Fitch Ratings has assigned DFCC Bank PLC’s (A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR8 billion a final National Long-Term Rating of BBB(lka)’.
The final rating is the same as the expected rating assigned on October 19, 2023 and follows the receipt of documents conforming to information already received.
The proposed debentures will mature in five and seven years and will be listed on the Colombo Stock Exchange. DFCC plans to use the proceeds to strengthen its Tier 2 capital base and support loan growth. The bank expects the proposed debentures to qualify as Basel III-compliant regulatory Tier 2 capital. The debentures include a non-viability clause whereby they convert to ordinary voting shares upon the occurrence.
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