Fitch: Hatton National Bank debentures AA-(lka)

Fitch Ratings said it assigned a final national long-term rating of AA-(lka) to Hatton National Bank plc’s proposed senior debentures of up to 4 billion in Sri Lankan rupee.

The debentures, which have tenors of three-, five- and 10-years and carry fixed coupons, are to be listed on the Colombo Stock Exchange, Fitch said.

The bank is expected to use the proceeds to reduce asset and liability maturity mismatches, the agency said.

The debentures are rated at the same level as the bank’s national long-term rating as they constitute unsecured and unsubordinated obligations of the bank, Fitch said.

The ratings reflect the bank’s long operating history, strong franchise, satisfactory capitalization and relatively higher risk appetite, the agency said.

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