Fitch rates Abans’ debentures BBB+ (lka)

Fitch Ratings said it assigned a BBB+ (lka) rating to Abans plc’s proposed five-year senior unsecured redeemable debenture offer of up to LKR 2 billion.

“The debentures are rated at the same level as Abans’ national long-term rating because its senior unsecured debt is not materially subordinated to prior-ranking debt. This is because we expect prior ranking debt to remain below 2.5x EBITDA (FY20 forecast: 1.7x) over the medium term,” said Fitch in a press release.

Proceeds will be used to refinance debt.

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