June 30, Colombo: The Housing Development Finance Corporation Bank of Sri Lanka's (HDFC Bank) has decided to change the rating agency after Fitch Ratings withdrew the rating after affirming BBB rating.
The HDFC Bank in a stock market disclosure today said it has taken a policy decision to change the Rating Agency from Fitch Ratings Lanka Limited to Lanka Rating Agency Ltd., formerly known as RAM Ratings Ltd., as its Credit Rating Agency.
The decision has been approved by the Board of Directors of the Bank in February 2013.
Fitch Ratings Lanka on Friday affirmed the HDFC Bank National Long-Term Rating at 'BBB(lka)' with a Stable Outlook and has simultaneously withdrawn the rating.
The rating has been withdrawn as it is no longer considered by Fitch to be relevant to the agency's rating coverage. Fitch Ratings said it will no longer provide ratings and analytical coverage of HDFC Bank.
Lanka Rating Agency has assigned the HDFC Bank BBB rating with stable outlook.