Fitch Withdraws DFCC Vardhana Bank's Ratings on Merger with DFCC
Fitch is withdrawing the ratings as DVB has merged with DFCC Bank PLC (DFCC, B+/AA-(lka)/Stable) and no longer exists, leaving DFCC as the surviving entity. DFCC has assumed the liabilities of DVB, including the debentures. Accordingly, Fitch will no longer provide rating or analytical coverage for DVB.
The rating action follows DFCC's announcement on 1 October 2015 regarding the merger. DFCC has a licence to operate as a commercial bank from 1 October 2015.
Fitch affirmed DFCC's ratings on 8 July 2015. Fitch's view of DFCC is not affected by the merger because the ratings are already based on the consolidated credit profile.
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Date of Relevant Rating Committee: 7 July 2015
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