RPT-Fitch Assigns National Savings Bank's Senior Notes Final 'BB-'

Tue Dec 10, 2013 2:24am EST

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Dec 10 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Sri Lanka-based National Savings Bank's (NSB) USD-denominated notes due 2018 a final rating of 'BB-'. This follows the receipt of the final documents conforming to information previously received.

The final rating is at the same level as the expected rating assigned on 23 August 2013. The notes have a maturity of five years and coupon payments will be at 8.875% on a semi-annual basis.

Key Rating Drivers

The notes are rated at the same level as NSB's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB-' as they constitute unsecured and unsubordinated obligations of the bank.

Rating Sensitivities

Any change in Sri Lanka's rating or to the perception of state support to NSB could result in a change in NSB's IDRs and hence the rating of the notes.

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