ICRA Lanka upgrades Issuer Rating of Vallibel Finance to [SL]BBB+

ICRA Lanka Limited has upgraded the Issuer Rating of Vallibel Finance PLC (VFP or the Company) to [SL]BBB+ (pronounced SL triple B plus) with Stable outlook from [SL]BBB (pronounced SL triple B) with Stable outlook.

The rating upgrade considers the improvement in the Company’s capital profile with the Tier 1 and Total CAR at 12.98% and 14.09% in March-21 vis-à-vis 11.93% and 13.04% in March-20; same is above the regulatory limits of 6.50% and 10.50%. Also, the Company’s gearing improved to 5.52 times as of June-21, compared with 6.58 times in March-20, aided by its healthy internal generation.