Fitch Ratings has assigned Seylan Bank PLC’s (A-(lka)/Stable) proposed Basel III compliant subordinated debentures an expected National Long- Term Rating of ‘BBB+(lka)(EXP)’.
The notes, which will total Rs. 5. billion and mature in five years, include a non-viability clause and will qualify as regulatory Tier II capital for the bank.
Seylan plans to use the proceeds to strengthen its Tier II capital base and support its loan-book expansion.
The debentures will be listed on the Colombo Stock Exchange. The final rating is subject to the receipt of final documentation conforming to information already received.
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