Fitch rates NDB’s Basel III Sub Debt ‘A-(lka)(EXP)’ | Daily News

Fitch rates NDB’s Basel III Sub Debt ‘A-(lka)(EXP)’

Fitch Ratings has assigned the proposed Basel III-compliant subordinated unsecured debentures of Sri Lanka’s National Development Bank PLC (NDB, A+(lka)/Stable) an expected National Long-Term Rating of ‘A-(lka)(EXP)’.

The proposed debentures will total up to LKR8 billion with maturities of five and seven years, and will be listed on the Colombo Stock Exchange. NDB plans to use the proceeds to strengthen its Tier 2 capital base and support loan-book expansion.

The proposed debentures include a non-viability clause whereby they will convert to ordinary voting shares if so determined by the Monetary Board of Sri Lanka. 

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