Fitch Ratings upgrade People’s Bank’s National Long-Term Rating to ‘AA-’

Monday, 27 January 2025 00:00 - - {{hitsCtrl.values.hits}}

People’s Bank’s rating was recently upgrade by Fitch Ratings, with the bank’s National Long-Term Rating rising from “A (lka)” to “AA-(lka).” This follows the recent sovereign upgrade and recalibration of Fitch’s Sri Lankan national rating scale.

Fitch raised Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) from ‘CCC-’ to ‘CCC+’ on 20 December 2024, reflecting changes in the relative creditworthiness of Sri Lankan issuers. This People’s Bank improvement highlights the bank’s stability, strong operational performance, and ongoing financial strength.

The improvement of Fitch Ratings’ National Long-Term Rating to ‘AA-(lka)’, which reflects the bank’s solid financial standing and dedication to bolstering the Sri Lankan economy, has been welcomed by People’s Bank. The positive rating underscores the bank’s persistent commitment and focus on its operations and country’s economic growth. The upgrade also acknowledges the bank’s sound risk management practices, stability, and financial discipline.

Fitch Ratings’ positive assessment of People’s Bank is a testament to the bank’s ability to navigate complexities while maintaining stability and growth.

As Sri Lanka’s leading licensed commercial bank, People’s Bank manages an asset base exceeding Rs. 3.0 trillion. With the country’s largest banking network of 750 branches and service centres, the bank serves over 15.2 million customers and handles more than 19.0 million account relationships with a 7,300-strong workforce.

To enhance customer convenience, People’s Bank operates over 300 Self Banking Units (SBUs), providing 24/7 access to essential banking services without the need to visit a branch.

As a key driver of Sri Lanka’s socio-economic progress, People’s Bank continues to set industry benchmarks through its customer-centric approach and commitment to maintain its digital banking leadership. The bank offers a comprehensive range of financial solutions, reinforcing its position as a trusted financial partner for individuals and businesses across the nation.