Fitch rates Commercial Bank’s Basel III sub debt final AA-(lka)

July 03, 2018 (LBO) – Fitch Ratings has assigned Commercial Bank proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘AA-(lka)’.

The final rating is the same as the expected rating assigned on 14 February 2018 and follows the receipt of documents conforming to information already received.

The debentures, totaling 10 billion rupees, have maturities of five and 10 years, carry fixed coupons and will be listed on the Colombo Stock Exchange.

The notes include a non-viability clause and will qualify as regulatory Tier 2 capital for the bank. The bank plans to use the proceeds to strengthen its Tier 2 capital base and support its loan book expansion.

Commercial Bank debt RAC Final Jul 2018