ICRA Lanka withdraws the ratings of Dunamis Capital PLC
|Instrument||Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL]BBB- (Negative); Withdrawn|
|Senior Unsecured Redeemable Debenture Programme||1,000||[SL]BBB- (Negative); Withdrawn|
|Senior Unsecured Redeemable Debenture Programme*||1,000||[SL]BBB- (Negative); Withdrawn|
ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has withdrawn the issuer rating of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of Dunamis Capital PLC (DCP or “the Company”), as the Company has ceased to exit after the acquisition and merger with Janashakthi PLC (JPLC). ICRA Lanka has also withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been transferred to JPLC, post the merger of the two entities.
Further, ICRA Lanka has withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been fully redeemed.
Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the ratings are based on ICRA Lanka’s issuer rating methodology, as indicated below.
Links to applicable criteria: ICRA Lanka’s Issuer Rating Methodology
DCP was a holding company and its key subsidiaries included, First Capital Holdings PLC and Kelsey Developments PLC.
On September 13, 2018, JPLC announced the acquisition of 31.14% of the shareholding in DCP and in October 2018 JPLC fully acquired DCP through a voluntary offer to purchase the remaining shares. Thus, JPLC became the ultimate parent of DCP. Subsequently, on October 29, 2019 company obtained the shareholder approval to merge the two entities, following which DCP has ceased to exit and was de-listed from the Colombo Stock Exchange.
Please refer the rationale dated March 04, 2020 on Janashakthi PLC:
Subsidiary of ICRA Limited
A Group Company of Moody's Investors Service
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