Senkadagala Finance's Senior Debt rated 'BBB+(lka)(EXP)'
Fitch Ratings has assigned Senkadagala Finance PLC's proposed issue
of senior unsecured redeemable debentures of up to Rs. 2 billion an
expected National Long-Term rating of 'BBB+(lka)(EXP)'.
The debentures will have tenors of two to four years and carry fixed
and floating coupons. The debentures are to be listed on the Colombo
Stock Exchange and the company will use the proceeds to fund loan
growth, diversify its funding mix and reduce structural maturity
The proposed debentures are rated at the same level as SFC's National
Long-Term Rating as they will constitute direct, unconditional,
unsecured and unsubordinated obligations of SFC.SFC's rating reflects
the satisfactory credit profile that it has maintained through economic
cycles, its relatively strong franchise amongst finance companies in Sri
Lanka and access to longer term institutional funding. These are
counterbalanced by its deposit franchise and capitalisation, which are
weaker compared with higher rated peers.