Fitch rates National Development notes B+

Fitch Ratings said it assigned Sri Lanka-based National Development Bank plc's proposed issue of dollar-denominated notes an expected rating of B+(EXP).

The notes are rated at the same level as the bank's long-term foreign currency issuer default rating of B+ as they constitute unsecured and unsubordinated obligations of the issuer.

In line with Fitch's criteria, recovery ratings are assigned to entities with an issuer default rating of B+ or below. Consequently, Fitch assigned a recovery rating of RR4 to the notes to reflect average recovery prospects.

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