Fitch affirms People's Leasing

Fitch Ratings said it affirmed People's Leasing Co. Ltd.'s national long-term rating at A-(lka), along with the BBB+(lka) rating on its proposed unsecured subordinated debenture issue of up to LKR1 billion and the F1(lka) short-term issue rating on the short-term debenture of which LKR112.5 million is outstanding.

The outlook is stable.

The affirmations factor in the company's good access to local institutional funding, Fitch said, and the benefits derived from its parent, the state-owned People's Bank (rated A-(lka).

However its aggressive loan growth under the present challenging economic conditions is a concern, the agency said.

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