DFCC Vardhana Bank gets 'AA-'/Stable

The Fitch Ratings Lanka re-affirmed DFCC Vardhana Bank's (DVB) National Long-Term Rating of 'AA-(lka)' (Stable Outlook) with DVB's subordinated debentures also rated at 'A+(lka)'.

DVB has sustained this rating consistently over the past nine years. The company is 99.12 percent owned by DFCC Bank which has strategically helped the DFCC Group to expand their product offering. Operationally merged in 2011, DVB accounts for 39 percent of the group assets and 76 percent of deposit funding for the first quarter ended in March 2012.

CEO, DFCC Vardhana Bank Lakshman Silva said: "2012 has been a challenging year for the banking sector thus far but we have managed to retain our rating. DVB's capacity to meet its financial commitments is a direct result of our prudent business practices. Making the Bank one of the most secure places to invest their hard-earned money for our existing customers and potential ones is a philosophy we will always abide by. Re-affirmation of our 'AA-(lka) (Stable Outlook) is an independent and fair confirmation of our stability."