Fitch Ratings Lanka has assigned Bank of Ceylon’s proposed Basel II-compliant subordinated debentures of up to Rs 8bn a final National Long-Term Rating of ‘AA(lka)’. The final rating is the same as the expected rating assigned on 25 October 2016, and follows the receipt of documents conforming to information already received.
The proposed issuance, which will have tenors of five and eight years and carry fixed and floating coupons, are to be listed on the Colombo Stock Exchange. BOC expects to use the proceeds to expand the loan book, improve its Tier II capital base and reduce asset and liability maturity mismatches.
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