Fitch rates Alliance Finance BB+(lka)

Fitch Ratings Lanka said it assigned Alliance Finance Co. plc a national long-term rating of BB+(lka) with a stable outlook.

The agency also assigned the company's outstanding senior unsecured debentures a national long-term rating of BB+(lka) and its outstanding subordinated debentures a national long-term rating of BB(lka).

Fitch said the rating reflects Alliance Finance’s modest franchise, weak asset quality, lower capitalization and higher risk appetite relative to peers.

The rating also captures strengthened management and controls stemming from an on-going organizational restructuring, which Fitch expects to help improve Alliance Finance’s asset quality through better underwriting. Furthermore, the ratings take into account Alliance Finance’s adequate profitability.

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