Fitch rates SLT’s debenture ‘AAA(lka) (EXP)’

Fitch Ratings has assigned Sri Lanka Telecom PLC’s (SLT, AAA(lka)/Stable) proposed senior unsecured debenture issue of up to Rs 7 billion an expected National Long-Term Rating of ‘AAA(lka)(EXP)’.

The debentures will have a tenor of 10 years and carry fixed coupons.The debentures will be listed on the Colombo Stock Exchange, with the proceeds to be used to refinance its short-term debt and fund SLT’s capex plans.

SLT’s senior unsecured debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.

The final rating is subject to the receipt of final documents conforming to information already received.