Fitch Ratings has assigned Nations Trust Bank PLC's (NTB, A(lka)/Stable) proposed Basel II compliant subordinated debentures of up to LKR5bn an expected National Long Term Rating of 'A(lka)(EXP)'. The proposed debentures will mature in five years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange. NTB plans to use the proceeds to support its Tier 2 capital base, diversify its funding mix and reduce structural maturity mismatches.
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The final rating is subject to the receipt of final documentation conforming to information already received.
KEY RATING DRIVERS
The proposed subordinated debentures are rated one notch below NTB's National Long Term Rating to reflect the subordination to senior unsecured creditors.
NTB's ratings reflect its expanding franchise, improved efficiency and its high and increasing exposure to products and customer segments that are more susceptible to economic cycles. The Outlook is Stable.
The rating on the proposed debentures will move in tandem with NTB's National Long Term Ratings.
NTB's rating may be upgraded if it demonstrates progress in building a strong commercial banking franchise with enhanced funding stability, improved capitalisation and asset quality levels that are in line with higher-rated banks.
An increase in risk appetite and rapid expansion in segments that are susceptible to economic cycles could result in rating downgrade.