Fitch assigns Commercial Bank of Ceylon’s proposed debut green bond final ‘A(lka)’

Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (COMB; A(lka)/Stable) proposed Sri Lankan rupee-denominated senior unsecured listed green bonds of up to Rs.5 billion a final National Long-Term Rating of ‘A(lka)’.
The final rating is the same as the expected rating assigned on September 25, 2024 and follows the receipt of documents conforming to information already received.

COMB’s debut green bond is rated at the same level as the bank’s National Long-Term Rating, as it constitutes a direct, unconditional, unsubordinated and unsecured obligation of the bank and will rank pari passu with all of its present and future unsecured and unsubordinated obligations.

The notes will mature in five years and the proceeds from the bond issuance will be used to expand the green lending portfolio and refinance eligible green projects.

Fitch affirmed COMB’s National Long-Term Rating on June 6, 2024.