Monday, October 2, 2023

Fitch Places 12 Sri Lankan Non-Bank Financial Institutions on Rating Watch Negative

Fitch Ratings has placed the National Long-Term Ratings of 12 Sri Lankan non-bank financial institutions (NBFIs) on Rating Watch Negative (RWN). The entities are:

Finance and Leasing Companies:

– Bimputh Finance PLC (Bimputh)

– CBC Finance LTD (CBCF)

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– Central Finance Company PLC (CF)

– Fintrex Finance Limited (Fintrex)

– HNB Finance PLC (HNBF)

– LB Finance PLC (LB)

– Mercantile Investments and Finance PLC (MIF)

– People’s Leasing & Finance PLC (PLC)

– Sarvodaya Development Finance Limited (SDF)

– Senkadagala Finance PLC (Senka)

– Siyapatha Finance PLC (Siyapatha)

Securities Firm:

– Asia Securities (Pvt) Ltd (ASPL)

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 will review the National Ratings of financial-institution subsidiaries of Sri Lankan corporates that are not included above separately, if needed.

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