ICRA Lanka Withdraws the Issuer Rating of Vallibel Finance PLC
|Instrument*||Rated Amount (LKR Mn)||Rating Action|
|Issuer Rating||N/A||[SL]BBB+ with Stable Outlook; Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the Issuer rating of [SL] BBB+ (pronounced SL Triple B plus) with Stable outlook assigned to Vallibel Finance PLC (“VFP “/ “the Company”). The withdrawal is as a result of termination of rating agreement(s) entered into by VFP 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:
VFP was incorporated in 1974 as Rupee Finance Limited. In 2005, Vallibel Investment (Pvt) Ltd acquired the Company and renamed it as Vallibel Finance PLC. Mr. Dammika Perera has the controlling stake of the Company through a direct holding of 21.4% and 51.4% holding through his fully owned investment arm, Vallibel Investment (Pvt) Ltd as in Sep-22. The Company is listed on the main board of the Colombo stock exchange. VFP currently operates through 54 branches. The principal activities of the Company include extending finance leases, granting of mortgage loans, gold loans and mobilization of deposits. VFP also extends vehicle backed overdraft facilities and business loans.
Rating history for last three years:
Subsidiary of ICRA Limited
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