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Fitch downgrades SMIB to 'BBB+(lka)' and withdraws Rating

Fitch Ratings Lanka has downgraded State Mortgage and Investment Bank's (SMIB) National Long-term rating to 'BBB+(lka)' from 'A-(lka)' (A minus (lka) and simultaneously withdrew the rating. The rating Outlook is Negative.

Fitch will no longer provide rating coverage on SMIB.

SMIB owns 1.78% of the shares in Fitch Ratings Lanka Limited. No shareholder other than Fitch Ratings Limited of the UK, is involved in the operations of, or credit rating reviews conducted by Fitch Ratings Lanka Limited.

Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.

The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(lka)' for National ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable.

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