Fitch rates Pan Asia Banking debt BB+(lka)

Fitch Ratings said it assigned a BB+(lka) national long-term rating to Pan Asia Banking Corp. plc's proposed unsecured, redeemable five-year subordinated debenture issue of up to LKR150 million. The agency also affirmed the company's national long-term rating at BBB-(lka).

The outlook is stable.

The rating factors in the bank's improving capitalization and profitability, Fitch said, but remains constrained by the need to meet the minimum capital requirement set by Central Bank of Sri Lanka by 2009, its high net NPL/equity ratios and concentrations in its credit portfolio.

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