Fitch places 12 Sri Lankan non-bank financial institutions on Rating Watch Negative.

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Fitch Ratings has placed the National Long-Term Ratings of 12 Sri Lankan non-bank financial institutions (NBFIs) on Rating Watch Negative (RWN).

The entities are:

Finance and Leasing Companies:

  • Bimputh Finance PLC (Bimputh)
  • CBC Finance LTD (CBCF)
  • Central Finance Company PLC (CF)
  • Fintrex Finance Limited (Fintrex)
  • HNB Finance PLC (HNBF)
  • LB Finance PLC (LB)
  • Mercantile Investments and Finance PLC (MIF)
  • People’s Leasing & Finance PLC (PLC)
  • Sarvodaya Development Finance Limited (SDF)
  • Senkadagala Finance PLC (Senka)
  • Siyapatha Finance PLC (Siyapatha)

Securities Firm:

  • Asia Securities (Pvt) Ltd (ASPL)

The RWN reflects heightened downside risks to the NBFIs’ credit profiles amid increased economic and financial-market volatility in Sri Lanka.

This risk is exacerbated by the deteriorating sovereign credit profile (Long-Term Foreign-Currency Issuer Default Rating (IDR): C, Long-Term Local-Currency IDR: CCC) and the ensuing risks to the stability of the financial system.

Fitch says it will review the National Ratings of financial-institution subsidiaries of Sri Lankan corporates that are not included above separately, if needed.

Fitch places

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