Fitch Ratings has raised the national long-term ratings of 10 Sri Lankan nonbank financial institutions (NBFIs) while maintaining the ratings for eight others, according to a Friday release.
The actions follow the rating agency's reassessment of Sri Lanka's national rating scale to consider shifts in issuers' relative creditworthiness after a rating upgrade in December 2024.
Fitch upgraded the ratings of Central Finance, LB Finance, Fintrex Finance, People's Leasing & Finance, CBC Finance, HNB Finance, Siyapatha Finance, Merchant Bank of Sri Lanka & Finance, Abans Finance, and Singer Finance (Lanka).
Meanwhile, the rating agency affirmed Citizens Development Business Finance, Senkadagala Finance, Mercantile Investments and Finance, UB Finance, Dialog Finance, Richard Pieris Finance, AMW Capital Leasing and Finance, and Senfin Asset Management (Private).
The NBFIs' ratings reflect either their standalone credit profiles or support from their bank or corporate shareholders.
Future rating actions for standalone-driven entities would hinge on changes in key credit metrics relative to peers, Fitch said.
Meanwhile, actions on support-driven institutions would depend on shifts in their support providers' credit profiles or changes in their parent's ability to extend support.
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