Fitch cuts Melsta Regal Finance

Fitch Ratings said it downgraded Melsta Regal Finance Ltd.'s national long-term rating to B(lka) from A+(lka) and removed the rating watch evolving.

The outlook is stable.

The agency also affirmed the ratings of Central Finance Co. plc, LB Finance plc, Senkadagala Finance plc, Singer Finance (Lanka) plc, Mercantile Investments and Finance plc, People's Leasing & Finance plc, HNB Grameen Finance Ltd.., AMW Capital Leasing and Finance plc and Siyapatha Finance plc.

Fitch said the actions follow its periodic review of Sri Lanka's large and mid-sized finance companies.

The agency said it expects the credit profiles of the country's licensed finance company sector to remain under pressure in the medium term.

“Competition in leasing from banks and a deceleration in vehicle financing has pushed finance companies to look beyond their core businesses and venture into term financing, microfinance and lending against gold,” Fitch said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.