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Fitch: Senkadagala Finance notes BBB+(lka)
Fitch Ratings said it assigned an expected national long-term rating of BBB+(lka) to Senkadagala Finance plc’s proposed issue of senior unsecured redeemable debentures of up to 2 billion in Sri Lankan rupee.
The debentures will have tenors of two to four years and carry fixed and floating coupons, Fitch said.
The proceeds will be used to fund loan growth, diversify its funding mix and reduce structural maturity mismatches, the agency said.
The proposed debentures are rated at the same level as the company’s national long-term rating as they will constitute direct, unconditional, unsecured and unsubordinated obligations, Fitch said.
The ratings reflect the satisfactory credit profile that it has maintained through economic cycles, relatively strong franchise among finance companies in Sri Lanka and access to longer-term institutional funding, the agency said.
These are counterbalanced by the company’s deposit franchise and capitalization, which are weaker compared with higher-rated peers, Fitch said.
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