Fitch Revises Pan Asia Banking
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Fitch Revises Pan Asia Banking’s Outlook to Negative; Affirms at ‘BBB(lka)’

Fitch Ratings-Colombo/Hong Kong-22 May 2015: Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s (PABC) Outlook to Negative from Stable. The agency has affirmed PABC’s National Long-Term Rating at ‘BBB(lka)’ and the rating on PABC’s outstanding subordinated debentures at ‘BBB-(lka)’. The Negative Outlook reflects the continued deterioration in PABC’s capitalisation amid aggressive […]

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Fitch Rates NDB’s Subordinated Debentures ‘A+(lka)(EXP)’

Fitch Ratings-Colombo/Hong Kong-21 May 2015: Fitch Ratings Lanka has assigned National Development Bank PLC’s (NDB; AA-(lka)/Stable) proposed subordinated debentures of up to LKR10bn an expected National Long-Term Rating of ‘A+(lka)(EXP)’. At the same time Fitch has withdrawn the expected rating of ‘AA-(lka)(EXP)’ assigned to NDB’s proposed senior debentures. The proposed subordinated debentures, which will have a tenor of five […]

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Fitch Rates Central Finance’s Senior Debt Final ‘A+(lka)’

Fitch Ratings-Colombo/Taipei-15 May 2015: Fitch Ratings has assigned Central Finance Company Plc’s (CF; A+(lka)/Stable) issue of senior secured redeemable debentures of up to LKR3.0bn a final National Long-Term Rating of ‘A+(lka)’ The final rating is the same as the expected rating assigned on 8 April 2015, and follows the receipt of documents conforming to information […]

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Fitch Assigns Singer’s Notes ‘A-(lka)’ Final Rating

Fitch Ratings-Colombo/Sydney-13 May 2015: Fitch Ratings has assigned Singer (Sri Lanka) PLC’s (Singer; A(lka)/Stable) unsecured redeemable debenture issue of up to LKR3bn a final National Long-Term Rating of ‘A-(lka)’. The final rating is the same as the expected rating assigned on 20 April 2015, and follows the receipt of documents conforming to information already received. […]

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Fitch Places People
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Fitch Places People’s Merchant Finance on Negative Watch, Withdraws Rating

Fitch Ratings-Colombo/Hong Kong-12 May 2015: Fitch Ratings Lanka has placed Sri Lanka-based People’s Merchant Finance PLC’s (PMF) National Long-Term rating of ‘BB+(lka)’ on Rating Watch Negative and simultaneously withdrawn the rating. Fitch is withdrawing the rating as PMF has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information […]

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Fitch Rates Singer
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Fitch Rates Singer’s Proposed Debenture Issue ‘A-(lka)(EXP)’

Fitch Ratings-Colombo/Sydney-20 April 2015: Fitch Ratings has assigned Singer Sri Lanka PLC’s (Singer; A(lka)/Stable) proposed unsecured redeemable debenture issue of up to LKR3bn a National Long-Term Rating of ‘A-(lka)(EXP)’. The debentures are likely to have a three-year tenor and to be issued in two tranches with fixed and floating rates. The proceeds of the proposed […]

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Fitch Affirms Hemas
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Fitch Affirms Hemas’ Debt at ‘A+(lka)’; Revises Outlook to Positive

Fitch Ratings-Colombo/Sydney-08 April 2015: Fitch Ratings has affirmed the rating on Hemas Holdings PLC’s (Hemas) outstanding senior unsecured debentures at ‘A+(lka)’. It has also published the company’s National Long-Term Rating of ‘A+(lka)’ and revised the Outlook on the rating to Positive from Stable. The Outlook revision reflects Fitch’s expectations of an improved business risk profile […]

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Fitch Rates Central Finance
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Fitch Rates Central Finance’s Senior Debt Final ‘A+(lka)’

Fitch Ratings-Colombo/Taipei-08 April 2015: Fitch Ratings has assigned Central Finance Company PLC’s (CF; A+(lka)/Stable) proposed senior secured debentures of up to LKR3.0bn an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The proposed debentures will have tenors of between three and five years, and fixed-rate coupons. CF expects to use the proceeds to fund lending growth, reduce […]

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Fitch Publishes Amana Bank PLC
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Fitch Publishes Amana Bank PLC’s Rating of ‘BB(lka)’; Outlook Stable

Fitch Ratings-Colombo-02 April 2015: Fitch Ratings Lanka has published Sri Lanka-based Amana Bank PLC’s (Amana) National Long-Term Rating at ‘BB(lka)’ with a Stable Outlook. KEY RATING DRIVERS Amana’s rating reflects its small and developing domestic franchise, and limited track record. The bank started operations in 2011 as a Sharia-compliant bank and accounted for 0.5% of […]

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