Fitch rates Siyapatha debentures A

Fitch Ratings said it assigned Siyapatha Finance plc’s proposed Sri Lankan rupee-denominated senior unsecured listed debentures an expected national long-term rating of A(lka).

The notes, which will total up to LKR 2 billion, will mature in three years and carry fixed coupons.

The company plans to use the proceeds to support its loan expansion and to manage its liquidity position in the ordinary course of business.

The senior unsecured debentures are rated at the same level as Siyapatha’s national long-term rating following Fitch’s criteria because the issue ranks equally with the claims of the company’s other senior unsecured creditors, the agency said.

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