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 proposed senior unsecured debentures of up to 3 billion in Sri Lankan rupee.

The assignment of the final rating follows the receipt of final documents conforming to information previously received, Fitch said.

The debentures are likely to have tenors of three- and four-years with fixed-rate coupon payments.

The proceeds will be used for working capital purposes.

The proposed debenture is rated at the same level as People’s Leasing’s national long-term rating of AA-(lka) as they constitute unsecured and unsubordinated obligations of the company, the agency said.

The ratings reflect a view that People’s Leasing’s parent, the state-owned and systemically important People’s Bank has a high propensity, but limited ability to provide extraordinary support to People’s Leasing if required, Fitch said.

People’s Leasing also has a long-term foreign-currency issuer default rating of B+, long-term local-currency issuer default rating of B+, national long-term rating of AA-(lka), senior unsecured debentures of AA-(lka) and national short-term commercial-paper rating of F1+(lka).

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