Reply To:
Name - Reply Comment
Last Updated : 2024-04-26 10:26:00
Fitch Ratings Lanka has assigned Siyapatha Finance PLC’s subordinated redeemable debentures of up to LKR one billion a final national long-term rating of ‘BBB+(lka)’.
The assignment of the final rating follows the receipt of final documents that conform toinformation previously received. The final rating is at the same level as the expected ratingassigned on 21 July 2017.
The debentures will have a five-year tenor with bullet principal repayment at maturity. Coupon payments will be made annually at a fixed rate. The debentures will be listed on the Colombo Stock Exchange. Siyapatha expects to use the proceeds to strengthen its regulatory Tier 2 capital and to fund its loan book. The debentures are rated one notch below Siyapatha’s National long-term rating to reflect their subordination to senior unsecured creditors.
Siyapatha’s National long-term rating was last affirmed at ‘A-(lka)’ with a Negative Outlook on21 July 2017. Siyapatha’s rating reflects Fitch’s view that support would be forthcoming from itsparent, Sampath Bank PLC (A+(lka)/Negative), which owns 100 percent of Siyapatha and is involved inthe strategic direction of Siyapatha through board representation. Siyapatha is rated twonotches below its parent because of Siyapatha’s limited contribution to the group’s corebusinesses; the group leasing book accounted for just seven percent of group advances at end-2016, ofwhich Siyapatha provided 42 percent.
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.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul