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

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

The debentures are rated in line with the company's national long-term rating of AA-(lka), given that the debenture holders rank equally with the company's senior unsecured creditors, Fitch said.

The ratings also reflect the capacity and willingness of its state-owned parent People's Bank to extend extraordinary support to People's Leasing in times of distress, the agency said. This is, in turn, driven by People's Leasing's strong association with People's Bank's brand and its strategic importance to the bank, the agency said.

Fitch also said it believes there is a high likelihood for government support to flow through to People's Leasing via People's Bank, Fitch said.

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