Fitch Assigns Asia Asset Finance's Proposed Senior Debt 'A+(EXP)(lka)' Rating

Srilanka, Oct. 24 -- Fitch Ratings has assigned Asia Asset Finance PLC's (AAF, A+(lka)/Stable) proposed Sri Lankan rupee-denominated senior unsecured debentures of up to LKR2 billion an expected National Long-Term Rating of 'A+(EXP)(lka)'.

The proposed debentures are likely to have a maturity of five years and are to be listed on the Colombo Stock Exchange. The company plans to use the proceeds to support its loan book expansion. The final rating is subject to the receipt of final documentation conforming to information already received.

Key Rating Drivers

The proposed senior unsecured debentures are rated at the same level as AAF's National Long-Term Rating in accordance with Fitch's criteria. This is because the issue will rank equally...