Fitch rates People's Leasing debt AA-(lka)

Fitch Ratings said it assigned People's Leasing & Finance plc's proposed listed senior unsecured redeemable debentures of up to 6 billion in Sri Lanka rupee an expected national long-term AA-(lka)(EXP) rating.

The issue is expected to have a tenor of between four to five years, with fixed-rate coupon payments. People's Leasing expects to use the issue proceeds to fund its balance-sheet growth. The issue will help improve the company's liquidity position, and reduce its interest-rate risk.

Fitch said the proposed debenture is rated in line with People's Leasing's national long-term rating of AA-(lka), given that the issue is expected to rank pari passu with the company's senior unsecured creditors.

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