Fitch rates Bank of Ceylon notes AA(lka)

Fitch Ratings said it assigned Bank of Ceylon's (BB-/stable) proposed subordinated debentures of up to LKR 6 billion a national long-term rating of AA(lka).

The ratings reflect expectation of support from the government of Sri Lanka (BB-/stable), the agency said.

The proposed notes will have a maturity of five years, with a bullet maturity.

The issue is aimed at strengthening the bank's tier 2 capital base.

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