Fitch withdraws expected A(lka)(EXP) rating on Seylan Bank’s proposed senior debt

Fitch Ratings has withdrawn Seylan Bank PLC’s ‘A(lka)(EXP)’ expected rating, assigned on 21 August 2020, for its proposed senior debenture issuance.

Fitch is withdrawing Seylan’s senior debt expected rating as it is no longer expected to convert to a final rating. We do not expect Seylan’s forthcoming senior debt issuance to proceed as previously envisaged.

Seylan’s other ratings, including the expected rating of ‘BBB+(lka)(EXP)’on its Basel III-compliant subordinated unsecured debentures, are not affected by this withdrawal, although the total value of the proposed issuance has been downsized to LKR6 billion, from LKR 10 billion.

KEY RATING DRIVERS

Key rating drivers do not apply as the rating has been withdrawn.

RATING SENSITIVITIES

Rating sensitivities do not apply as the rating has been withdrawn.

DATE OF RELEVANT COMMITTEE

04 August 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.