Sri Lanka’s NDB proposed bonds rated ‘B+’

Sept 23, 2013 (LBO) – A proposed bond by National Development Bank Plc, has been rated by ‘B+’ by Standard and Poor’s, a rating agency. “The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of NDB, and shall at all times rank equally with all other unsecured obligations of the bank,” S&P said in a statement.

“The rating on the proposed notes is subject to our review of the final issuance documentation.”

NDB is expected to sell a 250 million US dollar bond this year. State-run NSB went to the market this month and raised 750 million US dollars at 8.875 percent.

The full statement is reproduced below:-

National Development Bank PLC’s Proposed Senior Unsecured Notes Assigned ‘B+’ Rating

SINGAPORE (Standard & Poor’s) Sept. 23, 2013–Standard & Poor’s Ratings Services today assigned its ‘B+’ long-term rating to a proposed issue of senior unsecured notes by National Development Bank PLC (NDB: B+/Stable/B). The rating on the notes reflects the long-term counterparty credit rating on NDB.

The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of NDB, and shall at all times rank equally with all other unsecured obligations of the bank.

The rating on the proposed notes is subject to our review of the final issuance documentation.