Fitch gives Senkadagala debentures BBB+(lka)

Fitch Ratings said it has assigned Senkadagala Finance plc's (BBB+(lka)/stable) issue of senior unsecured redeemable listed debentures of up to LKR 1 billion a final national long-term rating of BBB+(lka).

The debentures are rated at the same level as Senkadagala's national long-term rating as they constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, the agency stated.

The debentures are to be issued in two tranches with a maturity of three and four years, with fixed- and floating-rate coupon payments, Fitch said, adding that proceeds will be used to fund balance sheet growth and to help reduce maturity mismatches between its assets and liabilities.

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