National Ratings by Fitch Ratings (Lanka) Ltd.

As at 1 July 2014
Previous Rating
Rating Actions in National
Rating
June 2014
Long-term Rating Outlook
1

2
3

4
5
6
7
8

9
10

11
12
13
14

15
16

Banks
Citibank N.A. - Colombo Branch
HSBC, Sri Lanka Branch
National Savings Bank
Standard Chartered Bank, Sri Lanka Branch
Bank of Ceylon
Bank of Ceylon -Subordinated Debt
Peoples Bank
Commercial Bank of Ceylon PLC
Commercial Bank of Ceylon PLC-Subordinated Debt
DFCC Bank
DFCC Bank- Senior Unsecured Debt
DFCC Bank- Senior Unsecured Debt
DFCC Bank- Subordinated Debt
DFCC Vardhana Bank PLC
DFCC Vardhana Bank PLC- Subordinated Debt
Hatton National Bank PLC
Hatton National Bank PLC-Senior Unsecured Debt
Hatton National Bank PLC-Subordinated Debt
National Development Bank PLC
National Development Bank PLC-Subordinated Debt
Sampath Bank PLC
Sampath Bank PLC-Subordinated Debt
Nations Trust Bank PLC
Nations Trust Bank PLC-Subordinated Debt
Seylan Bank PLC
Seylan Bank PLC-Senior Unsecured Debt
Seylan Bank PLC-Subordinated Debt
Pradeshiya Sanwardhana Bank
Housing Development Finance Corporation Bank

17 Pan Asia Banking Corporation PLC

Pan Asia Banking Corporation PLC- Subordinated Debt

18 Sanasa Development Bank Limited
19 Union Bank of Colombo PLC

Affirmed
Affirmed
Assigned
Affirmed
Affirmed
Affirmed

Affirmed
Affirmed

Affirmed and
Withdrawn
Withdrawn
Affirmed
Affirmed
Affirmed

AA-(lka)
AA-(lka)
A+(lka)
AA-(lka)
A+(lka)

AA-(lka)
A+(lka)

Stable

Stable

Stable

BBB(lka)

Stable

BBB(lka)
BBB-(lka)
BB+(lka)

Stable
Stable

Current rating
National
Long-term Rating

Rating
Outlook

AAA(lka)
AAA(lka)
AAA(lka)
AAA(lka)
AA+(lka)
AA(lka)
AA+(lka)
AA(lka)
AA-(lka)
AA-(lka)
AA-(lka)
AA-(lka)(EXP)
A+(lka)
AA-(lka)
A+(lka)
AA-(lka)
AA-(lka)
A+(lka)
AA-(lka)
A+(lka)
AA-(lka)
A+(lka)
A(lka)
A-(lka)
A-(lka)
A-(lka)
BBB+(lka)
BBB+(lka)
BBB(lka)

Stable
Stable
Stable
Stable
Stable

BBB(lka)
BBB-(lka)
BB+(lka)
BB(lka)

Stable

AA-(lka)
AA-(lka)
F1+(lka)
A+(lka)
A+(lka)
A+(lka)
A(lka)
A+(lka)
A(lka)
A(lka)
BBB+(lka)
BBB+(lka)
BBB(lka)
BBB(lka)
BBB(lka)
BBB(lka)

Stable

Stable
Stable
Stable

Stable
Stable

Stable
Stable
Stable
Stable

Stable
Stable

Stable
Stable

Leasing and Finance Companies

1 People's Leasing and Finance Company PLC

3
4
5

6
7

People's Leasing and Finance Company PLC- Senior Unsecured Debt

People's Leasing and Finance Company PLC- Commercial Paper (Short Term Rating)
Central Finance Company PLC
Central Finance Company PLC-Senior Secured Debt
Central Finance Company PLC-Senior Unsecured Debt
Central Finance Company PLC-Subordinated Debt
Melsta Regal Finance Ltd
Siyapatha Finance Limited
Siyapatha Finance Limited-Senior Unsecured Debt
Senkadagala Finance Company PLC
Senkadagala Finance Company PLC- Senior Unsecured Debt
Senkadagala Finance Company PLC- Subordinated Debt
Singer Finance (Lanka) PLC
Singer Finance (Lanka) PLC-Senior Unsecured Debt
MCSL Financial Services Ltd

MCSL Financial Services Ltd-Subordinated Debt

8 People's Merchant Finance PLC
9 AMW Capital Leasing and Finance PLC

1
2
3
4
5
6
7

9
10

Affirmed

BB+(lka)

Stable

Corporates
Dialog Axiata PLC
Distilleries Company of Sri Lanka PLC
John Keells Holdings PLC
Sri Lanka Telecom PLC
Lion Brewery (Ceylon) PLC
Lion Brewery (Ceylon) PLC-Senior Unsecured Debt
Hemas Holdings PLC- Senior Unsecured Debt
Singer (Sri Lanka) PLC
Singer (Sri Lanka) PLC- Senior Unsecured Debt
Singer (Sri Lanka) PLC- Commercial Paper (Short Term Rating)
Abans (Pvt) Limited
Abans (Pvt) Limited- Senior Unsecured Debt
Abans (Pvt) Limited-Commercial Paper (Short Term Rating)
Softlogic Holdings PLC
Softlogic Holdings PLC-Senior Unsecured Debt
DSI Holdings Limited

Mutual Funds
11 Ceylon Income Fund
12 Ceylon Gilt-Edged Fund

BBB-(lka)
BB+(lka)
BB-(lka)

AAA(lka)
AAA(lka)
AAA(lka)
AAA(lka)
AA-(lka)
AA-(lka)
A+(lka)
A-(lka)
A-(lka)
F2(lka)
A-(lka)
A-(lka)
F2(lka)
BBB+(lka)
BBB+(lka)
BBB(lka)

Affirmed
Affirmed

A-(lka)/V-NR(lka)
AAA(lka)/V1(lka)

Stable

Stable
Stable
Stable

Stable
Rating Watch
Positive
Stable
Stable

Stable
Stable
Stable
Stable
Stable

Stable

Negative

Stable
Stable

A-(lka)
AAA(lka)/V1(lka)

Insurance (Insurer Financial Strength)

13 Sri Lanka Insurance Corporation
14 HNB Assurance PLC
15 Asian Alliance Insurance

AA(lka)
A(lka)
BBB+(lka)

Stable
Stable
Stable

National ratings are distinct from International ratings and are denoted by a unique country suffix (such as (lka) in the case of Sri Lanka National ratings). The main purpose of a national rating is to provide a relative indication of credit
worthiness within the country concerned.

International Ratings by Fitch Ratings as at 1 July 2014

Previous Rating
Rating
Rating Actions in International
June 2014
Rating
Outlook
Sovereign
Sri Lanka Sovereign
Long Term Foreign Currency IDR
Long Term Local Currency IDR
Short Term Foreign Currency IDR
USD Denominated Global Bonds - IDR

Current rating
International

Rating

Rating

Outlook

BBBBB
BB-(EXP)

Stable
Stable

BBBBBB-

Stable
Stable

BBBBBB-

Stable
Stable

Banks
1 Bank of Ceylon

Long Term Foreign Currency IDR

Long Term Local Currency IDR
Senior Unsecured USD-denominated notes
2 National Savings Bank

Long Term Foreign Currency IDR

Long Term Local Currency IDR
Senior Unsecured USD-denominated notes
3 National Development Bank PLC

Long Term Foreign Currency IDR

Long Term Local Currency IDR
Short Term Foreign Currency IDR
Senior Unsecured USD-denominated notes

Affirmed
Affirmed
Affirmed
Withdrwan

B+
B+
B
B+(EXP)

Stable
Stable

B+
B+
B

Stable
Stable

Affirmed
Affirmed
Affirmed
Affirmed

B+
B+
B
B+

Stable
Stable

B+
B+
B
B+

Stable
Stable

Leasing and Finance Companies

People's Leasing and Finance Company PLC
Long Term Foreign Currency IDR
Long Term Local Currency IDR

B+
B+

Stable
Stable

Corporates
Sri Lanka Telecom PLC
Long Term Foreign Currency IDR
Long Term Local Currency IDR

BBBB-

Stable
Stable

4 DFCC Bank

Long Term Foreign Currency IDR

Long Term Local Currency IDR
Short Term Foreign Currency IDR
Senior Unsecured USD-denominated notes

SriLankan Airlines Limited

US dollar denominated government guaranteed bonds

Assigned

Insurance (Insurer Financial Strength)

Sri Lanka Insurance Corporation
Asian Alliance Insurance

BB-(EXP)

BBB

Ratings are issued based on the information obtained directly from the entities and other sources that Fitch Ratings believes to be reliable. Fitch Ratings does not audit such information.
Please visit www.fitchratings.lk or www.fitchratings.com for further details on definitions, reports and press releases.
Fitch Ratings Lanka Ltd
#15-04 East Tower, World Trade Centre, Colombo 1
Tel: +94 11 2541900 Fax: + 94 11 2541903

Stable
Stable