Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.
SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn
rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are more likely to impair this capacity, Fitch said in a statement on Monday.rn
rnThe rating action reflects Senkadagalas good asset quality, strong profitability and the relatively high capital adequacy. rn
rnldblquote However, the rating is constrained due to the relative size of Senkadagala when compared with banks and other financial institutions, dblquote warned Fitch. rn
rnSenkadagala experienced a 103 percent portfolio growth during the financial year 2003 followed by a 43 percent growth during the first half of current financial year. rn
rnSenkadagala continued to maintain relatively high operational efficiency due to its past i