Fitch Ratings has yesterday assigned DFCC Bank PLC’s (DFCC; AA-(lka)/Stable) proposed senior unsecured debentures of up to Rs 7billion a final National Long-Term Rating of ‘AA-(lka)’.
The assignment of the final rating follows the receipt of documents conforming to information already received, and the final rating is the same as the expected ratings assigned on 3 November 2015.
The proposed debentures, which will have tenors of three years and carry fixed coupons, will be listed on the Colombo Stock Exchange. DFCC expects to use the proceeds to reduce asset and liability maturity mismatches.
The proposed senior debentures are rated in line with DFCC’s National Long-Term Rating. The issues rank equally with the claims of the bank’s other senior unsecured creditors.
DFCC’s rating is driven by its high capitalisation and its developing commercial banking franchise.
The ratings on the proposed debentures will move in tandem with DFCC’s National Long-Term Rating.
A rating upgrade for DFCC would be contingent on the bank achieving a significantly stronger commercial banking franchise while maintaining strong credit metrics. DFCC’s rating could be downgraded if there is a sustained and substantial increase in risk appetite that could materially weaken its strong capital position.
www.dailynews.lk
The assignment of the final rating follows the receipt of documents conforming to information already received, and the final rating is the same as the expected ratings assigned on 3 November 2015.
The proposed debentures, which will have tenors of three years and carry fixed coupons, will be listed on the Colombo Stock Exchange. DFCC expects to use the proceeds to reduce asset and liability maturity mismatches.
The proposed senior debentures are rated in line with DFCC’s National Long-Term Rating. The issues rank equally with the claims of the bank’s other senior unsecured creditors.
DFCC’s rating is driven by its high capitalisation and its developing commercial banking franchise.
The ratings on the proposed debentures will move in tandem with DFCC’s National Long-Term Rating.
A rating upgrade for DFCC would be contingent on the bank achieving a significantly stronger commercial banking franchise while maintaining strong credit metrics. DFCC’s rating could be downgraded if there is a sustained and substantial increase in risk appetite that could materially weaken its strong capital position.
www.dailynews.lk
No comments:
Post a Comment