Rating Action

Oct 30, 2012 (LBO) - Commercial Leasing and Finance Company Limited, a unit of Sri Lanka's LOLC group has been rated (SL)A- with a stable outlook by ICRA Lanka, a rating agency. ICRA has also rated Lanka Orix Finance Plc, another unit (SL) A- in August. The parent holding company was also rated (SL) A - in July.

ICRA Lanka is an affiliate of Moody's Investors Services.

The full statement is reproduced below:

ICRA Lanka assigns [SL]A- with stable outlook to Commercial Leasing and Finance Company Limited

ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd., an associate of Moody’s Investors Service, has assigned an Issuer rating of ˜[SL] A-’ (pronounced SL A minus)1 with stable outlook to Commercial Leasing and Finance Limited (CLC or the Company).

The rating indicates adequate-credit-quality and the rated entity carries average credit risk. The rating in Sri Lanka is assigned on an eight-point scale developed specifically for the country, and ranges from ˜[SL] AAA’ to ˜[SL] D’. This rating scale ranks the relative default risk associated with issuers in Sri Lanka.

The rating factors the operational and financial li

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