Arpico Finance Company PLC

Arpico Finance Company PLC: Rating Withdrawal

Summary of rating action

InstrumentRated Amount       (LKR Mn)Rating Action
Issuer ratingN/A[SL]B+ (Negative); Rating Withdrawn

ICRA Lanka has withdrawn the Issuer rating of [SL]B+ (pronounced SL B plus) with Negative outlook assigned to Arpico Finance Company PLC (hereafter referred to as AFCP or the Company).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

Company Profile:

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:
Analysts
Sanduni Kankanamalage
+94-777478138
sanduni@icralanka.com  

Niraj Jalan
+91-33-71501146
niraj.jalan@icraindia.com

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