Sri Lanka Insurance IFS rating cut on sovereign downgrade

Fitch Ratings has downgraded the Insurer Financial Strength (IFS) rating of Sri Lanka Insurance Corporation (SLIC) to ‘B’ from ‘B+’. The Outlook is Stable.

The rating action follows the downgrade of Sri Lanka’s Long-term Local-currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’.

SLIC’S IFS rating is constrained by Sri Lanka’s Long Term Local-currency IDR.

The ‘Aa+(lka)’ National IFS rating on SLIC was not covered in this review.