Fitch withdraws DVB’s ratings on merger with DFCC

7 October 2015 03:18 am - 0 - {{hitsCtrl.values.hits}}

A A A

Fitch Ratings yesterday withdrew DFCC Vardhana Bank PLC’s (DVB) National Long-Term Rating of ‘AA-(lka)’ with Stable Outlook.
At the same time, Fitch also withdrew the ‘AA-(lka)’ rating on DVB’s Basel II-compliant senior debentures and the ‘A+(lka)’ rating on its Basel II-compliant subordinated debentures.
Fitch is withdrawing the ratings as DVB has merged with DFCC Bank PLC (DFCC, B+/AA-(lka)/Stable) and no longer exists, leaving DFCC as the surviving entity.
DFCC has assumed the liabilities of DVB, including the debentures. Accordingly, Fitch will no longer provide rating or analytical coverage for DVB.
The rating action follows DFCC’s announcement on 1 October 2015 regarding the merger. DFCC has the licence to operate as a commercial bank from 1 October 2015.
Fitch affirmed DFCC’s ratings on 8 July 2015. Fitch’s view of DFCC is not affected by the merger because the ratings are already based on the consolidated credit profile.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments 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.

Fitch withdraws DVB’s ratings on merger with DFCC

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

Sri Lankan among NASA’s new crew for next simulated Mars journey

April 15 declared a government holiday

New Visa procedure implemented

SL on alert on possible genocide allegations by Canada

Street food vendor arrested for verbally harassing foreigner

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Debt Restructuring Talks: Bondholders Fear Regime Change Impact

Don’t be deceived by NPP and Cardinal Ranjith: UNP

Emirates halts check-in for connections, UL cancels flights to Dubai

Plans afoot to obtain “Blue Flag Beaches” certification for SL beaches

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings