ICRA Lanka Withdraws Rating of Regional Development Bank
|Instrument||Current Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL] BBB+ (Negative); Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the Issuer rating of [SL] BBB+ (pronounced SL Triple B Plus) with Negative outlook assigned to Regional Development Bank (“RDB”/ “the Bank”). The withdrawal is as a result of termination of rating agreement(s) entered into by RDB with ICRA Lanka, pursuant to the decision by ICRA Lanka to cease its business operations in Sri Lanka.
The termination of the rating agreement(s) is as per Rule 88(b) of the Credit Rating Agency Rules promulgated under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 (the “SEC Act”).
About the Bank:
Regional Development Bank (RDB) was established in May 2010 by merging six provincial banks, to form a national level rural development bank. RDB was established under the Pradeshiya Sanwardhana Bank Act No.41 of 2008 as a fully state-owned national level Bank with the long-term objective of improving the living standards of the rural masses by providing them accessible and affordable financial services. The Bank is 91% owned by the GoSL, and the balance 9% is equally owned by the three state owned banks, namely, Bank of Ceylon, People’s Bank, and National Savings Bank.
Rating history for last three years:
Subsidiary of ICRA Limited
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