Fitch Ratings Lanka has assigned People’s Leasing & Finance PLC’s (PLC, B/AA-(lka)/Stable) proposed senior debenture issue of up to Rs 6 billion a final National Long-Term Rating of ‘AA-(lka)’.
The final rating is the same as the expected rating assigned on 6 March 2018, and follows the receipt of documents conforming to information already received.
The debentures, which will have tenors of four and five years and carry fixed coupons, will be listed on the Colombo Stock Exchange. PLC expects to use the proceeds for working capital purposes and to retire some existing debentures. The final rating is subject to the receipt of final documentation conforming to information already received.
The proposed debentures are rated in line with PLC’s National Long-Term Rating as the issue ranks equally with claims from the company’s other senior unsecured creditors.
PLC’s Issuer Default Rating and National Long-Term Rating reflect Fitch’s view that PLC’s parent, the state-owned and systemically important People’s Bank (Sri Lanka) (AA+(lka)/Stable) would provide PLC with extraordinary support, if required.
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