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

Fitch Ratings said it has assigned People's Leasing & Finance plc's (B+/AA-(lka)/stable) proposed senior unsecured debentures of up to LKR 3 billion an expected national long-term AA-(lka)(exp) rating.

The issue is expected to have tenors of three and four years with fixed-rate coupon payments, and the company expects to use the proceeds for working capital purposes.

The proposed debenture is rated in line with plc's national long-term rating of AA-(lka), given that the issue is expected to rank equally with the company's senior unsecured creditors, Fitch stated.

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