Fitch ups People's Leasing

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

The outlooks are stable.

The company's LKR 1.16 billion of senior unsecured redeemable debentures has also been upgraded to A+(lka) from A(lka), the agency said.

Fitch noted that the upgrade reflects the increased capacity of the systemically important state-owned parent People's Bank (AA(lka)/stable).

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