ICRA Nepal reaffirms LA rating to NIC ASIA Bank’s “Bond 2077”
Wed, Dec 17, 2014 12:00 AM on Others,
ShareSansar, December17:
ICRA Nepal (International Credit Rating Agency Moody’s Nepal Associate) has reaffirmed the rating of LA- assigned to “7.25% NIC ASIA Bond 2077” after their annual surveillance exercise.
Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk. The Bank had issued the 500 million rupees bond in fiscal year 2013/14 with a coupon rate of 7.25% per annum. The bond will get matured in 7 years from the date of issuance.
NIC ASIA has announced a dividend of 30% (15% cash and 15% stock) for FY 2013/14 to be confirmed at its 17thAGM being held on 11th January 2015. The Bank made a net profit of 831 million rupees last year, an increase of 30% over FY 2012/13.
