Fitch rates Abans's Rs.2bn debentures 'A-(lka)(EXP)'

24 September 2013 04:33 am - 0 - {{hitsCtrl.values.hits}}

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Fitch Ratings has assigned Abans Limited's proposed issue of senior unsecured redeemable debentures of up to Rs.2 billion an expected National Long-Term rating of 'A-(lka)(EXP)'. The rating is contingent upon the final transaction documents conforming to information already received.

The proposed debentures are rated in line with the Sri Lanka-based retailer's National Long-Term Rating of 'A-(lka)', as they will rank equally with the company's other senior unsecured creditors.

The debenture is expected to be issued in three tranches with maturities of three, four, and five years at fixed coupon rates. The proceeds will be used to re-finance part of the company's short-term borrowings, lowering the cost of funds, and will help reduce Abans' exposure to refinance- and interest rate risk.

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Fitch rates Abans's Rs.2bn debentures 'A-(lka)(EXP)'

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