Cancellation leads Fitch to withdraw NDB’s Rs.6bn Basel-III debenture rating

Fitch Ratings yesterday said it was withdrawing the final rating assigned on a Basel-III-compliant debenture issue up to Rs.6 billion by National Development Bank PLC (NDB), as the debenture has been cancelled.
“Fitch Ratings has withdrawn the final National Long-Term Rating of ‘BBB(lka)’, which is on Rating Watch Negative (RWN), on National Development Bank PLC’s (NDB; A-(lka)/RWN) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to Rs.6 billion. The rating was assigned on June 22, 2023,” the rating agency said. “Fitch is withdrawing the rating as the applicable issuance has been cancelled,” it added.