Fitch rates People's Leasing notes A-(lka)

Fitch Ratings said it assigned an A-(lka) national long-term rating to People's Leasing Co. Ltd.'s proposed senior unsecured redeemable debentures of up to LKR630 million. The agency also said it affirmed its national long-term rating at A-(lka).

The outlook is stable.

The debt issue will be privately placed. The proceeds will be utilized to fund the growth of its lease, hire purchase and sundry loan portfolio, Fitch said.

The agency said that interest payments borne by the company on the debt issue is fixed throughout its tenure, which limits the company's exposure to rising interest rates up to the issued amount.

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