Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (COMB; A(lka)/Stable) proposed Sri Lankan rupee-denominated senior unsecured listed green bonds of up to LKR5 billion a final National Long-Term Rating of ‘A(lka)’.
The final rating is the same as the expected rating assigned on 25 September 2024 and follows the receipt of documents conforming to information already received. COMB’s debut green bond is rated at the same level as the bank’s National Long-Term Rating as it constitutes a direct, unconditional, unsubordinated and unsecured obligation of the bank, and will rank pari passu with all of its present and future unsecured and unsubordinated obligations.
The notes will mature in five years and the proceeds from the bond issuance will be used to expand the green lending portfolio and refinance eligible green projects.