Mar 06, 2012 (LBO) - Fitch Ratings has confirmed an 'AAA(lka)' national rating with a stable outlook for HSBC's branch in Sri Lanka following an outlook downgrade of the main bank. Sri Lanka's HSBC is a branch and is part of the same legal entity making up HongKong & Shanghai Banking Corporation Limited, which has a 'AA' international rating.
"Thus, Fitch believes that support from HKB would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka," the agency said.
Fitch said the outlook of HongKong Shanghai Banking Corporation Limited, 'AA' rating has been cut to negative from stable on March 01.
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