Unisons Capital Leasing Limited: Rating Withdrawal
Summary of rating action
|Instrument||Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL]BBB-; On watch with Positive Implications; Rating withdrawn|
|Proposed Senior, Unsecured, Unlisted, Redeemable Debenture Programme||500||[SL]BBB-; On watch with Positive Implications; Rating withdrawn|
ICRA Lanka has withdrawn the issuer rating of [SL]BBB- (pronounced SL Triple B minus) on watch with positive implications assigned to Unisons Capital Leasing Limited (hereafter referred to as UCL or the Company). ICRA Lanka has also withdrawn the issue rating of [SL]BBB- on watch with positive implications, assigned to the LKR 500 Mn proposed, senior, unsecured, unlisted, redeemable debenture programme of UCL. The withdrawal is at the request of the parent company, as UCL has been amalgamated with its parent entity, Citizens Development Business 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
Unisons Capital Leasing Limited
Unisons Capital Leasing Limited (UCL) was a Specialized Leasing Company largely focusing on 2-wheeler and 3-wheeler financing. The Company was initially set up by Vanik Incorporation PLC. The ownership was then transferred to the Softlogic Group. Laugfs Gas PLC acquired it from the Softlogic group and subsequently Citizens Development Business Finance PLC (CDB) acquired it from Laugfs Gas PLC in October 2014, as part of the consolidation of the finance and leasing companies in Sri Lanka. CDB held 90.4% of the equity capital of UCL as at March 31, 2020. UCL was amalgamated with CDB on May 18, 2020.
Rating history for last three years:
|Apsara Thurairetnam |
Assistant Vice President
Subsidiary of ICRA Limited
A Group Company of Moody's Investors Service
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