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DFCC Bank Sri Lanka’s Rs7.0bn 3-year debt rated ‘AA-(lka)’

ECONOMYNEXT – Fitch Ratings said it has given an ‘AA-(lka)’ rating with a stable outlook for a 7.0 billion rupee 3-year senior, unsecured debt sale of DFCC Bank.

The 3-year debt will pay a fixed rate of interest and will be listed on the Colombo Stock Exchange.

The rating is the same as the bank’s long term rating and the debt ranks equally with senior unsecured creditors.

Proceeds will be used to reduce asset and liability mismatches, the rating agency said.

A full list of DFCC’s ratings follows:

Long-Term Foreign-Currency Issuer Default Rating (IDR): ‘B+’; Outlook Stable
Long-Term Local-Currency IDR: ‘B+’; Outlook Stable
Short-Term Foreign-Currency IDR: ‘B’
Viability Rating: ‘b+’
Support Rating: ‘4’
Support Rating Floor: ‘B’
US dollar senior, unsecured notes: ‘B+’; Recovery Rating ‘RR4’
National Long-Term Rating: ‘AA-(lka)’ Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures: ‘AA-(lka)’
Proposed Sri Lanka rupee-denominated senior unsecured debentures: ‘AA-(lka)’
Basel II-compliant Sri Lanka rupee-denominated subordinated debentures: ‘A+(lka)’

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