Fitch Ratings has assigned Seylan Bank PLC’s (A-(lka)/stable) Basel II-compliant subordinated debenture issue of up to Rs.5 billion a final national long-term rating of ‘BBB+(lka)’.
The final rating is the same as the expected rating assigned on May 6, 2016 as detailed in the press release and follows the receipt of documents conforming to information already received.
The debentures will have tenors of five and seven years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange.
The issue is rated one notch below Seylan Bank’s national long-term rating to reflect the subordination to senior unsecured creditors.
The rating on the proposed debentures will move in tandem with Seylan Bank’s national long-term rating.