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.
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.
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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