ICRA Lanka withdraws the rating of Sarvodaya Development Finance Limited
ICRA Lanka Limited has reaffirmed the Issuer rating of [SL]B with Negative outlook assigned to Sarvodaya Development Finance Limited (“SDF”/ “the Company”) and has withdrawn the rating. The withdrawal is at the request of the Company and in accordance with ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.
Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the rating is based on ICRA Lanka’s issuer rating methodology, as indicated below.
Links to applicable criteria: https://icralanka.wpengine.com/issuer-rating-methodology/
About the Company:
Sarvodya Development Finance Limited (SDF) is a licensed finance Company established in 2010. SDF is 80% owned subsidiary of Sarvodaya Economic Enterprise Development Services (Guarantee) Limited (SEEDs) and its ultimate parent is Lanka Jathika Sarvodaya Shramadana Sangamaya (LJSSS), which is one of the larger non-governmental organisations in Sri Lanka with about 1,500-member societies representing all the districts in the country. In 2014, the Japanese investor Gentosha Total Asset Consulting Inc., invested in 20% of the Company for a consideration of LKR 350 Mn. SDF is largely focusing on SME loans, leasing, micro business loans and housing loans.
Rating history for last three years:
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