Apr 18, 2011 (LBO) – RAM Ratings Lanka has confirmed Bartleet Finance’s BBB- long-term rating and raised its outlook to stable from negative, a statement said. The rating agency also confirmed the short-term financial institution rating of Bartleet Finance (BFL) at P3.
The revision of the outlook was prompted by the improvement in the profile of the company’s loan portfolio, which is expected to result in a sustainable improvement in asset quality.
The reduction in the company’s non-performing loans (NPLs) was aided by its parent Bartleet Transcapital (BTC), which is the holding company of Bartleet Group’s financial services arm.
“BFL’s ratings remain supported by the sturdy franchise of the Bartleet Group,” RAM Ratings said.
“The ratings also reflect the company’s moderate funding, liquidity and capitalisation levels.
“On the other hand, these positives are offset by BFL’s size and branch network, which is smaller than those of its similarly rated peers.”
BFL was incorporated in 1983 and is 87 percent owned by BTC, a group of companies offering a wide range of financial services, coming under the umbrella of the