Fitch rates Vallibel Finance B+(lka)

Fitch Ratings said it assigned a B+(lka) national long-term rating to Vallibel Finance Ltd.

The outlook is stable.

Dhammika Perera and related parties bought Rupee Finance Ltd. in September 2005 and subsequently re-branded the company Vallibel Finance. Perera also is a dominant shareholder of Pan Asia Banking Corp. plc, Sampath Bank and L.B. Finance Ltd.

Growth was modest in the first one-and-a-half year period subsequent to the acquisition as the company's focus was on the recovery of legacy NPLs, the agency said.

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