Sri Lanka Commercial Bank debt gets ‘AA-(lka)’ rating

Nov 17, 2011 (LBO) - Fitch Ratings Lanka has assigned Commercial Bank's (CB) proposed subordinated debentures of up to a billion rupees a national long-term rating of 'AA-(lka)'. "The proposed debentures are rated one notch below CB's National Long-Term rating to reflect their debt-like features," a statement said.
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The debentures will have a maturity of five years with principal repayment as a bullet payment on maturity.

Coupon payments will be annual at fixed rates, and do not contain any deferral clauses.

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The debentures, aimed at strengthening CB's Tier 2 capital base, are to be listed on the Colombo Stock Exchange alongside CB's other listed and rated debentures.

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"CB's ratings reflect its solid domestic franchise, sound profitability and its strong capital position," Fitch said.

"A reversal of asset quality trends or deterioration in capitalisation may exert pressure on CB's ratings.

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CB is the largest private bank and third-largest licensed commercial bank in Sri Lanka, accounting for 10 percent of banking sector assets at end-2010.