Moody’s affirms ratings of three Lankan banks; maintains negative outlook

Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC at B1/NP. 

The foreign currency issuer rating and deposit ratings of these banks are also affirmed at B1 and B2/NP, respectively. Moody’s has also affirmed the Baseline Credit Assessments (BCAs) and adjusted BCAs of these banks at b1.

As a result, their local and foreign currency Counterparty Risk Ratings (CRRs) are affirmed at Ba3/NP. Their Counterparty Risk Assessments (CRAs) are also affirmed at Ba3 (cr)/NP (cr).

The rating outlooks of the banks, where applicable, are maintained at negative. The rating action follows the affirmation of Sri Lanka’s B1 sovereign rating and negative outlook on 26 July.