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Fitch downgrades Sri Lanka's financial institutions

Following the downgrading of Sri Lanka's sovereign rating yesterday, Fitch Ratings today downgraded the country's financial institutions and several state owned companies, including Sri Lanka Airlines, Sri Lanka Telecom, and Sri Lankan Insurance Corp. 

The Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) were downgraded for Sri Lanka’s National Savings Bank, Bank of Ceylon, DFCC Bank and People's Leasing & Finance PLC's. 

Yesterday Fitch Ratings and Standard and Poor's both downgraded Sri Lanka's sovereign rating, following in the footsteps of Moody's. 

The decision was criticised by Sri Lanka's Central Bank as "unwarranted".