HNB secures two notch upward rating revision to 'AA+(lka)'

HNB PLC, had its National Long-Term Rating revised upward to 'AA+(lka)' with a negative outlook, subsequent to a recalibration of country ratings scales by Fitch Ratings.

As a result of the recalibration, HNB’s rating was revised upward by two notches, placing it amongst the top rated Sri Lankan banks. The negative outlook assigned to this category by Fitch is in alignment with the negative outlook on the sovereign and the operating environment of Sri Lanka, the bank said in a media release.

“We believe this upward revision of HNB’s National Long Term Rating is a reflection of HNB’s relative strength in this unprecedented volatile environment. The disruptions caused by the COVID-19 pandemic are still reverberating through every segment of the Sri Lankan economy,” HNB Managing Director/CEO,   Jonathan Alles said.

During the COVID-19 lockdown, HNB said it was among the first and most active in ensuring that customers island-wide were able to access essential banking and transactional services through a strong emphasis on digital banking as well as innovative solutions such as SOLO, MOMO and AppiGo.