ECONOMYNEXT – Fitch Ratings has placed Sri Lanka’s Housing Development Finance Corporation Bank’s national rating of ‘BB+(lka)’ and State Mortgage & Investment Bank’s (SMIB) national rating of ‘BB(lka)’ on Rating Watch Positive. This follows the government’s announcement last week that the cabinet of ministers approved the proposal to transfer all the state-owned shares of HDFC and SMIB to Bank of Ceylon and People’s Bank respectively. “The RWP reflects Fitch’s view that the acquisitions of HDFC and SMIB by BOC and PB, respectively, would result in HDFC and SMIB benefitting from a very high likelihood of support from their new owners,”…
Sri Lanka HDFC, SMIB on Fitch positive rating watch on proposed acquisition
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