Fitch rates Seylan Bank debentures BBB+(lka)

Fitch Ratings said it assigned a BBB+(lka) national rating to the LKR1.5 billion 2006/2011 unsecured subordinated redeemable debentures to be issued by Sri Lanka-based Seylan Bank Ltd. and affirmed the bank's A-(lka) national long-term rating. The outlook is stable.

The agency said the ratings reflect Seylan's strong market position and customer franchise, systemic importance as the third-largest private sector bank in the country and its fairly diverse revenue streams.

However, the ratings also factor in the bank's weak capital and solvency position, Fitch added, as Seylan's capitalization levels have gradually weakened over the last three years.

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