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Home Business & Finance Economic Policies

Sri Lanka seeks marketing consultant for Mannar Basin gas exploration todayheadline

May 8, 2025
in Economic Policies
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ECONOMYNEXT – Fitch Ratings has given Seylan Bank’s proposed Sri Lankan rupee-denominated, Basel III-compliant subordinated debentures — valued at up to 15 billion rupees — an expected National Long-Term Rating of ‘A-(EXP)(lka)’.

“Fitch rates the proposed Basel III Tier 2 notes two notches below the bank’s National Long-Term Rating to reflect Fitch’s baseline notching for loss severity for this type of debt and expectation of poor recoveries,” he rating agency said.

The proposed debentures with maturities of 5, 7 and 10 years, will be listed on the Colombo Stock Exchange.

The statement is reproduced below:

Fitch Rates Seylan Bank’s Basel III Subordinated Debt ‘A-(EXP)(lka)’

Fitch Ratings – Colombo – 07 May 2025: Fitch Ratings has assigned Seylan Bank PLC’s (A+(lka)/Stable) proposed Sri Lankan rupee-denominated, Basel III-compliant subordinated debentures of up to LKR15 billion an expected National Long-Term Rating of ‘A-(EXP)(lka)’.

The proposed debentures, which will have maturities of five, seven and 10 years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 capital, support the expansion of its loan book and reduce maturity mismatches in the balance sheet.

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 subject to the occurrence of a trigger event, as determined by the Governing Board of Sri Lanka.

The final rating is subject to the receipt of final documentation conforming to information already received.

Key Rating Drivers

Fitch rates the proposed Basel III Tier 2 notes two notches below the bank’s National Long-Term Rating to reflect Fitch’s baseline notching for loss severity for this type of debt and expectation of poor recoveries. There is no additional notching for non-performance risk, as the proposed notes do not incorporate going-concern loss-absorption features.

Seylan’s National Long-Term Rating is used as the anchor rating for the instrument, because the rating reflects the bank’s standalone financial strength and best indicates the risk of the bank becoming non-viable.

Fitch upgraded Seylan’s National Long-Term Rating on 21 January 2025; see Fitch Upgrades 10 Sri Lankan Banks’ National Ratings and Affirms Five after Scale Recalibration.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

A downgrade of the bank’s National Long-Term Rating will lead to a downgrade of the expected subordinated debt rating.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

An upgrade of the bank’s National Long-Term Rating will lead to an upgrade of the expected subordinated debt rating. (Colombo/May8/2025)


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