ICRA Lanka Withdraws Rating of Softlogic Finance PLC
|Instrument||Current Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL] BB (Stable); Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the Issuer rating of [SL] BB (pronounced SL Double B) with Stable outlook assigned to Softlogic Finance PLC (“SFP”/ “the Company”). The withdrawal is as a result of termination of rating agreement(s) entered into by SFP with ICRA Lanka, pursuant to the decision by ICRA Lanka to cease its business operations in Sri Lanka.
The termination of the rating agreement(s) is as per Rule 88(b) of the Credit Rating Agency Rules promulgated under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 (the “SEC Act”).
About the Company:
Softlogic Finance PLC (SFP) was incorporated in 1999 as Capital Reach Leasing PLC (Capital Reach), a Specialised Leasing Company and, in 2007 the Company got registered as a Licensed Finance Company. In 2010, the Softlogic Group acquired the controlling stake of Capital Reach through its subsidiary Softlogic Capital PLC and renamed it as Softlogic Finance PLC. Currently, as one of the smaller sized LFCs in Sri Lanka, SFP offers factoring, gold loans and vehicle financing.
Rating history for last three years:
Subsidiary of ICRA Limited
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