ICRA Lanka Limited has reaffirmed the Issuer rating of Orient Finance PLC (OFP or the Company) at [SL] BB (pronounced SL double B). The outlook on the rating was revised to stable from negative.
The revision in the outlook factors in the improvement in OFP’s asset quality and profitability indicators in FY2021. OFP’s gross NPA ratio reduced to 10.18% in March 2021 vis-à-vis 18.78% in March 2020, mainly due to a NPA write-off of Rs. 1,422 million.
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