"PABC's ratings reflect continued improvements in its credit profile from 2010 relative to local peers, particularly asset quality and capitalisation, supported by structural changes within the bank over 2009-2010," Fitch said.
"The ratings also reflect the bank's small but steadily growing franchise and market share, supported by its recent branch expansion.
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The rating agency said the bank's credit metrics have moved closer to that of higher-rated peers.
"Its ratings could be upgraded if it maintains capitalisation and liquidity amid its rapid asset growth as was experienced from 2010 to H111, while also sustaining improvements in asset quality.
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The proposed debentures have a maturity of five years with a principal bullet repayment at maturity and do not contain any deferral clauses.
Terms of interest payment have