Fitch affirms Pan Asia

Fitch Ratings said it affirmed Pan Asia Banking Corp. plc's national long-term rating at BBB(lka) with a stable outlook.

Its proposed subordinated debentures of up to LKR 2 billion also were affirmed at BBB-(lka).

The ratings reflect continued improvements in its credit profile relative to local peers, particularly asset quality and capitalization, supported by structural changes within the bank from 2009 to 2010, Fitch said.

The ratings also consider the bank's small, but steadily growing franchise and market share supported by recent branch expansion, the agency said.

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