Apr 25, 2013 (LBO) – A one billion rupee unsecured listed debenture issue to be sold by Sri Lanka’s Senkadagala Finance had been given a final investment grade rating of ‘BBB+(lka), Fitch Ratings said. It is at the same level as an expected rating issued on April 18, pending the receipt of final documents.
The full statement is reproduced below:
Fitch Rates Senkadagala Finance’s Senior Debt Final ‘BBB+(lka)’
Fitch Ratings-Colombo/Mumbai/Singapore-26 April 2013: Fitch Ratings has assigned Senkadagala Finance PLC’s (SFC, BBB+(lka)/Stable) issue of senior unsecured redeemable listed debentures of up to LKR1bn a final National Long-Term Rating of ‘BBB+(lka)’.
The assignment of the final rating follows the receipt of final documents which conform to information previously received. The final rating is at the same level as the expected rating assigned on 18 April 2013 (see ‘Fitch Rates Senkadagala Finance’s Proposed Senior Debt at ‘BBB+(lka)(EXP)’ at www.fitchratings.com).
Rating Action Rationale
The debentures are rated at the same level as SFC’s National Long-Term Rating as they constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.