Fixed Interest

Mar 31, 2010 (LBO) - Fitch Ratings Lanka said it has assigned an 'A-(lka)' National Long-term rating to People's Leasing Company Limited's (PLC) proposed senior unsecured redeemable debentures of up to 630 million rupees.

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The rating agency said in a statement it has confirmed PLC's national long-term rating at 'A-(lka)' with a stable outlook.

The debt issue will be privately placed and proceeds used to fund the growth of PLC's lease, hire purchase, and loan portfolio.

The issue features semi-annual interest payments and capital redemption is at maturity in four years.

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"Interest payments borne by PLC on the debt issue is fixed throughout its tenure - for the most part by way of an interest rate cap - which limits the company's exposure to rising interest rates up to the issued amount," Fitch said.

PLC is one of Sri Lanka's largest specialised leasing companies, with assets amounting to over 30 billion rupees as at 31 December 2009.
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The company is wholly-owned by state-owned People's Bank which has a 'A(lka)' rating and is the country's second-largest state bank in terms of assets.