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Fitch Assigns Commercial Bank of Ceylon’s Basel III Subordinated Debt Final ‘BBB+(lka)’

Fitch Ratings has assigned Commercial Bank of Ceylon PLC's (COMB, A(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III compliant subordinated debentures of up to LKR12 billion a final National Long-Term Rating of 'BBB+(lka)'.

The final rating is the same as the expected rating assigned on 11 August 2023 and follows the receipt of documents conforming to information already received.

The proposed debentures will mature in five, seven and 10 years and will be listed on the Colombo Stock Exchange. COMB plans to use the proceeds to strengthen its Tier 2 capital base, raise long-term funding, bridge maturity mismatches and support loan growth.

The bank expects the proposed debentures to qualify as Basel III-compliant regulatory Tier 2 capital. The debentures include a non-viability clause whereby they convert to ordinary voting shares upon the occurrence of a trigger event, as determined by the Monetary Board of Sri Lanka.

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