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12 March 2016

Fitch Rates Siyapatha Finance’s Proposed Senior Unsecured Debt

Fitch Ratings has assigned Siyapatha Finance PLC’s (Siyapatha; A-(lka)/Stable) proposed senior unsecured redeemable debentures of up to LKR2.5bn a National Long-Term expected rating of ‘A-(lka)(EXP)’.
A full list of existing ratings is at the end of this rating action commentary.
The issue will have two tranches with bullet principal repayments in the third and fifth years, and a fixed rate coupon paid annually. The debentures will be listed on the Colombo Stock Exchange. Siyapatha expects to use the proceeds to fund lending growth, lengthen maturities of its liabilities, and reduce structural maturity mismatches.
The agency will assign a final rating to the issue subject to the receipt of final transaction documents conforming to information already received.
KEY RATING DRIVERS
SENIOR DEBT
The issue has been rated at the same level as Siyapatha’s National Long-Term rating. The issue ranks equally with the claims of the company’s other senior unsecured creditors. Siyapatha’s ratings reflect Fitch’s view that support would be forthcoming from its parent, Sampath Bank PLC (SB; A+(lka)/Stable), which owns 100% of Siyapatha and is involved in the strategic direction of Siyapatha through board representation. Siyapatha is rated two notches below its parent because of its limited role in the group’s core business.
SB’s group leasing book accounted for just 7% of total group advances at end-2015, of which Siyapatha provided 33%. Since its conversion to a licensed finance company, Siyapatha stopped sharing a common brand with its parent while branches situated within SB’s premises have also decreased.

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