Sri Lanka, Feb. 6 -- Fitch Ratings has upgraded the National Insurer Financial Strength (IFS) Ratings of four Sri Lankan insurers following the recent sovereign upgrade and recalibration of the agency's Sri Lankan national rating scale. At the same time, Fitch has affirmed the National IFS of three Sri Lankan insurers.
The recalibration reflects changes in the relative creditworthiness of Sri Lankan issuers after Fitch upgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC-' on 20 December 2024. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.
National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differenti...