Fitch Withdraws Expected Rating On Hatton National Bank’s Senior Debentures

(The following statement was released by the rating agency) COLOMBO, December 09 (Fitch) Fitch Ratings has withdrawn the anticipated rating of ‘AA-(lka)(EXP)’ assigned to Hatton National Bank PLC’s proposed senior unsecured debentures as the bank no longer expects to proceed with the senior debt issue. The anticipated rating was assigned on 4 September 2015. HNB’s proposed issuance of up to LKR10bn will now comprise of subordinated debentures only. Fitch assigned the proposed subordinated debentures a rating of ‘A+(lka)(EXP)’ on four September 2015. The final rating is subject to the receipt of final documentation conforming to info already received. A complete list of HNB’s ratings follows: National Extended-Term Rating: ‘AA-(lka)’ Outlook Stable Sri Lanka rupee-denominated senior unsecured debentures: ‘AA-(lka)’ Basel II compliant outstanding subordinated debentures: ‘A+(lka)’ Proposed Basel II compliant subordinated debentures: ‘A+(lka)(EXP)’ Speak to: Primary Analyst Jeewanthi Malagala, CFA Analyst +941 1254 1900 Fitch Ratings Lanka Ltd 15-04, East Tower, World Trade Center Colombo 1, Sri Lanka Secondary Analyst Rukshana Thalgodapitiya, CFA Vice President +941 1254 1900 Committee Chairperson Sabine Bauer Senior Director +852 2263 9966 Date of Relevant Rating Committee: 7 July 2015 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: HNB has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No shareholder other than Fitch, Inc. is involved in the day-to-day rating operations of, or credit reviews undertaken by, Fitch Ratings Lanka Ltd. Note to editors: Fitch’s National ratings supply a relative measure of creditworthiness for rated entities in nations with fairly low international sovereign ratings and where there is demand for such ratings. The ideal risk within a country is rated ‘AAA’ and other credits are rated only relative to this threat. National ratings are created for use primarily by regional investors in nearby markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(lka)’ for National ratings in Sri Lanka. Particular letter grades are not therefore internationally comparable. Extra information is accessible on Applicable Criteria Evaluating Corporate Governance (pub. 07 Dec 2015) right here Global Bank Rating Criteria (pub. 20 Mar 2015) right here National Scale Ratings Criteria (pub. 30 Oct 2013) right here Further Disclosures Solicitation Status here Endorsement Policy right here ail=31 ALL FITCH CREDIT RATINGS ARE Topic TO Particular LIMITATIONS AND DISCLAIMERS. PLEASE Read THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS Hyperlink: right here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE Offered ON THE AGENCY’S PUBLIC Website ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE Obtainable FROM THIS Internet site AT ALL Times. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO Obtainable FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS Site. FITCH May HAVE Provided Yet another PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS Connected THIRD PARTIES. Details OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS Based IN AN EU-REGISTERED ENTITY CAN BE Discovered ON THE ENTITY SUMMARY Page FOR THIS ISSUER ON THE FITCH Website.