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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch rates NDB's subordinated debentures

Fitch rates NDB's subordinated debentures

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1Fitch rates NDB's subordinated debentures Empty Fitch rates NDB's subordinated debentures Fri May 22, 2015 10:52 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Fitch Ratings Lanka has assigned National Development Bank PLC's proposed subordinated debentures of up to Rs 10 bn an expected National Long-Term Rating of 'A+(lka)(EXP)'.
At the same time Fitch has withdrawn the expected rating of 'AA-(lka)(EXP)' assigned to NDB's proposed senior debentures.
The proposed subordinated debentures, which will have a tenor of five years and carry fixed and zero coupons, will be listed on the Colombo Stock Exchange. NDB expects to use the proceeds to strengthen its Tier 2 capital base and reduce asset and liability maturity mismatches. The final rating is subject to the receipt of final documentation conforming to information already received.
Fitch is withdrawing the expected rating assigned to NDB's proposed senior debentures as its forthcoming senior debt issuance is no longer expected to convert to final ratings. 
Courtesy: Daily News 22 May 2015

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