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Fitch Assigns DFCC Bank’s Basel III Subordinated Debt Final ‘BBB(lka)’

Fitch Ratings has assigned DFCC Bank PLC's (A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR8 billion a final National Long-Term Rating of 'BBB(lka)'.

The final rating is the same as the expected rating assigned on 19 October 2023 and follows the receipt of documents conforming to information already received.

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The proposed debentures will mature in five and seven years and will be listed on the Colombo Stock Exchange. DFCC plans to use the proceeds to strengthen its Tier 2 capital base and support loan growth.

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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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