Fitch Ratings has affirmed Richard Pieris Finance Limited’s (RPF) National Long-Term Rating of ‘BBB+(lka)’. The Outlook is Stable.
The affirmation reflects Fitch’s view that extraordinary support would be forthcoming from the parent, Richard Pieris & Company PLC (RICH, A(lka)/Stable), if needed. “Our expectation stems from the parent’s 98% effective control of RPF and their common brand name.” RPF is rated two notches below its parent because of its limited contribution to the group’s core businesses. Fitch sees limited synergies between RPF and the group, which is evident in the smaller share of lending within the group’s ecosystem.
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