Nawaloka Hospitals PLC

ICRA Lanka withdraws the rating of LKR 164.5 Mn Senior Unsecured Redeemable Debentures of Nawaloka Hospitals PLC

Instrument*Rated Amount (LKR Mn)Outstanding Amount
(LKR Mn)
   Rating Action
Issuer Rating N/AN/A[SL]BBB- (Stable); Outstanding
Senior Unsecured Redeemable Debenture(issued on 30th Aug 2015) 1,50023.1[SL]BBB- (Stable); Outstanding
Senior Unsecured Redeemable Debenture(issued on 30th Aug 2015) 1,500164.5[SL]BBB- (Stable); Rating Withdrawan
     

Rating action

ICRA Lanka Limited has withdrawn the rating for the matured amount of LKR 164.5 Mn of the Senior Unsecured Redeemable Debenture programme of Nawaloka Hospitals PLC (NHP or the Company), at the request of the Company as the same has been fully redeemed.

For the detailed rationale, please refer to our rating rationale dated July 19th, 2021.

About the Company:

Incorporated in the year 1982 by the late Mr. Deshamanya H K Dharmadasa, Nawaloka Hospitals PLC (“Nawaloka”/ “the Company”) is a leading private sector hospital chain in Sri Lanka. The business commenced operations in September 1985 and currently has 365 operational beds (including Negombo regional Hospital), being operated under four separate entities. Nawaloka is listed on the Colombo stock Exchange with the next generation of the promoter, holding a majority share (~65%). All of the hospitals are operated as wholly owned subsidiaries of the Company. Nawaloka has a standalone fully functional referral based clinical laboratory operation through a foreign technical collaboration.

Rating history for last four years:
Analyst
Dasith Fernando
Senior Analyst
+94-774781593
dasith@icralanka.com

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