Fitch affirms Peoples Leasing

Fitch Ratings said it affirmed Peoples Leasing Co. Ltd. Trust 32's remaining LKR 30.1 million lease-backed trust certificates at A-(lka).

The outlook remains stable. The loss severity rating remains at LS-3. The transaction is a securitization of vehicle leases, which were mortgaged to the trust.

The affirmation reflects the transaction's ultimate recourse to the originator of the trust, Peoples Leasing Co., strong performance of the transaction, high levels of excess collateral and relatively strong quality of the collateral, Fitch said.

The rating remains constrained by the possible delay in enforcing the mortgage in the event the originator is liquidated, the lack of a liquidity reserve to meet note holder payments in this event and the absence of a specified alternative servicer, the agency said.

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