Fitch raises ratings of 10 local banks

Fitch Ratings upgraded the National Long-Term Ratings of 10 Sri Lankan banks on Friday, following the recent sovereign upgrade and recalibration of the agency’s Sri Lankan national rating scale. Fitch also affirmed the National Long-Term Ratings of five Sri Lankan banks. The recalibration reflects the changes in the relative creditworthiness of Sri Lankan issuers after Fitch upgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘CCC-’ on December 20, 2024. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.