Sri Lanka, May 7 -- Fitch Ratings has published the expected National Long-Term Rating of 'BBB+(EXP)(lka)' on Merchant Bank of Sri Lanka & Finance PLC's (MBSL, A(lka)/Stable) proposed subordinated debentures of up to Rs.1 billion.
The proposed Sri Lanka rupee-denominated debentures will mature in five years and will be listed on the Colombo Stock Exchange. The company plans to use the proceeds to strengthen its Tier 2 capital base and support loan-book expansion.
The final rating is subject to the receipt of final documentation conforming to information already received.
MBSL's Sri Lankan rupee-denominated subordinated debentures are rated two notches below its National Long-Term Rating. Fitch applied the Bank Rating Criteria in rating t...