ICRA Lanka revises the issuer rating of TKS Finance Ltd to [SL] D and suspends the rating
|Instrument*||Previous Rated Amount |
|Current Rated Amount|
|Issuer rating||N/A||N/A||Revised to [SL]D from [SL]B- (Stable); Suspended|
ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has revised the issuer rating assigned to TKS Finance Limited (TKSF or the Company) to [SL]D (pronounced S L D) from [SL]B- (pronounce S L B minus) with stable outlook. Further, ICRA Lanka has suspended the rating of the Company.
The rating downgrade factors in the extreme stretched liquidity profile of TKSF resulting in it not meeting depositor commitments on demand or at maturity in the recent past. The Company’s financial flexibility would further be constrained following the cancellation of TKSF’s licence issued under the Finance Business Act by the Monetary Board of Sri Lanka. ICRA Lanka has suspended the rating on account of the Company’s failure to provide the requisite information to carry out surveillance exercise.
Links to previous rating rationale:
Mr. Vidura Welathanthri
+94 11 4339907
Mr. Dasith Fernando
+94 11 4339907
Mr. A.M Karthik
+91 44 45964308
Mr. W. Don Barnabas
+94 11 4339907
Subsidiary of ICRA Limited
CORPORATE OFFICELevel10, East Tower, World Trade Center, Colombo 01, Sri Lanka Tel:+94 11 4339907;Fax:+94112333307 Email:firstname.lastname@example.org; Website:www.icralanka.com
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