Fitch rates People Leasing debt F1(lka)

Fitch Ratings said it assigned a national short-term rating of F1(lka) to People's Leasing Co. Ltd.'s proposed 12-month debenture issue of up to LKR200 million.

The rating reflects the company's good access to borrowings from local banks and the availability of committed undrawn credit lines of about LKR651 million as June 10, Fitch said.

Fitch said it also derives comfort from the fact that People's Bank (rated A-(lka) with positive view) owns 100% of the company's equity.

The rating is constrained by its inability, as a non-bank financial institution, to access the Central Bank of Sri Lanka's discount window, the agency said.

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