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

Fitch Ratings said it assigned a national long-term rating of AA-(lka) to People's Leasing & Finance plc's proposed senior debenture issue of up to 6 billion in Sri Lankan rupees.

The debentures, which will have tenors of four and five years and carry fixed coupons, will be listed on the Colombo Stock Exchange.

Proceeds will be used for working capital purposes and to retire some existing debentures.

The proposed debentures are rated in line with the company's national long-term rating as Fitch said it expects the issue to rank equally with claims of the company's other senior unsecured creditors.

The ratings reflect the ratings on the parent company, which is the state-owned and systemically important People's Bank (Sri Lanka), the agency added.

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