Fitch puts Ideal Finance on ratings watch positive

Fitch Ratings said it placed Ideal Finance Ltd.’s national long-term rating of B+(lka) on rating watch positive on an announcement that Mahindra & Mahindra Financial Services Ltd. will progressively invest LKR2 billion (about $11 million) to acquire a 58.2% stake.

“The RWP reflects Fitch’s belief that Ideal’s rating could benefit from the change in shareholding and increased probability of support once MMFSL’s effective control of Ideal is established in light of MMFSL’s potentially stronger credit profile,” said Fitch in a news release.

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