Lanka Rating Agency has assigned Pan Asia Banking Corporation PLC’s (PABC) respective long- and short-term financial institution ratings at BBB+ and P2. The outlook on the long-term rating is stable. Concurrently, the long-term ratings of the Bank’s proposed Listed Unsecured Subordinated Redeemable Debentures up to Rs 3 billion (2014/2019) carry an issue rating of BBB.
In keeping with the LRA methodology PABC’s proposed debenture is rated one notch below the entity rating to reflect its subordinated status. The rating is supported by the Bank’s average capitalisation, liquidity and improving performance but is tempered by its relatively small size and asset quality.
The Bank remains one of the smallest players in the domestic LCB industry, with an asset base of Rs 64.9 billion and a loan book of Rs 44.7 billion as at end-FY Dec 2013. This accounted for 1.29% of the LCB sector assets and 1.31% of sector loans. Nevertheless, the Bank has been consolidating its presence in the local arena while improving its franchise during the past 5 years. As at end-1Q FY Mar 2014, PABC operated 77 branches with 1232 staff members.
www.dailynews.lk
In keeping with the LRA methodology PABC’s proposed debenture is rated one notch below the entity rating to reflect its subordinated status. The rating is supported by the Bank’s average capitalisation, liquidity and improving performance but is tempered by its relatively small size and asset quality.
The Bank remains one of the smallest players in the domestic LCB industry, with an asset base of Rs 64.9 billion and a loan book of Rs 44.7 billion as at end-FY Dec 2013. This accounted for 1.29% of the LCB sector assets and 1.31% of sector loans. Nevertheless, the Bank has been consolidating its presence in the local arena while improving its franchise during the past 5 years. As at end-1Q FY Mar 2014, PABC operated 77 branches with 1232 staff members.
www.dailynews.lk
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