Fitch ups People's Leasing

Fitch Ratings said it upgraded People's Leasing Co. Ltd.'s national long-term rating and senior redeemable debentures to A(lka) from A-(lka).

The outlook remains stable.

The upgrade follows the recent upgrade of the national long-term rating of its parent, People's Bank, to AA-(lka) from A(lka), Fitch said, and the perceived strategic importance of People's Leasing to People's Bank.

The upgrade is driven by a view of the bank's increased importance to the Government of Sri Lanka, which could lead to more likely support from Sri Lanka than in the past, Fitch said.

The agency also said the upgrade considers the improvement in the bank's stand-alone financial profile, which addresses the bank's own capacity to extend financial support to its strategically important subsidiaries.

© 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.