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Last Updated : 2024-04-23 10:50:00
Fitch Ratings has assigned Seylan Bank PLC’s (A-(lka)/Stable) proposed senior debenture issue of up to Rs.8 billion a national long-term rating of ‘A-(lka)(EXP)’.
The debentures will have tenures of three and four years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange and the bank plans to use the proceeds to fund loan growth, strengthen its funding mix, reduce structural maturity mismatches and reduce its short-term borrowings.
The final rating is subject to the receipt of final documentation conforming to information already received.
Seylan Bank’s senior debt is rated at the same level as its national long-term rating, as the debentures rank equally with other senior unsecured obligations.
The national long-term rating of Seylan Bank reflects Fitch’s expectation of state support due to its state shareholding - which came about in the aftermath of the bank’s crisis in December 2008 - and a higher share of banking-sector deposits relative to some peers. Seylan Bank has a lower support-driven rating than its larger peers, due to its smaller market share. Fitch believes Seylan Bank’s standalone financial strength has improved, reaching the same level as it support-driven rating.
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