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. |