Fitch Revises Outlook on BTSC's Guaranteed Bonds to Negative; Affirms 'AAA(tha)'
The final rating is the same as the expected rating assigned on 6 May 2016 as detailed in the press release, Fitch Rates Seylan Bank's Subordinated Debt 'BBB+(lka)(EXP)', and follows the receipt of documents conforming to information already received.
The debentures will have tenors of five and seven years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange.
KEY RATING DRIVERS
The issue is rated one notch below Seylan Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
The rating on the proposed debentures will move in tandem with Seylan Bank's National Long-Term Rating.