Fitch assigns Sampath Bank’s Rs.7bn debt issue final ‘A(lka)’

27 October 2015 03:55 am Views - 922

Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) Basel II-compliant subordinated debentures of up to Rs.7 billion a final national long-term rating of ‘A(lka)’.

The final rating is the same as the expected rating assigned on October 9, 2015, and follows the receipt of documents conforming to information already received.

The debentures will mature in five years and carry fixed and floating coupons. Sampath Bank plans to use the proceeds to strengthen its Tier II capital base and match the duration of the assets and liabilities in its long-term lending portfolio. The debentures are to be listed on the Colombo Stock Exchange.