The ratings are upheld by the financial flexibility and operational synergies derived from its shareholders.
But, RAM Ratings Lanka said, the ratings are constrained by BLI’s small size and short operating history.
Established only in 2007, BLI is a registered finance company (RFC) and falls under the regulatory purview of the Central Bank of Sri Lanka (CBSL). The company is part of the Daya Group, a large diversified conglomerate.
Sevanagala Sugar Industries (SSI), a wholly owned subsidiary of the Daya Group, is BLI’s largest shareholder with a 34.60 percent stake in the company.
The remainder of the shares are held by other subsidiaries of the Daya Group as well as the founder, Daya Gamage, and his family members.
BLI operates as the financing arm of the group by catering to the financial needs of the rural m