FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post

Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Bank of Ceylon bond rated 'BB-(EXP) by Fitch

Sri Lanka's Bank of Ceylon bond rated 'BB-(EXP) by Fitch

Go down  Message [Page 1 of 1]

CSE.SAS

CSE.SAS
Global Moderator
Apr 08, 2013 (LBO) - A dollar denominated 5-year bond being issued by state-run Bank of Ceylon has been rated 'BB-(EXP) by Fitch.

"The notes will have a maturity of five years and coupon payments will be at a fixed rate on a semi-annual basis," Fitch said.

"The issue proceeds will be used for BOC's refinancing and growth requirements and also for lengthening the maturity profile of its foreign currency liabilities."

The full statement is reproduced below:
Fitch Rates Bank of Ceylon's Senior Notes 'BB-(EXP)'

Fitch Ratings-Colombo/Singapore-08 April 2013: Fitch Ratings has assigned Sri Lanka-based Bank of Ceylon's (BOC) proposed issue of senior unsecured notes an expected rating of 'BB-(EXP)'.

The final rating is contingent upon the receipt of final documents conforming to information already received.

The notes will have a maturity of five years and coupon payments will be at a fixed rate on a semi-annual basis. The issue proceeds will be used for BOC's refinancing and growth requirements and also for lengthening the maturity profile of its foreign currency liabilities.

Rating Action Rationale

The notes are rated at the same level as BOC's Long-Term Foreign Currency Issuer Default Rating (IDR) as they will constitute direct, unsubordinated and senior unsecured obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations.

Key Rating Drivers

BOC's Long-Term IDR is driven by the Government of Sri Lanka's high propensity but somewhat limited ability to provide timely support to the bank at times of distress. In Fitch's view, the state's high propensity stems from BOC's systemic importance as the largest bank in the country - accounting for nearly 20% of banking system's deposits and assets - its quasi-sovereign status, its role as a key lender to the government and full government ownership. The state's limited ability is reflected in the 'BB-'/Stable sovereign rating.

Rating Sensitivities

Any change in Sri Lanka's sovereign rating or the propensity of state support to BOC could result in a change in BOC's IDR.

http://lbo.lk/news/Sri_Lankas_Bank_of_Ceylon_bond_rated_BB-(EXP)_by_Fitch/1155437058

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum