Fitch: National Development Bank debt AA-(lka)

Fitch Ratings Lanka said it assigned National Development Bank plc’s (NDB; AA-(lka)/stable) proposed senior debentures of up to 7.5 billion Sri Lankan rupee an expected national long-term rating of AA-(lka)(EXP).

The debentures will have a tenor of five years and carry fixed coupons.

Proceeds are expected to be used to refinance maturing multilateral funding.

The proposed debentures are rated at the same level as NDB's national long-term rating in accordance with Fitch's criteria as they constitute unsecured and unsubordinated obligations of the bank. The issuer rating is driven by the bank's intrinsic financial strength. It captures NDB's long and stable operating history and its developing franchise as a commercial bank, the agency said.

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