbated by the deteriorating sovereign credit profile (long-term foreign-currency issuer default rating (IDR): C, long-term local-currency IDR: CCC) and the ensuing risks to the stability of the financial system,” Fitch said in a press release.

The entities are HNB Finance plc, LB Finance plc, People's Leasing & Finance plc, Senkadagala Finance plc and Siyapatha Finance plc.

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