Fitch Ratings has affirmed and withdrawn Sri Lanka-based People’s Leasing and Finance PLC’s (PLC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of ‘B-‘. The Outlook is Negative. The affirmation of PLC’s IDRs reflects that there have been no material changes from our previous review on 10 June 2020. This rating action does not affect PLC’s National Long-Term Rating of ‘A+(lka)’/Stable and the National Long-Term Rating of PLC’s senior unsecured debentures at ‘A+(lka)’. Fitch has chosen to withdraw PLC’s IDRs for commercial reasons.
KEY RATING DRIVERS
There has been no material change in PLC’s credit profile since the previous rating action on 10 June 2020. For more information on the drivers of PLC’s ratings, please see “Fitch Affirms People’s Leasing at ‘A+(lka)’/Stable and IDRs at ‘B-‘/Negative” (www.fitchratings.com/site/pr/10125416), dated 10 June 2020, and “Fitch Revises Outlook on People’s Leasing to Negative on Sovereign Rating Action, Coronavirus Risks” (www.fitchratings.com/site/pr/10121873), dated 13 May 2020.RATING SENSITIVITIES
Rating sensitivities for the IDR are no longer relevant as the ratings have been withdrawn. BEST/WORST CASE RATING SCENARIO International scale credit ratings of financial institution issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from ‘AAA’ to ‘D’. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit www.fitchratings.com/site/re/10111579.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). For more information on Fitch’s ESG Relevance Scores, visit www.fitchratings.com/esg.The post Fitch Affirms and Withdraws People’s Leasing and Finance PLC’s IDRs appeared first on Adaderana Biz English | Sri Lanka Business News.