TEXT-Fitch: impact on People's Bank & Commercial Bank of Ceylon

Newswire

(The following statement was released by the rating agency) Dec 29 - Fitch Ratings Lanka has today said that People's Bank (Sri Lanka) (PB, 'A-(lka)' (A minus (lka))/Positive) and Commercial Bank of Ceylon PLC (CB, 'AA+(lka)'/Stable) are exposed to counterparty default risk following the Supreme Court of Sri Lanka's ruling on 28 November 2008, suspending payments due from Ceylon Petroleum Corporation (CPC) on hedging agreements entered into with the aforementioned local banks and three ...

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