Fitch Ratings has assigned DFCC Bank PLC’s (DFCC; AA-(lka)/Negative) proposed subordinated debentures of up to LKR7bn an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The proposed debentures, which will have tenors of five and seven years and carry fixed coupons, will be listed on the Colombo Stock Exchange. DFCC expects to use the proceeds to strengthen its Tier II capital base and manage maturity mismatches.
The final rating is subject to the receipt of final documentation conforming to information already received. The proposed subordinated debentures are rated one notch below DFCC’s National Long-Term Rating to reflect the subordination to senior unsecured debt.
The final rating is subject to the receipt of final documentation conforming to information already received. The proposed subordinated debentures are rated one notch below DFCC’s National Long-Term Rating to reflect the subordination to senior unsecured debt.
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