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 6 billion in Sri Lankan rupees.

The assignment of the final rating follows the receipt of documents conforming to information already received, Fitch said, and the final rating is the same as the expected rating assigned in July.

The issue will have tenors of four- and five-years with fixed-rate coupon payments, the agency said.

The proceeds will be used for working capital purposes, diversifying its funding mix and reducing maturity mismatches, Fitch said.

The proposed debenture is rated in line with the company’s national long-term rating of AA-(lka), given that the issue is expected to rank equally with the claims of company’s other senior unsecured creditors, the agency said.

The rating on the debentures will move in tandem with the company’s national long-term ratings, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.