ICRA Lanka Withdraws the Issuer Rating of People’s Merchant Finance PLC

Instrument*Rated Amount (LKR Mn)Rating Action
Issuer RatingN/A[SL]B; Stable Outlook; Withdrawn

Rating action

ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the Issuer rating of [SL] B (pronounced SL B) with Stable outlook assigned to People’s Merchant Finance PLC (“PMF “/ “the Company”). The withdrawal is as a result of termination of rating agreement(s) entered into by PMF 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:

People’s Merchant Finance was formerly known as Peoples Merchant Bank. The Company was incorporated in 1983 as the investment banking arm of Peoples Bank. Subsequently, the Company was registered under the finance business act and became a licenced finance company in 2012. Sterling Capital Investments (Pvt) Limited is the main shareholder with 81.60% shareholding as on Sep-22. The Company has 13 branches including one pawning centre.

Rating history for last three years:

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