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Fitch revises ratings on 11 Sri Lankan financial institutions

Fitch Ratings has revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency's Sri Lankan national rating scale.
The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch's downgrade of the sovereign rating to 'B-'/Negative from 'B'/Negative on 24 April 2020.

Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale.

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka's national scale ratings are denoted by the unique identifier '(lka)'.

Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch's international rating scales or with other countries' national rating scales. For details, see "Fitch Recalibrates Sri Lanka National Rating Scale", dated 28 May 2020, at www.fitchratings.com/site/pr/10124103.