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Fitch rates Sampath Bank notes A(lka)
Fitch Ratings said it assigned an expected national long-term rating of A(lka) to Sampath Bank plc’s proposed Basel II-compliant subordinated debentures.
The issuance is to total 6 billion in Sri Lankan rupee with the debentures to mature in five years and carry fixed- and floating-coupons.
The proceeds will be used to support the bank’s tier 2 capital base, Fitch said.
The proposed subordinated debentures are rated one notch below Sampath Bank’s national long-term rating, reflecting the subordination to senior unsecured creditors, the agency said.
The bank’s ratings reflect its lower capitalization relative to that of its peers and relatively higher risk appetite, which offset benefits from the growth of its franchise, Fitch said.
The outlook is stable.
The rating on the proposed debentures will move in tandem with Sampath Bank’s national long-term ratings, the agency added.
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