Fitch Ratings affirms credit ratings for CEAT Kelani and ibank

Fitch Ratings has affirmed the credit ratings for two distinct financial entities in South and Southeast Asia.

In Sri Lanka, CEAT Kelani Holdings has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook for the sixth consecutive year. The rating reflects the company’s strong capacity to meet financial commitments and its leadership in the pneumatic tyre manufacturing industry. Despite facing rising energy and input costs, as well as competition from imported tyres, Fitch expects the company to maintain a resilient financial profile supported by low leverage and sound liquidity.

In Thailand, Fitch Ratings (Thailand) Limited affirmed the Islamic Bank of Thailand’s (ibank) National Long-Term Rating at ‘AA(tha)’ with a Stable Outlook, marking the eighth consecutive year of this affirmation. As the only Shariah-compliant bank in Thailand, ibank serves a significant role in providing financial services to the Muslim community, particularly in the southern provinces. The rating is underpinned by the bank’s status as a state policy bank, with Fitch noting that the Thai government would likely provide extraordinary support if required.