Fitch rates People's Leasing B+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of B+ to People's Leasing Co. plc.

The outlook is stable.

The company also has a national long-term rating of AA-(lka), along with an AA-(lka) rating on its 1.155 billion in Sri Lankan rupee outstanding senior unsecured redeemable debentures and an F1+(lka) rating on its 1.5 billion in Sri Lankan rupee outstanding rated commercial paper.

The ratings reflect the capacity and willingness of its state-owned and systemically important parent - People's Bank - to extend extraordinary support to the group in an extreme situation, Fitch said.

This in turn is driven by the company's strong association with the brand and its strategic importance to People's Bank, the agency said.

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