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Fitch Places 12 Sri Lankan Non-Bank Financial Institutions on Rating Watch Negative

Fitch Ratings has placed the National Long-Term Ratings of 12 Sri Lankan non-bank financial institutions (NBFIs) on Rating Watch Negative (RWN).

The entities are:

Finance and Leasing Companies:
- Bimputh Finance PLC (Bimputh)
- CBC Finance LTD (CBCF)
- Central Finance Company PLC (CF)
- Fintrex Finance Limited (Fintrex)
- HNB Finance PLC (HNBF)
- LB Finance PLC (LB)
- Mercantile Investments and Finance PLC (MIF)
- People’s Leasing & Finance PLC (PLC)
- Sarvodaya Development Finance Limited (SDF)
- Senkadagala Finance PLC (Senka)
- Siyapatha Finance PLC (Siyapatha)

Securities Firm:
- Asia Securities (Pvt) Ltd (ASPL)

The RWN reflects heightened downside risks to the NBFIs’ credit profiles amid increased economic and financial-market volatility in Sri Lanka.

This risk is exacerbated by the deteriorating sovereign credit profile (Long-Term Foreign-Currency Issuer Default Rating (IDR): C, Long-Term Local-Currency IDR: CCC) and the ensuing risks to the stability of the financial system, the US-based credit rating agency said in its statement.