Fitch Assigns Asia Asset Finance a First-Time Rating of ‘A+(lka)’; Outlook Stable

Fitch Ratings has assigned Sri Lanka-based Asia Asset Finance PLC a first-time National Long-Term Rating of 'A+(lka)' with a Stable outlook.

Asia Asset Finance is a 72.9%-owned subsidiary of India-based Muthoot Finance Ltd (MFL, BB/Stable). Its core business is in gold-backed lending, similar to its parent. Asia Asset Finance has a small market share of 1.6% of total finance and leasing company (FLC) industry assets.