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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch rates HNB’s debentures AA-(lka)(EXP)’, ‘A+(lka)(EXP)

Fitch rates HNB’s debentures AA-(lka)(EXP)’, ‘A+(lka)(EXP)

Go down  Message [Page 1 of 1]

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Fitch Ratings has assigned Hatton National Bank’s proposed senior unsecured and subordinated debentures expected National Long-Term Ratings of ‘AA-(lka)(EXP)’ and ‘A+(lka)(EXP) respectively.
The issuance is to total Rs 10 b, with the debentures to mature in five years and carry fixed coupons. The debentures are to be listed on the Colombo Stock Exchange. HNB expects to use the proceeds to reduce asset and liability maturity mismatches while improving its Tier II capital base.
The final rating is subject to the receipt of final documentation conforming to information already received.
The proposed senior debentures are rated at the same level as HNB’s National Long-Term Rating in accordance with Fitch’s criteria as they constitute unsecured and unsubordinated obligations of the bank. The proposed subordinated debentures are rated one notch below its National Long-Term Rating to reflect the subordination to its senior unsecured obligations.
HNB’s rating reflects its strong franchise, satisfactory capitalisation, established track record and higher risk appetite compared to better-rated peers. 
Courtesy: Daily News 7 September 2015

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