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Fitch Downgrades Seven Sri Lankan Insurers' National IFS Ratings; Maintains Watch Negative - Adaderana Biz English

Fitch Ratings – Colombo/Sydney – 18 Jan 2023: Fitch Ratings has downgraded the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan National Rating scale. The seven insurers’ ratings have been maintained on Rating Watch Negative (RWN). The recalibration is to. ....

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Fitch downgrades Sri Lanka insurers after sovereign rating re-set

Fitch Ratings said it has downgraded seven Sri Lanka insurers after the local currency sovereign rating was lowered to CC from CCC in December 2022. ....

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Fitch revises two Sri Lankan insurers' National IFS Ratings

Full Statement
The recalibration reflects changes in the relative creditworthiness among Sri Lankan issuers, following Fitch’s downgrade of the country’s sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Rating revisions are used to modify ratings for reasons that are not related to changes in credit quality, but to reflect changes in the national rating scale.
The National IFS Ratings of the two Sri Lankan insurers were revised as follows:
– Sri Lanka Insurance Corporation Limited revised to ‘AA(lka)’/Stable from ‘AAA(lka)’/Stable.
– National Insurance Trust Fund Board revised to ‘A+(lka)’/Stable from ‘AA-(lka)’/Negative.
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. ....

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