ICRA Lanka Limited, has upgraded the issuer rating of First Capital Holdings PLC (FCH or the Company) to [SL]A (pronounced S L A) with Stable outlook from [SL]A-(pronounced SL A minus) with Stable outlook.
ICRA Lanka has also upgraded the issue rating for the LKR 1,500 million commercial paper programme to [SL]A1(pronounced SL A one) from [SL]A2+ (pronounced SL A two plus). ICRA Lanka has taken a consolidated view of the First Capital group (comprising of First Capital Holdings PLC and its subsidiaries), which is involved in a range of financial services such as primary dealership, equity trading, corporate advisory, debt structuring and asset management. There is a strong interlinked between the entities through sharing of a common brand, management team, systems and group treasury functions.
The ratings upgrade factors in FCH’s status as the holding company of First Capital Treasuries PLC (FCT), the leading standalone primary dealer(PD)currently in Sri Lanka (Issuer rating of [SL]A with Stable outlook).
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