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| Tuesday, 10 August 2004 |
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A (sri) national rating for HDFC Fitch Ratings Lanka Ltd (FRL) has assigned Housing Development Finance Corporation Bank of Sri Lanka (HDFC) with A (sri) national rating. A spokesman of HDFC said that HDFC's rating reflects its strong operations, relatively low credit risk in the housing mortgage business, favourable NPL ageing, comfortable capital base and profitability. HDFC's absolute NPL's have been reducing in spite of loan growth. This is largely attributed to improved monitoring and enhanced recovery efforts which include focused follow-up. Going forward the challenge for HDFC would be to contain NPL's in light of the high loan growth witnessed over the last few years. A (sri) long term rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. HDFC was incorporated as a building society in 1984 and converted to a corporation in 2000. - (SP) |
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