September 02, 2014 (LBO) – Fitch Ratings has assigned Sri Lanka-based National Savings Bank’s (NSB; BB-/Stable) proposed issue of US dollar-denominated notes an expected rating of ‘BB-(EXP)’, the rating agency said in a media release. RATING SENSITIVITIES>b/>
Any change in Sri Lanka’s rating or to the perception of state support to NSB could result in a change in NSB’s IDRs and hence the rating of the notes.
NSB’s ratings are:
Long-Term Foreign Currency IDR: ‘BB-‘; Outlook Stable
Long-Term Local Currency IDR: ‘BB-‘; Outlook Stable
Short-Term Foreign Currency IDR: ‘B’
Support Rating: ‘3’
Support Rating Floor: ‘BB-‘
US dollar senior unsecured notes: ‘BB-‘
National Long-Term Rating: ‘AAA(lka)’; Outlook Stable FITCH MEDIA RELEASE
The final rating is contingent upon receipt of final documents conforming to information already received.
The proceeds are to be used for general corporate purposes.
KEY RATING DRIVERS
The notes are rated at the same level as NSB’s Long-Term Foreign Currency Issuer Default Rating (IDR) of ‘BB-‘ as they rank equally with the bank’s other senior unsecured obligations.
NSB’s IDRs are based on the government of Sri