Fitch rates Pan Asia Banking notes BBB-(lka)

Fitch Ratings said it assigned a national long-term rating of BBB-(lka) to Pan Asia Banking Corp. plc's proposed subordinated debentures of up to 2 billion in Sri Lanka rupee.

The issue is rated one-notch below the bank's national long-term rating, reflecting its debt-like features, Fitch said.

The proposed debentures will have a maturity of five years with principal repayment as a bullet payment on maturity, the agency said.

The ratings reflect its improved asset quality in relation to its peers, diversity in its loan book and its comfortable capitalization in relation to its rating category, Fitch said.

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