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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka People's Leasing to sell US$150mn bond

Sri Lanka People's Leasing to sell US$150mn bond

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

http://www.cse.lk/cmt/upload_cse_announcements/6081342583725_.pdf


July 18, 2012 (LBO) - People's Leasing Company Plc, Sri Lanka's largest lease financier and a unit of state-run People's Bank said it is planning to raise 150 million US dollars from a Euro dollar bond.

Standard & Poor's rated the company 'B+' Wednesday with a 'stable' outlook.

"In our view, the People's Bank group has a strong and long-term commitment to support Plc," S & P said in a statement.

"The leasing business is an important component of the group and contributed about 13% of the group's total assets in 2011.

"PLC's operating performance is better than that of the parent. The company contributed 26% to the group's profits in 2011."

But S & P said the strong credit growth and economic development indicated risks

"The high loan growth, coupled with rising competition and evolving risk management practices, could expose the sector to increased credit risk," the rating agency said.

"PLC's dependence on wholesale funding and its concentration in commercial vehicle financing also constrain the rating.
"The company's strong capital and adequate earnings temper these weaknesses."

Financial sources said Barclays and HSBC may lead manage the bond.
http://www.lbo.lk/fullstory.php?nid=1262237762

darshanat

darshanat
Stock Analytic
Stock Analytic

It appears this is a positive approach of PLC......???

darshanat

darshanat
Stock Analytic
Stock Analytic

Lease Rating ( http://www.lbo.lk/fullstory.php?nid=696597508 )

Sri Lanka's People's Leasing rated 'B+'
July 18, 2012 (LBO) -

Sri Lanka's People's Leasing Company Plc, a unit of state-run People's Bank, has been rated at 'B+' with a 'stable' outlook, by Fitch Ratings on the expected support from the parent.
The full statement is reproduced below
Fitch Rates Sri Lanka's People's Leasing 'B+'; Outlook Stable

Fitch Ratings-Mumbai/Colombo-18 July 2012: Fitch Ratings has assigned Sri Lanka's People's Leasing Company Plc (PLC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B+' with a Stable Outlook. A list of PLC's outstanding ratings (including the above) is provided at the end of this commentary.

PLC's IDRs reflect the capacity and willingness of its state-owned and systemically important parent - People's Bank (PB, 'AA+(lka)'/Stable, a 75% stake) - to extend extraordinary support to the PLC group in an extreme situation. This in turn is driven by PLC's strong association with the PB brand and its strategic importance to PB.

PB has majority representation on PLC's board, including a common Chairman and the bank's CEO who serves on an ex-officio basis. In addition to 51 of its own branches, PLC operates 134 window offices within PB's branch network of 341. PLC also continues to make a sizeable contribution to PB's consolidated post-tax profits (2011: 27%), and is the third-largest lending segment within PB (2011: 14% of net advances).

At end-March 2012, PLC's aggregate retail funding within the PLC group, including deposits of its subsidiary - People's Finance PLC ('A(lka)'/Stable), amounted to over LKR23bn (24% of PLC group assets).
PB's capacity to support PLC in turn is derived from the financial capacity and propensity of the government of Sri Lanka ('BB-'/Stable), given the bank's increasing role in Sri Lanka's post-war economic development and its high systemic importance (18% of system assets and deposits in 2011). Fitch believes that it is highly likely for government support to flow to PLC via PB. This is due to the strong linkages between the two entities and the strategic importance of PLC to PB, as well as the consequent reputation risk to the State if PLC should default on its financial obligations.

PLC's IDRs may be downgraded if PB gives up its controlling stake in PLC, or if PB's (derived) capacity to support weakens, or if PLC's strategic importance to PB diminishes over time.

PLC is the largest non-bank financial institution in Sri Lanka in terms of advances, with a 21% share of the market at end-2011. At end-March 2012, its total assets and post-tax profits stood at LKR96bn and LKR4.5bn, respectively.

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