Fitch assigns NDB’s Basel III Subordinated Debt ‘BBB(EXP)(lka)’

Fitch Ratings has assigned National DevelopmentBank PLC’s (NDB, A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III- compliant subordinated debentures of up to LKR 10 billion an expected National Long-Term Rating of ‘BBB(EXP)(lka)’. The proposed debentures will mature in five years and will be listed on the Colombo Stock Exchange.

The bank plans to use the proceeds to further strengthen its Tier 2 capital base as well as to support loan growth. The bank expects the proposed debentures to qualify as Basel Complaint regulatory Tier 2 capital.

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