ICRA Lanka re-affirms ratings of Janashakthi | Daily News

ICRA Lanka re-affirms ratings of Janashakthi

ICRA Lanka Limited has reaffirmed the issuer rating of [SL]BBB- (pronounced SL triple B minus) with Negative outlook for Janashakthi PLC (JPLC or the company). ICRA Lanka has withdrawn the issue rating of [SL]BBB- (pronounced SL triple B minus) with Negative outlook assigned for the LKR 1,000 Mn senior unsecured redeemable debenture programme of the Company, as the said debentures are fully redeemed.

The rating factors in JPLC’s status as the parent entity of First Capital Holdings (FCH, rated [SL]A/Stable) and Janashakthi Insurance PLC (JIP); the healthy performance of these entities is expected to enable them to provide support to JPLC going forward, mainly in the form of dividend income.