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Fitch rates BOC’s debentures ‘AA(lka)(EXP)’ Vote_lcap68%Fitch rates BOC’s debentures ‘AA(lka)(EXP)’ Vote_rcap 68% [ 178 ]
Fitch rates BOC’s debentures ‘AA(lka)(EXP)’ Vote_lcap18%Fitch rates BOC’s debentures ‘AA(lka)(EXP)’ Vote_rcap 18% [ 47 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch rates BOC’s debentures ‘AA(lka)(EXP)’

Fitch rates BOC’s debentures ‘AA(lka)(EXP)’

Go down  Message [Page 1 of 1]

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Fitch Ratings Lanka has assigned Bank of Ceylon’s (BOC; AA+(lka)/Stable) proposed Basel II-compliant subordinated debentures of up to Rs 8b an expected National Long-Term Rating of ‘AA(lka)(EXP)’.
The proposed issuance, which will have tenors of five and eight years and carry fixed and floating coupons, will be listed on the Colombo Stock Exchange. BOC expects to use the proceeds to strengthen its Tier 2 capital base and reduce asset and liability 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 BOC’s National Long-Term Rating, to reflect the subordination to senior unsecured creditors.
The issuer rating is driven by Fitch’s expectation of extraordinary support from the government of Sri Lanka (BB-/Stable).
This stems from BOC’s high systemic importance, quasi-sovereign status, role as a key lender to government, and full state ownership. The Stable Outlook on BOC reflects the Stable Outlook on the sovereign’s rating.
The rating on the proposed debentures will move in tandem with BOC’s National Long-Term Ratings.
Courtesy: Daily News 20 July 2015

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