Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures a National Long-Term Rating of ‘A(lka)’.
The final rating is the same as the expected rating assigned on February 8, 2021 and follows the receipt of documents conforming to information already received.
The proposed debentures will mature in seven years and will be listed on the Colombo Stock Exchange. The bank expects the proposed subordinated debentures to qualify as Basel III-compliant regulatory Tier II capital.
The proposed debentures include a non-viability clause, whereby they will convert to ordinary voting shares, if non-viability of the bank is determined by the Monetary Board of Sri Lanka.
The bank plans to use the proceeds from the debentures to strengthen its Tier II capital base and support the expansion of its loan book.
Sampath’s proposed and outstanding Sri Lankan rupee-denominated subordinated debt is rated two notches below the National Long-Term Rating anchor.
This reflects Fitch’s baseline notching for loss severity for this type of debt and its expectations of poor recoveries. There is no additional notching for non-performance risks.
Fitch affirmed Sampath’s National Long-Term Rating on August 5, 2020.
Add commentComments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
With the increase in egg prices the government decided to import eggs to regu
In order to critically discuss a movement, we must first understand its etymo
Many battles were fought during the long war between the Sri Lankan armed for
When can one say they’ve had enough of being in a state of ‘wokeness’ a
24 Mar 2023 - 1 - 1272
23 Mar 2023 - 1 - 3408
20 Mar 2023 - 3 - 820
18 Mar 2023 - 2 - 954
24 Mar 2023
24 Mar 2023
23 Mar 2023
Name - Reply Comment