Fitch affirms People’s Leasing and Finance PLC at A+ (lka), Outlook Stable | Daily News

Fitch affirms People’s Leasing and Finance PLC at A+ (lka), Outlook Stable

Sri Lanka’s leader in Non-Bank Finance & subsidiary of state sector banking giant People’s Bank, People’s Leasing & Finance PLC (PLC), was recently affirmed A+ (lka) with a ‘Stable Outlook’ by Fitch Ratings. PLC’s National Long-Term Rating is driven by its standalone profile.

The Company reflects its established franchise as one of Sri Lanka’s largest finance and leasing companies (FLC), with a market share of 12% of total FLC-sector assets at end March 2021. The impressive rating can be attributed to PLC’s performance in the past financial year notwithstanding the global pandemic. The Organization’s recovery & credit processes were aligned during this period to support growth within risk parameters.

Commenting about the latest rating, Shamindra Marceline, Chief Executive Officer/GM of PLC noted: “We are humbled by the progress achieved during the past financial year. Our funding and liquidity profile benefited from People’s Bank’s linkages ensuring stability of our deposit base. PLC complied with all regulatory moratoria imposed by the State and in addition granted rescheduling facilities going above & beyond to ensure customer welfare under unfavorable circumstances. What makes PLC further unique is that it grants moratoria at its own cost.”

He went on to add that PLC intends to collaborate with industry peers and the regulator to promote purposeful lending among NBFIs in view of supporting sustainable economic recovery post-pandemic: “The future of PLC will be driven by looking at things differently, leveraging on our digital capacity, venturing into growth areas, diversification & transforming our culture in driving stakeholder value.”

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