Fitch Rates DFCC Vardhana Bank's Senior and Subordinated Debentures

April 22, 2015 1:01 PM

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(The following statement was released by the rating agency) COLOMBO, April 22 (Fitch) Fitch Ratings Lanka has assigned DFCC Vardhana Bank PLC's (DVB; AA-(lka)/Stable) proposed Basel II-compliant senior debentures of up to LKR3bn an expected National Long-Term Rating of 'AA-(lka)(EXP)' and proposed Basel II-compliant subordinated debentures of up to LKR2bn an expected National Long-Term Rating of 'A+(lka)(EXP)'.

The debentures, which will have a tenor of five years and carry fixed coupons, will be listed on the Colombo Stock Exchange. DVB expects to use the proceeds to reduce asset and liability maturity mismatches. The final rating is subject to the receipt of final documentation conforming to information ...

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