Senkadagala Finance retains BBB+(lka) rating from Fitch

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

August 30, 2006 (LBO) – Sri Lanka’s Senkadagala Finance Company Ltd retained its ‘BBB+(lka)’ rating from Fitch Ratings Lanka, the agency said Wednesday. The rating carries a ‘stable’ outlook and Fitch said they have also retained the same rating for Senkadagala’s four-year debenture ending in 2009.

The rating reflects the family owned company’s good asset quality supported by their own IT system and operating procedures, high profitability and comfortable level of capitalisation.

The rating also takes into consideration the relative assets size and limited revenue diversity of Senkadagala in comparison to other financial institutions. Senkadagala experienced strong loan growth of 88 percent during FY06 driven by branch expansion undertaken over the past few years.

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