Fitch revises Seylan Bank rating upwards to ‘A(lka)’

Seylan Bank has been endorsed as a financially stable organisation with performance excellence across the board by Fitch Ratings, with the bank’s national longterm rating revised upward, from ‘A-(lka)’ to ‘A(lka).

Fitch Ratings has also revised the rating on the bank’s Senior Unsecured Redeemable Debentures to ‘A(lka)’ from ‘A-(lka)’ and affirmed the rating on the bank’s Subordinated Unsecured Redeemable Debentures as ‘Bbb+(lka)’.

The ratings revision comes at a time when all industries have had to face unprecedented pressure due to a global pandemic, resulting in the failure of many.

Seylan Bank’s continued drive to ensure stability in its position and bring future ready banking services to customers is reflected in the upward revision of its rating.

The bank recorded a Profit after Tax of Rs. 902 million in the first quarter of 2020 despite challenging market conditions and maintained a high level of service with innovative solutions for customers to access the bank’s services, during the month’s long lockdown of the country. Fitch Ratings recently recalibrated its Sri Lanka National Rating scale for financial institutions following changes made to the country’s sovereign rating.

The upward revision of Seylan Bank’s national long-term rating to ‘A(lka)’ is testament to the bank’s financial stability and unwavering dedication to excellence across all endeavours.