Fitch gives Multi Finance debentures B(lka)

Fitch Ratings Lanka said it assigned Multi Finance Co. Ltd.'s up to LKR 100 million of unsecured subordinated redeemable debentures a national long-term B(lka) rating.

The proposed debentures will have a maturity of three years with principal repayment as a bullet payment on maturity, the agency said.

However, debenture holders have an early redemption option, which can be exercised at any time after two years, and will entitle them to principal and interest accrued up to the redemption date, the agency added.

Fitch stated that the debentures are rated a notch below the national long-term B+(lka), which has a stable outlook, reflecting their subordinated status in the capital structure.

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