NSB rating downgraded following recalibration

Fitch Ratings has revised the National Long-Term Rating of National Savings Bank (NSB) to ‘AA+(lka)’, from ‘AAA(lka)’. The Outlook is Stable. 

The rating action follows the recalibration of the Sri Lankan National Rating scale after the sovereign’s Long-Term Foreign-Currency Issuer Default Rating was downgraded to ‘B’ from ‘B+’ with a Stable Outlook on December 3, 2018.The rating action is not related to NSB’s credit quality but reflects Fitch’s changes to the Sri Lankan national rating scale.   

National scale ratings are a risk ranking of issuers in a particular market, designed to help local investors differentiate risk. 

Sri Lanka’s national scale ratings are denoted by the unique identifier ‘(lka)’. Fitch adds this identifier to reflect the unique nature of the Sri Lankan 
national scale. 

National scales are not comparable with Fitch’s international rating scales or with other countries’ national rating scales.