Fitch affirms SCB at ‘AAA(lka)’

Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-term rating at ‘AAA(lka)’. The outlook is stable.

SCBSL’s rating reflects Standard Chartered Bank PLC’s (SCB) financial strength, of which SCBSL is a branch and part of the same legal entity. SCB is rated ‘A+’/Stable, which is higher than the sovereign’s foreign currency Issuer Default Rating of ‘B+’/Stable. SCBSL accounted for 0.2 percent of SCB’s total assets at FYE09.