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Fitch rates NDB's subordinated debentures at'A+(lka)'  Vote_lcap68%Fitch rates NDB's subordinated debentures at'A+(lka)'  Vote_rcap 68% [ 178 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch rates NDB's subordinated debentures at'A+(lka)'

Fitch rates NDB's subordinated debentures at'A+(lka)'

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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 a final National Long-Term Rating of 'A+(lka)'.

The final ratings are the same as the expected ratings assigned on May 21,2015, following the receipt of documents conforming to information already received.

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 proposed subordinated debentures are rated one notch below NDB's National Long-Term Rating to reflect the subordination to senior unsecured creditors.

The issuer rating is driven by the bank's intrinsic financial strength. NDB's rating captures its long and stable operating history and developing franchise as a commercial bank.
Courtesy: Daily News 03 June 2015

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