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Sri Lanka Equity Forum » Stock Market News » Fitch affirms Citibank Colombo at ‘AAA(lka)’

Fitch affirms Citibank Colombo at ‘AAA(lka)’

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Melissa Pereira

Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Fitch Ratings Lanka has affirmed Citibank N.A.- Colombo Branch’s (CitiSL) National Long-Term Rating at ‘AAA(lka)’.
The Outlook is Stable.CitiSL’s rating is the highest on the National Rating scale and reflects the credit profile and financial strength of Citibank.
Citibank, N.A.’s rating is higher than Sri Lanka’s Long-Term Local and Foreign Currency Issue Default Ratings (IDRs) of ‘BB-’/Stable, and as a result CitiSL’s rating on the National Rating scale is mapped to ‘AAA(lka)’.
The rating is linked with Citibank, N.A.’s IDR because of CitiSL’s legal status as a branch of Citibank, N.A., which makes it a part of the same legal entity. Fitch believes that support from Citibank, N.A. would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka.
CitiSL’s strategic objectives are aligned with that of Citigroup.
The branch is integrated into global operations through utilisation of common systems, such as group’s core banking and anti-money laundering systems, and through regular reporting, including periodic internal audits. 
Courtesy: Daily News 14 September 2015

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