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04 Apr 2013 5:54 AM (EDT)
Fitch Ratings-Colombo/Seoul/Singapore-04 April 2013: Fitch Ratings Lanka has affirmed Sri-Lanka-based Sinhaputhra Finance PLC's (SFL) National Long-Term rating of 'B(lka)' with Stable Outlook and simultaneously withdrawn the rating.
Rating Action Rationale
SFL's rating reflects its weak asset quality, limited provisions against non-performing loans as well as its low profitability relative to higher rated peers.
Fitch has withdrawn the rating as SFL has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for SFL.
Contact:
Primary Analyst
Prasanka Rajapaksha, CFA
Assistant Vice President
+ 94 11 254 1900
Fitch Ratings Lanka Limited
Level 15-04 East Tower, World Trade Centre
Colombo 01, Sri Lanka
Secondary Analyst
Natasha Alles
Analyst
+94 112541900
Committee Chairperson
Jonathan Lee
Senior Director
+886 2 8175 7600
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(lka)' for National ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, 'National Ratings Criteria', dated 19 January 2011, and 'Finance and Leasing Companies Criteria', dated 11 December 2012, are available on www.fitchratings.com.
Applicable Criteria and Related Research
Global Financial Institutions Rating Criteria
National Ratings Criteria
Finance and Leasing Companies Criteria
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=787502&origin=home
Fitch Ratings-Colombo/Seoul/Singapore-04 April 2013: Fitch Ratings Lanka has affirmed Sri-Lanka-based Sinhaputhra Finance PLC's (SFL) National Long-Term rating of 'B(lka)' with Stable Outlook and simultaneously withdrawn the rating.
Rating Action Rationale
SFL's rating reflects its weak asset quality, limited provisions against non-performing loans as well as its low profitability relative to higher rated peers.
Fitch has withdrawn the rating as SFL has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for SFL.
Contact:
Primary Analyst
Prasanka Rajapaksha, CFA
Assistant Vice President
+ 94 11 254 1900
Fitch Ratings Lanka Limited
Level 15-04 East Tower, World Trade Centre
Colombo 01, Sri Lanka
Secondary Analyst
Natasha Alles
Analyst
+94 112541900
Committee Chairperson
Jonathan Lee
Senior Director
+886 2 8175 7600
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(lka)' for National ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, 'National Ratings Criteria', dated 19 January 2011, and 'Finance and Leasing Companies Criteria', dated 11 December 2012, are available on www.fitchratings.com.
Applicable Criteria and Related Research
Global Financial Institutions Rating Criteria
National Ratings Criteria
Finance and Leasing Companies Criteria
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=787502&origin=home
