Fitch rates Siyapatha debentures A-(lka)

Fitch Ratings said it assigned a final national long-term rating of A-(lka) to Siyapatha Finance Ltd.’s proposed subordinated redeemable debentures of up to 1 billion in Sri Lankan rupee.

The assignment of the rating follows the receipt of final documents that conform to information previously received. The final rating is at the same level as the expected rating assigned in October, Fitch said.

The proceeds will be used to strengthen its regulatory tier 2 capital and reduce maturity mismatches between assets and liabilities, Fitch said.

The rating on the debentures is one notch below the company’s national long-term rating to reflect their subordination to senior unsecured creditors, the agency said.

The ratings also consider support from its parent, Sampath Bank plc, Fitch said.

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