Fitch gives Abans debentures BBB+(lka)

Fitch Ratings said it has assigned Abans plc’s proposed issue of up to LKR 2 billion of senior unsecured redeemable debentures an expected national long-term rating of BBB+(lka)(exp).

The proposed debentures are rated in line with the company’s national long-term rating of BBB+(lka), as they will rank equally with the company’s other senior unsecured creditors.

The debenture is expected to be issued in three tranches with maturities of three, four, and five years at fixed coupon rates, Fitch said.

The proceeds will be used to re-finance part of the company’s short-term borrowings and will help to reduce Abans’ exposure to refinancing and interest-rate risk.

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