Commercial Leasing and Finance PLC

Commercial Leasing & Finance PLC: Rating Withdrawal

Summary of rating actions

InstrumentRated Amount (LKR Mn)Rating Action
Issuer ratingN/A[SL]A (Stable); Withdrawn
Listed Senior Unsecured Redeemable Debenture Programme5,000[SL]A (Stable); Withdrawn
Asset Backed Trust Certificates Programme3,000[SL]A+ (SO) (Stable); Withdrawn
Asset Backed Trust Certificates Programme3,000[SL]A+ (SO) (Stable); Withdrawn

ICRA Lanka has withdrawn the Issuer rating of [SL]A (pronounced S L A) with Stable outlook assigned to Commercial Leasing & Finance PLC (“CLC”/ “the Company”). ICRA Lanka has also withdrawn the issue rating of [SL]A (Pronounced as S L A) with Stable outlook assigned to the LKR 5,000 Mn Listed Senior Unsecured Redeemable Debenture Programme, the issue rating of [SL]A+ (SO) (Pronounced as S L A plus Structured Obligation) with Stable outlook assigned to the LKR 3,000 Mn Asset Backed trust certificate programme and the issue rating of [SL]A+ (SO) (Pronounced as S L A plus Structured Obligation) with Stable outlook assigned to the LKR 3,000 Mn Asset Backed trust certificate programme. The withdrawal is at the request of the company, as CLC has been amalgamated with LOLC Finance PLC with effect from March 31, 2022. The withdrawal is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy.

Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.

Links to applicable criteria:  ICRA Lanka’s Suspension and Withdrawal Policy

About CLC:

CLC was incorporated in the year 1988 as a Specialised Leasing Company. The LOLC Group acquired a controlling stake initially and then 100% of the Company in 2008. The main product lines of CLC include leasing and loans for vehicles and equipment, and factoring. CLC obtained the license to operate as a LFC in December 2011. Subsequently, CLC also started offering savings and deposit products. CLC primarily operated with borrowers in the retail and MSME segments. CLC was relisted on the Colombo Stock Exchange (CSE) on June 05, 2012 to comply with the requirements of the Central Bank of Sri Lanka (CBSL). In November 2015, CLC acquired a 94.35% stake in LOLC Development Finance PLC (“LDFP”) which was diluted to 44% after LDFP’s rights issue programme in May 2017. CLC has been amalgamated with LOLC Finance PLC with effect from March 31, 2022.

Rating history for last three years:
Analysts
Sachini Costa
+94-774781595
sachini.costa@icralanka.com

Rasanga Waliwatte
+94-773553564
rasanga@icralanka.com

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