Fitch rates People's Leasing paper F1+(lka)

Fitch Ratings said it assigned People's Leasing Co. plc's (AA-(lka)/stable) proposed commercial paper issue of up to LKR 500 million a national short-term F1+(lka) rating.

The proposed notes will have a tenor of one year, and will be used to finance the company's working capital requirements.

The rating reflects the potential extraordinary support from the government (BB-/stable) through the company's state-owned parent, People's Bank (AA+(lka)/stable), according to the agency.

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