Fitch assigns final ‘A+(lka)’ rating to Asia Asset Finance’s senior unsecured debt

Fitch Ratings has assigned final National Long-Term Ratings of ‘A+(lka)’ to Asia Asset Finance PLC’s (AAF, A+(lka)/Stable) proposed Sri Lankan rupee-denominated senior unsecured debentures of up to Rs.2 billion. The issue will consist of the following:

Type A: three-year bonds maturing in December 2027, yielding 12.20 percent per annum paid annually
Type B: three-year bonds maturing in December 2027, yielding 11.85 percent per annum paid semi-annually
Type C: five-year bonds maturing in December 2029, yielding 13.00 percent per annum paid annually
Type D: five-year bonds maturing in December 2029, yielding 12.60 percent per annum paid semi-annually
The debentures will be listed on the Colombo Stock Exchange and the company plans to use the proceeds to expand its loan book. The final ratings on the bonds are in line with the expected ratings assigned on 30 April 2024.