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 reflects the credit profile and financial strength of its head office - Citibank, N.A.
(A+/Stable/a). It also reflects Fitch’s expectation of continued strong support from the head office as CitiSL is a branch of Citibank, N.A. and hence, forms part of the same legal entity. The small size of the branch (less than 1% of the total assets of Citibank, N.A.) implies that support, if any, would not be material to the head office.
Citibank, N.A.’s Issuer Default Rating (IDR) is higher than Sri Lanka’s Long-Term Local- and Foreign-Currency IDRs of ‘B’ with Stable Outlook and as a result, CitiSL’s National Long-Term Rating is mapped to ‘AAA(lka)’, which is the highest end on the National Rating scale.
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