Arpico Finance Company PLC: Rating Withdrawal
Summary of rating action
|Instrument||Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL]B+ (Negative); Rating Withdrawn|
ICRA Lanka has withdrawn the Issuer rating of [SL]B+ (pronounced SL B plus) with Negative outlook assigned to Arpico Finance Company PLC (hereafter referred to as AFCP or the Company). The withdrawal is at the request of the parent Company, as AFCP has merged with the parent Company Associated Motor Finance Co PLC. The withdrawal is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy.
Analytical approach: The withdrawal is based onICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.
Links to applicable criteria: ICRA Lanka’s Suspension and Withdrawal Policy
Arpico Finance Company PLC (AFCP) was one of the older finance companies in Sri Lanka, with a track record of over six decades. The Company was listed on the Main Board of the Colombo Stock Exchange. The controlling interest of AFCP was acquired by Alliance Finance Group in 1967 from the original shareholders. With the consolidation drive initiated by the Central bank, Alliance Finance Group divested its controlling interest to Associated Motor Finance PLC (AMF). AMF was the major shareholder with a stake of 94%. AFCP merged with AMF in March 2021 after delays from November 2019 due to regulatory issue concerning tax credit.
Rating history for last three years:
|Sanduni Kankanamalage |
Subsidiary of ICRA Limited
CORPORATE OFFICELevel10, East Tower, World Trade Center, Colombo 01, Sri Lanka Tel:+94 11 4339907;Fax:+94112333307 Email:email@example.com; Website:www.icralanka.com
© Copyright, 2021 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.
ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.
All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.
ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.
ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.