Fitch downgrades Sri Lanka's financial institutions

by Sivakami
Dec 5, 2018
<p>Following the downgrading of&nbsp;Sri Lanka's sovereign rating yesterday, Fitch Ratings today downgraded the country's financial institutions and several state owned companies, including Sri Lanka Airlines, Sri Lanka Telecom, and Sri Lankan Insurance Corp.&nbsp;</p> <p>The Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) were downgraded for Sri Lanka’s National Savings Bank, Bank of Ceylon, DFCC Bank and People's Leasing &amp; Finance PLC's.&nbsp;</p> <p>Yesterday Fitch Ratings and Standard and Poor's both downgraded Sri Lanka's sovereign rating, following in the footsteps of Moody's.&nbsp;</p> <p>The decision was criticised by Sri Lanka's Central Bank as "unwarranted".&nbsp;</p> <p>&nbsp;</p>

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