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Fitch rates LB Finance debentures BBB+(lka)
Fitch Ratings said it assigned a national long-term rating of BBB+(lka) to LB Finance plc’s outstanding Sri Lankan rupee-denominated subordinated debentures.
The debentures mature in 2016, 2017 and 2018 and have total value of 2.54 billion in Sri Lankan rupee.
The outstanding subordinated debentures are rated one notch below LB’s national long-term rating to reflect their subordination to senior unsecured creditors, Fitch said.
The ratings reflect the company’s established franchise among licensed finance companies, whose higher yielding exposures have supported sound profitability, the agency said.
The ratings also consider its relatively higher risk appetite compared to peers as indicated by its exposure to gold-backed loans, Fitch said.
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