Fitch maintains Capital Alliance Investment Grade Fund on Rating Watch Negative

Fitch Ratings has maintained Capital Alliance Investment Grade Fund's National Fund Credit Quality Rating of 'Af(lka)' and National Fund Market Risk Sensitivity Rating of 'S1(lka)' on Rating Watch Negative (RWN).

The RWN reflects continued deterioration in the credit profile of the fund's investible universe.

"We have recently recalibrated the Sri Lankan national rating scale and downgraded 10 domestic banks and five domestic finance and leasing companies," the rating agency said.

"We aim to resolve the RWN in the next six months, depending on how the credit quality of the banks and non-bank financial institutions evolves.