People’s Leasing to Raise Rs 10 B via Debentures - Fitch Rates ‘A+(lka)
Fitch Ratings has assigned Sri Lanka-based People’s Leasing & Finance PLC’s (PLC, A+(lka)/Stable) proposed senior unsecured debentures a final National Long-Term Rating of ‘A+(lka)’. The size of the issuance has been increased to as much as Rs10 billion from Rs eight billion. The debentures, which will have tenors of three and five years will be listed on the Colombo Stock Exchange.
PLC expects to use the proceeds to expand its lending portfolio. The final rating is the same as the expected rating assigned on18 June 2021and follows the receipt of documents conforming to information already received. The proposed debentures are rated in line with PLC’s National Long-Term Rating as Fitch expects the issue to rank equally with claims of the company’s other senior unsecured creditors. Fitch affirmed PLC’s National Long-Term Rating on 11 September 2020.