‘ Ratings, Affirms 8 Following National Scale Recalibration
Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri Lankan non-bank financial institutions (NBFIs) and affirmed the ratings of eight. This comes after the agency’s Sri Lankan National Rating scale was recalibrated to reflect changes in relative creditworthiness among the country’s issuers following the upgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC-‘ on 20 December 2024.
Rating actions on NBFIs with National Long-Term Ratings that are driven by their standalone profiles:
– Central Finance Company PLC (CF) upgraded to ‘A(lka)’ from ‘A-(lka)’; Outlook Stable
– LB Finance PLC upgraded to ‘A-(lka)’ from ‘BBB+(lka)’; Outlook Stable
– Fintrex Finance Limited upgraded to ‘BB(lka)’ from ‘BB-(lka)’; Outlook Stable
– Citizens Development Business Finance PLC (CDB) affirmed at ‘BBB(lka)’; Outlook Stable
– Senkadagala Finance PLC (Senka) affirmed at ‘BBB(lka)’; Outlook Stable
– Mercantile Investments and Finance PLC (MIF) affirmed at ‘BBB-(lka)’; Outlook Stable
Rating actions on bank-supported NBFIs, following the actions on their parent banks. Please see “Fitch Upgrades 10 Sri Lankan Banks’ National Ratings and Affirms Five after Scale Recalibration”, published 21 January 2025:
– People’s Leasing & Finance PLC (PLC) upgraded to ‘A(lka)’ from ‘A-(lka)’; Outlook Stable
– CBC Finance LTD (CBCF) upgraded to ‘A(lka)’ from ‘BBB+(lka)’; Outlook Stable
– HNB Finance PLC (HNBF) upgraded to ‘A(lka)’ from ‘BBB+(lka)’; Outlook Stable
– Siyapatha Finance PLC upgraded to ‘A(lka)’ from ‘BBB+(lka)’; Outlook Stable
– Merchant Bank of Sri Lanka & Finance PLC (MBSL) upgraded to ‘A(lka)’ from ‘BBB+(lka); Outlook Stable
– UB Finance PLC (UBF) affirmed at ‘BB(lka)’ ; Outlook remains Negative
