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Lanka Rating Agency ("LRA"), former RAM Rating Lanka’s, technical partner is CRISIL India ("CRISIL"). CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL is India’s leading ratings agency and is also the foremost provider of high-end research to the world’s largest banks and leading corporations. CRISIL’s majority shareholder is Standard and Poor’s ("S&P"). S&P, a part of McGraw Hill Financial (formerly The McGraw-Hill Companies) (NYSE:MHFI), is the world’s foremost provider of credit ratings.
Lanka Rating Agency (LRA) upgrades Vallibel Finance PLC’s ("Vallibel" or the Company) long- and short-term financial institution ratings from BB+ and NP to BBB- and P3, respectively.
Concurrently, its issue rating of LKR 500 million Unsecured Subordinated Redeemable Debentures (2014/2019) is upgraded to BB+ from BB. Meanwhile, both long-term rating outlooks are reaffirmed at Stable. The upgrade is premised on the increase in market share of Vallibel in the LFC sector as well as its improved core performance indicators and improved franchise. Meanwhile, the ratings are supported by Vallibel’s above average asset quality and performance reflected in indicators that compare better than similar rated industry peers’.
Vallibel was incorporated in 1974 as a small family-owned finance company under the name of The Rupee Finance Company. In 2005, it was acquired by Vallibel Investments (Pvt) Ltd and renamed
Vallibel Finance Company. Following the change in ownership, the Company has aggressively increased its credit assets, which made up around 1.84% of industry assets as at end-March 2014. Vallibel, whose principal lending activities include leasing and hire-purchase facilities, operates with 20 branches as at end-June 2014.
www.island.lk
Lanka Rating Agency (LRA) upgrades Vallibel Finance PLC’s ("Vallibel" or the Company) long- and short-term financial institution ratings from BB+ and NP to BBB- and P3, respectively.
Concurrently, its issue rating of LKR 500 million Unsecured Subordinated Redeemable Debentures (2014/2019) is upgraded to BB+ from BB. Meanwhile, both long-term rating outlooks are reaffirmed at Stable. The upgrade is premised on the increase in market share of Vallibel in the LFC sector as well as its improved core performance indicators and improved franchise. Meanwhile, the ratings are supported by Vallibel’s above average asset quality and performance reflected in indicators that compare better than similar rated industry peers’.
Vallibel was incorporated in 1974 as a small family-owned finance company under the name of The Rupee Finance Company. In 2005, it was acquired by Vallibel Investments (Pvt) Ltd and renamed
Vallibel Finance Company. Following the change in ownership, the Company has aggressively increased its credit assets, which made up around 1.84% of industry assets as at end-March 2014. Vallibel, whose principal lending activities include leasing and hire-purchase facilities, operates with 20 branches as at end-June 2014.
www.island.lk
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