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Feb 06, 2014 (LBO) - Sri Lanka's MCSL Financial Services Ltd has been given a 'BBB' rating by RAM Ratings Lanka, and a subordinated debenture 'BBB-'. The ratings were supported by its ultimate parent, state-run Bank of Ceylon.

MCSL's gross NPL ratio worsened from 8.76 percent as at end-FY Dec 2011 to 10.41 percent by end 2012. It was almost the same at 10.14 percent as at end-September 2013 and were weaker than similar rated peers, RAM said.

The full statement is reproduced below:-

RAM Ratings Lanka assigns initial ratings of BBB/Stable/P3 to MCSL Financial Services Ltd

RAM Ratings Lanka has assigned initial long- and short-term financial institution ratings of BBB and P3 respectively to MCSL Financial Services Ltd (MCSL or the Company). Concurrently, we have assigned a long-term issue rating of BBB- to the Company’s proposed LKR 500 Unsecured Subordinated Redeemable debentures. The outlook on all long term ratings is stable.

The ratings are upheld by parental support derived from Bank of Ceylon (BOC). Meanwhile, the ratings are tempered by below average asset quality, performance and capitalisation levels.

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