Fitch cuts Industrial Finance to BB-(lka)

Fitch Ratings said it downgraded the national long-term rating of Industrial Finance Ltd. to BB-(lka) from BB+(lka).

The outlook is negative.

The downgrade reflects the substantial operating losses recorded by the company, largely due to provisioning for bad and doubtful debts resulting from operational shortfalls, Fitch said.

The outlook reflects the company's need to meet the Central Bank of Sri Lanka's minimum capital requirements and the need for improvements in solvency by way of an equity infusion, the agency said.

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