COLOMBO: Fitch Ratings Lanka has downgraded Pan Asia Banking Corporation’s (PABC) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB(lka)’, saying above-industry loan growth had weakened its capitalisation.
The Outlook on PABC was revised to Stable from Negative, the rating agency said in a statement after Fitch’s periodic review of Sri Lanka’s small and mid-sized bank peer group.
The agency has also revised the Outlook on the National Long-Term Rating of Union Bank of Colombo (UB) to Positive from Stable, and affirmed its rating at ‘BB+(lka)’.
The National Long-Term Ratings on Nations Trust Bank PLC (NTB), SANASA Development Bank PLC (SDB) and Amana Bank PLC (Amana) have been affirmed with a Stable Outlook.
Fitch Ratings Lanka has downgraded Pan Asia Banking Corporation PLC’s (PABC) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB(lka)’. The Outlook is revised to Stable from Negative. The agency has also revised the Outlook on the National Long-Term Rating of Union Bank of Colombo PLC (UB) to Positive from Stable, and affirmed its rating at ‘BB+(lka)’. The National Long-Term Ratings on Nations Trust Bank PLC (NTB), SANASA Development Bank PLC (SDB) and Amana Bank PLC (Amana) have been affirmed with a Stable Outlook. A full list of rating actions is at the end of this commentary.
