Fitch rates People's Leasing notes A-(lka)

Fitch Ratings said it assigned a national long-term rating of A-(lka) to People's Leasing Co. Ltd.'s proposed senior unsecured redeemable debentures of up to LKR 500 million. PLC's national long-term rating is A-(lka).

The outlook is stable.

The proceeds will be used to fund the growth of PLC's lease, hire purchase and loan portfolio, Fitch said.

The issue features semi-annual coupon interest payments, a four-year tenure and capital redemption at maturity, the agency said.

The coupon interest payments on the debt issue are limited by way of an interest-rate cap and floor, which limits the company's exposure to potential interest rate volatility, up to the issued amount, Fitch added.

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