The full Fitch statement follows:
Fitch Ratings-Colombo/Singapore-19 September 2011: Fitch Ratings Lanka has assigned Senkadagala Finance PLC's (SFC) proposed senior unsecured redeemable debentures of up to LKR300m a 'BBB+(lka)' rating. Simultaneously, the agency has affirmed and withdrawn the 'BBB+(lka)' rating on SFC's proposed listed debenture issuance of LKR1bn (scheduled to take place in March 2011) due to its non-issuance.
The proposed debt is rated at the same level as SFC's National Long-Term Rating of 'BBB+(lka)'/Stable. It has a three-year tenure, and is expected to be raised at a fixed coupon rate, enabling SFC to minimize interest rate risk on its loan book. The debenture will be utilized to finance SFC's lending operations.
SFC's ratings reflect its long operat