Fitch rates Seylan Merchant Leasing BB+

Fitch Ratings said it assigned a national long-term rating of BB+(lka) to Seylan Merchant Leasing Ltd.

The outlook is stable.

The principal factor determining the rating is the implied support available from ultimate parent, Seylan Bank Ltd., which is rated A-(lka), the agency said.

The company's asset base grew by 37% in 2006, while after-tax profits grew by 22%. Profitability was constrained by increased funding costs and high operating expenses, Fitch said.

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