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Sri Lanka Union Bank’s Rs3bn debt issue gets preliminary ‘BB’ rating from Fitch
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Sri Lanka Union Bank’s Rs3bn debt issue gets preliminary ‘BB’ rating from Fitch
ECONOMYNEXT – Fitch Ratings has assigned Union Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant debentures of up to 3 billion rupees an expected National Long-Term Rating of ‘BB(EXP)(lka)’. “Fitch rates the proposed Basel III Tier 2 notes two notches below the bank’s National Long-Term Rating to reflect Fitch’s baseline notching for loss severity for this type of debt and expectation of poor recoveries,” the ratings agency said. T…
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