Fitch rates People's Leasing debt BBB+(lka)

Fitch Ratings said it assigned a BBB+(lka) national long-term rating to People's Leasing Co. Ltd.'s proposed subordinated, unsecured, redeemable (five-year), listed debenture issue of up to LKR1 billion. The agency also affirmed its national long-term rating of A-(lka).

The outlook is stable.

The rating takes into account that the proposed debenture will rank as subordinated to its existing senior debt, Fitch said. It also reflects the company's good financial profile, strong brand franchise and operational and funding support, the agency said.

The rating is constrained by the market risk and limited funding diversity inherent in the specialized leasing company sector, Fitch said.

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