Fitch ups People's Leasing

Fitch Ratings said it upgraded People's Leasing Finance plc's national long-term rating to BBB(lka) from BBB-(lka).

The outlook is stable.

The upgrade reflects a view that support from its parent, People's Leasing Co. Ltd., is more likely to be available than in the past, Fitch said, adding that it affirmed People's Leasing Co.'s national long-term rating at A(lka), along with the A(lka) rating on its outstanding 630 million of Sri Lanka rupee senior unsecured redeemable debentures.

The ratings reflect the potential for support from its parent, the state-owned People's Bank, given People's Leasing's strategic importance to People's Bank, Fitch said.

Unlike People's Leasing, People's Leasing Finance is licensed to mobilize public deposits and helps to diversify the group's funding base and reduce cost of funds, Fitch said.

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