Sampath Bank moves upto AA- (lka) on Fitch Ratings
View(s):Sampath Bank PLC has seen an upward revision in its National Long-Term Rating awarded by Fitch Ratings.
The bank received a rating of AA- (lka) in Fitch Ratings’ revised National Long-Term Ratings of Sri Lankan financial institutions, up from the A+ (lka) it had earlier. “This positive rating revision further underscores the strength of Sampath Bank’s financial fundamentals as well as the effectiveness of the strategy and vision of its leadership team,” the bank said in a media release.
Fitch Ratings revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating on April 24.
“Right from its inception, Sampath Bank has continued to focus on customer-centric innovation, constantly leveraging emerging technologies to add value to consumers, introducing several firsts along the way. The bank is steadily transforming itself into a ‘tech company engaged in banking,’ from the traditional approach of a bank engaged in technology. This has allowed it to maintain its growth momentum despite challenging local and global market conditions,” the release said.