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Fitch Sri Lanka

Global Home > Fitch Sri Lanka

Fitch Affirms Richard Pieris & Company at 'A(lka)'; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based conglomerate Richard Pieris & Company PLC's (RICH) National Long-Term Rating at 'A(lka)' with a Stable Outlook. 

Sri Lanka Bombings Increase Economic, External Risks; IMF Key

The tragic Easter bombings in Sri Lanka will result in lower economic growth this year and could increase external financing pressures. These pressures are mitigated by the government's continued adherence to economic policies and targets that have enabled Sri Lanka to get its IMF programme back on track. 

rating action

Fitch Affirms Hemas Holdings at 'AA-(lka)'; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based conglomerate Hemas Holdings PLC's (Hemas) National Long-Term Rating at 'AA-(lka)' with a Stable Outlook. The affirmation of Hemas' rating reflects the company's improved business risk profile after the successful integration of Atlas Axillia (Private) Limited (Atlas), a leading school and office stationery manufacturer, which it acquired in early 2018. 

Growth in Sri Lankan Motor Premiums to Slow on Vehicle Taxes

The government's 2019 budget presented in March increased excise duties on imports of fuel-powered and hybrid passenger-motor vehicles based on their engine capacities. The government also introduced a luxury tax on vehicles with a cost, insurance and freight value exceeding LKR3.5 million, LKR4.0 million and LKR6.0 million for fuel, hybrid and electric vehicles, respectively. 

Sri Lankan Banks Manage Capital Impact of SLFRS 9

Sri Lankan banks have been able to manage the capital impact of first-time adoption of SLFRS 9 accounting standards, in line with our expectations, due to capital infusions ahead of full implementation of Basel III, satisfactory profitability buffers and the four-year phasing-in period.

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Fitch Assigns Sri Lanka's USD Bonds Final 'B' Rating

The ratings would be sensitive to any changes in Sri Lanka's Long-Term Foreign-Currency IDR. Fitch downgraded Sri Lanka's Long-Term Foreign- and Local-Currency IDRs to 'B' from 'B+', with a Stable Outlook, on 3 December 2018.

Sri Lanka Taking Steps to Reduce Fiscal and Economic Risks

Sri Lanka's agreement with IMF staff on the fifth review and extension of its programme, together with its recent budget targeting medium-term fiscal consolidation, are steps toward restoring policy certainty after the disruptions caused by political upheaval in 2018.

rating action

Sri Lanka's Continental Insurance Affirmed at 'A(lka)'/Stable

The affirmation reflects the non-life insurer's moderate business profile, satisfactory financial performance and capitalisation, as well as its prudent investment mix. CILL's business profile reflects its adequate business franchise, somewhat diversified participation in business lines in the non-life insurance sector, a risk appetite that is on a par with that of domestic peers and moderate operating scale.

rating action

Outlook on HNB Assurance and HNB General Insurance to Revised to Positive

Fitch Ratings revised the Outlook on the National Insurer Financial Strength (IFS) Ratings of Sri Lanka-based life insurer HNB Assurance PLC (HNBA) and its fully owned non-life subsidiary, HNB General Insurance Limited (HNBGI), to Positive from Stable and affirmed the ratings at 'A(lka)'.

rating action

Siyapatha Finance Affirmed at 'A-(lka)'; Outlook Stable

Siyapatha's rating reflects Fitch's expectation that support for the Sri Lanka-based finance company would be forthcoming from Sampath Bank PLC (A+(lka)/Stable), which owns 100% of Siyapatha and is involved in the strategic direction of the subsidiary through board representation.

rating action

Affirmed: HNB Finance at 'A(lka)'; Outlook Stable

HFL has been diversifying its loan book away from high-yielding microfinance (end-September 2018: 62% of gross loans, end-March 2017: 81%) to low-yielding vehicle financing which accounts for 29% of gross loans. 

rating action

Fitch Affirms Singer Finance at 'BBB(lka)'

The rating of SFL reflects its small franchise and and heightened risk appetite at a time when operating conditions are likely to stay challenging, which may exert pressure on some of its financial metrics.  

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NSB's National Rating Revised on Sri Lanka National Scale Recalibration

The revision reflects the change in the relative ranking of NSB's national rating compared with other Fitch-rated Sri Lankan issuers. This is a result of the sovereign's weakened ability to provide support to NSB, which acts as a constraint on the bank's rating, even though the sovereign's propensity to support the bank remains intact. 

rating action

Sri Lanka Downgraded to 'B'; Outlook Stable

The downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis following the President's sudden replacement of the Prime Minister on 26 October 2018. 

rating action

Downgrades: 3 Non-Financial Corporates

We expect revenue to grow by a mid-single-digit percentage during 2019-2020 (barring any tax shocks), driven by data and fixed-broadband growth. We expect 4G smartphone penetration to improve from the current 25% with the proliferation of cheaper Chinese phones. 

rating action

Fitch Affirms People's Insurance at 'A+(lka)'; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based People's Insurance PLC's (People's Insurance) National Insurer Financial Strength (IFS) Rating at 'A+(lka)'. The Outlook is Stable.

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Fitch Rates Sampath Bank's Basel III Sub Debt Final 'A(lka)'

Fitch Ratings has assigned Sampath Bank PLC's (A+(lka)/Stable) proposed Basel III-compliant subordinated debentures a National Long-Term Rating of 'A(lka)'.

rating action

Fitch Rates DFCC's Senior Debt at 'AA-(lka)(EXP)'

Fitch Ratings has assigned DFCC Bank PLC's (DFCC; AA-(lka)/Stable) proposed Sri Lanka rupee-denominated senior debentures an expected National Long-Term Rating of 'AA-(lka)(EXP)'.

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Fitch Affirms Sri Lanka Telecom's IDR at 'B'; Withdraws Ratings

Fitch Ratings has affirmed Sri Lanka Telecom PLC's (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Outlook is Stable. The agency has simultaneously withdrawn the ratings for commercial reasons.

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Fitch Affirms SriLankan Airlines' Government Guaranteed Bonds at 'B'

Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) USD175 million 5.3% government guaranteed bonds due 2019.

Contacts

Sri Lanka

Maninda Wickramasinghe

Senior Director

Country Head

+ 94 11 254 1900

Sri Lanka

Nadika Ranasinghe

Director

Corporates / Structured Finance

+ 94 11 254 1900

Sri Lanka

Azim Nawaz

+94 11 2541900

Sri Lanka

Rishikesh Sivakumar

Insurance

+94 11 254 1900

Sri Lanka

Rukshana Thalgodapitiya

Director

Banks and Financial Institutions

+ 94 11 254 1900

Sri Lanka

Jeewanthi Malagala

+ 94 11 254 1900

Sri Lanka

Sugath Alwis

+94 11 254 1900

Sri Lanka

Kyoshi Quyn

Business Relationship Management

+ 94 11 254 1900

Sri Lanka

Ayanthi Kuruppu

Finance and Operations

Sri Lanka

Ruani Goonetilleke

General Administration

+ 94 11 254 1900

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