Fitch Ratings Lanka has downgraded the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term Rating to ‘BBB(lka)’ from ‘BBB+(lka)’. The Outlook is Stable. Its LKR195m outstanding senior unsecured redeemable debentures have also been downgraded to ‘BBB(lka)’ from ‘BBB+(lka)’.
The downgrade reflects the bank’s inability to swiftly re-price its existing housing loan portfolio to avert deterioration in profits as market interest rates started to rise since end-2011………………………………………..Full Article: Source