Trade Finance & Investments PLC: Rating Withdrawal
Summary of rating action
|Instrument||Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL]BBB- (Negative); Rating Withdrawn|
ICRA Lanka has withdrawn the Issuer rating of [SL]BBB- (pronounced SL Triple B minus) with Negative outlook assigned to Trade Finance & Investments PLC (hereafter referred to as TFIP or the Company). The withdrawal is at the request of the parent Company, as TFIP has been merged with the parent Company Commercial Credit & Finance PLC. The withdrawal is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy.
Analytical approach: The withdrawal is based onICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.
Links to applicable criteria: ICRA Lanka’s Suspension and Withdrawal Policy
TFIP was a registered finance company which offered leasing, hire purchase, gold loans and other loan products apart from accepting deposits (fixed and savings). TFIP was incorporated in the year 1978 as a private limited company and was part of the J. L. Morrison Son & Jones group. It was converted to a public limited company (unquoted) in 1990. The Company was taken over by Mr. N G H Cooray, former Chairman of the Jetwing Group of companies, in 1990 by acquiring a 93% stake; the Cooray family took management control of TFIP in 1995. As part of the consolidation of the finance and leasing companies in Sri Lanka, Commercial Credit and Finance PLC (CCFL) acquired majority shares of TFIP in the year 2014. CCFL held close to 99.7% of the Company as of June 30, 2020. TFIP was amalgamated with CCFL on December 31st, 2020.
Rating history for last three years:
|Sachini Costa |
Subsidiary of ICRA Limited
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